Global smart meter sales set to soar
Navigant Research says revenue to hit $6.6bn per year in 2023.
Worldwide revenue from smart meters is expected to grow by over a quarter from $5.1bn annually in 2014 to $6.6bn in 2023, according to a new report.
With deployments in North American slowing, the smart electric meter market has shifted emphasis to projects in Europe and Asia Pacific, says Navigant Research.
Business activity is increasing in Western Europe, where projects in Spain, France, and the United Kingdom will account for some 93 million new meters by the end of 2020, and in Asia Pacific, where major deployments continue in both China and Japan.
“The benefits of smart meters have come more sharply into focus as the market has matured,” says Neil Strother, principal research analyst with Navigant Research.
“Utilities are gaining improved operations and reliability, along with reduced labor costs, while customers are becoming more engaged and in control of their energy use.”
Even in North America, where federal stimulus funds are nearly exhausted, steady growth in smart meter deployments is expected.
Utilities that have yet to make the shift to smart meters, particularly midsize and smaller ones, are likely to do so amid an improving economy, according to the report.
Larger investor-owned utilities are also on track to help fuel deployments over the next few years, as will utilities that are completing partial rollouts.
The report, “Smart Meters,” examines the global market opportunity for smart electric meters, with a focus on four neighborhood area network (NAN) communications technologies: radio frequency (RF) mesh, RF point-to-point, RF public, and power line communications (PLC).
The report examines the drivers and barriers shaping the market, along with the major technology issues.
Global market forecasts for smart electric meter shipments and the associated revenue, broken out by region, meter type, and NAN technology, extend through 2023.
The report also provides key vendor profiles and a discussion of broad metering trends and activities worldwide.