Smart meters are gaining traction in Western Europe and in emerging nations of Asia Pacific, according to a new market study by Future Market Insights. Titled, “Smart Meter Market: Global Industry Analysis and Opportunity Assessment 2015-2025”, the report offers 10-year forecast on the smart meter market in North America, Europe, Latin America, Asia Pacific, and Middle East & Africa (MEA).
According to the report, focus on energy conservation is a key factor driving deployment of smart meters around the globe. The Office of Gas and Electricity Markets (ofgem) in Great Britain, State Grid Corporation of China (SGCC), and Tokyo Electric Power Company (TEPCO) are key government organisations driving the deployment of smart meters in their respective countries. The ambitious €45 billion plan of the EU to replace nearly 80% of conventional electric meters with smart meters is also expected to drive the market during the forecast period.
FMI forecasts vendors to focus their attention on the fledgling Chinese market, as rollout delays in Western Europe have hampered their operations. Latin America and Africa are other growing markets, but the scale of deployment isn’t big enough to impact the global market growth.
FMI’s report analyses the global smart meter market and offers 10-year forecast on the basis of product (electric meter, gas meter, water meter), application (residential, commercial), and technology (radio frequency, power line carrier).
The key companies profiled in the report include Echelon Corporation, Iskraemeco d.d., Elster Group GmbH, Aclara Technologies LLC., Holley Metering Limited, General Electric, Itron, Kamstrup A/S, Landis+Gyr and Sensus.