The global smart meter market will be worth US$18.2 billion by 2019, encompassing smart electric, water and gas meters for industrial, commercial and residential applications, according to a new report by US market research and consulting firm MarketsandMarkets.
The report, which analysed the Americas, Asia-Pacific, Europe and the rest of the world, states that the smart meter market will grow from an expected US$11.1 billion in 2014 to US$18.2 billion by 2019, at an CAGR of 10.2% in the five year period (2014-2019).
The deployment of smart meters will aid governments to reach energy efficiency targets and reduce carbon emissions and also enhance utility services to the end-user, it states.
European Union Member countries such as Italy, Sweden and France have committed to "rapid deployment" of smart meters, adhering to EU energy directives. The EU aims to replace at least 80% of electricity meters with smart meters by 2020.
Smart meter market by region, type and end-user market
The research firm's report notes that the Americas region dominated the smart meter market in 2013, followed by Asia-Pacific region, Europe and the rest of the world.
Some of the largest utility groups in the US have committed to large-scale rollouts servicing their entire customer base.
Electric smart meters were found to be the largest smart meter deployment type, while the residential market surpassed industrial and commercial demand for smart meters.
Eastern Europe smart meter rollouts
Meanwhile, in a recent report by US smart infrastructure market intelligence firm, Northeast Group, Central and Eastern European countries are forging ahead with investment in smart grid infrastructure with a forecasted US$25.2 billion to be invested over the next ten years.
Northeast Group notes that EU-member countries such as Estonia, Poland, and Romania have pledged to meet EU smart metering targets, with Estonia already more than halfway through its meter rollout.
Slovenia is reported to be on par with EU smart metering targets. By 2025, eight of the 11 EU countries will have completed smart meter deployments.
Ben Gardener, president of Northeast Group, said: “European Union regulations are driving deployments in the CEE region, just as they are in Western Europe.
“Three CEE countries [Estonia, Poland, Romania] have already pledged to meet the EU target of 80% smart meters by 2020 and many of the others see smart grid as a key tool for meeting 20-20-20 climate and energy targets.
“These 20-20-20 targets seek to boost renewable power generation, improve energy efficiency and reduce greenhouse emissions.”