Navigant Research forecasts the global smart meters market to grow by 23% between 2016 and 2025 due to increased global shipments and adoption of smart meters.The energy market research firm predicts the global smart meters penetration will rise from 30% at the end of 2016 to 53% by the end of 2025.
Revenue generation in the smart meters market is expected to increase from $8.8 billion in 2016 to $10.7 billion in 2025.
Michael Kelly, research associate with Navigant Research, commented: “Further growth will be supported by utility- and government-sponsored deployments, along with a growing market for replacement and upgrade units.”
The deployment of smart meters is more likely to increase in emerging markets whilst developed economies will remain active in rollout of the automated metering systems.
[quote] Western Europe will mainly be characterised by large-scale deployments whilst China’s massive smart meter rollout is predicted to influence other countries in the Asia Pacific to implement nationwide deployments.
The report forecasts Latin America and the Middle East and Africa to experience increased activity after a slow entry into the smart meter market.
Smart meters penetration in Norway
In mid-September, Norwegian power utility Agder Energi AS secured funding from the Nordic Investment Bank (NIB) to implement smart meters project.
The utility company will use the EUR50 million (NOK 465 million) loan to deploy smart meters in Aust-Agdre and Vest-Agder cities.
The 15-year loan will help the firm improve its electricity billing to its 200,000 customers in the two cities.
The new metering system will also help the power company improve its grid network management and help customers track their energy consumption and lower bills.
The loan falls under a national programme set by the Norwegian regulatory authorities to improve smart meters penetration in Norway.
The deployment of the 200,000 smart meters is expected to last through to January, 2019. [Meralco plans to install 3.3m smart meters by 2024].
“The smart meter technology makes households more aware of their electricity usage and that will likely lead to new consumer patterns and increased energy efficiency”, said Henrik Normann, NIB president and CEO.
Image credit: www.iotaustralia.com.