Driven by rising emissions, domestic energy resource constraints, ageing infrastructure and the growing demand and cost of electricity, the global smart meter market is estimated to reach US$10.4billion by 2022, according to a leading data and analytics firm.
GlobalData’s latest report, ‘Smart Meters, Update 2018 – Global Market Size, Competitive Landscape, Key Country Analysis, and Forecast to 2022’, reveals that nearly 88.2 million installations took place in 2017 where global market value reached US.
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Between 2012 and 2017 global market volume achieved a compound annual growth rate (CAGR) of 6.8% with value achieving double-digit CAGR of 12%.
Energy management technologies
“Despite the growth, significant challenges remain such as high meter pricing, lack of supportive incentives, poor meter standards, regulatory shortcomings and resource management,” comments Subha Krishnan, Power Analyst at GlobalData.
“However, as the market grows, it is expected that favourable regulations, cost reduction, and progressive technology development could alleviate some existing challenges.’’
The US, South Korea and Japan have issued legislation, targeting 100% market penetration for smart meters. Consequently, the development and large-scale use of renewables, energy management technologies and efficiency measures are expected to contribute to the projected smart meter market growth.
Krishnan also notes that the market volume is “expected to register a CAGR of 8.9%, while value should reach a CAGR of 8.2%”.
Written by Leah Alger