Global smart meter use to surge by 2020
- 11 August 2011
LONDON: New data from Pike Research forecasts that smart meter adoption will reach 963 million units by 2020, owing to recent acceleration of use across the world, especially in China.
The report, Smart Meter Market Forecasts, also more imminently calculates that the global installed base of smart meters will reach 535 million units by 2015, which far exceeds Pike Research’s earlier 2009 forecast of 251 million for the same year.
According to the research, this larger estimate is due to global electric utilities driving the use of devices as part of wider smart grid initiatives, as well as surging use in the Asia Pacific region. This is especially the case in China, where 70% of global smart meters were shipped in the first quarter of 2011.
In the report, market forecasts of the smart meter industry are measured in terms of total installed bases, revenues, costs and unit shipments.
Among the more detailed market forecasts for the global smart meter market, estimates from the report include:
- Smart meters will represent the majority of all installed electric meters by 2018, reaching 59% penetration rate by 2020
- The North American market will peak at just over 100 million units in 2015
- Asia Pacific will peak in 2015 and Europe will peak in 2017
- There will be more gradual long-term growth in Africa, Latin America and the Middle East
Bob Gohn, Research Director, Pike Research says: “Smart meters represent a compelling value proposition for utilities around the world. [...] The industry has made significant headway during the past two years, and the growing installed base of smart meters will be an important precursor of more diverse energy management solutions in the years to come.”
Molly Webb, Head of Smart Technologies, The Climate Group says of the increase in metering: “More data for consumers could mean greater control of energy by consumers, and should enable the innovation we need in energy services. But we need to ensure the meter data is accessible not only by utilities, but in electronic form by consumers and third parties to whom they entrust their data. As more services like EVs become available, and prices for power go up, this kind of control will become more and more important in driving the Clean Revolution.”