Proving the Business Case for the Internet of Things

Smart grid investments to foster smart meter adoption: TechNavio

Iain Morris
December 2, 2014

The global market for smart energy meters will grow at a compound annual rate of 8.1% between 2015 and 2019, according to the latest research from TechNavio.

A major attraction of smart meters is that they can help to reduce manual billing errors, which are a common problem with normal electric meters, and this benefit appears to be driving interest in the technology, according to the company.

Because smart meters are automated, there is no room for manual errors, notes TechNavio.

Meanwhile, the rapid development and installation of smart grids over the past few years has fostered the growth of several related technologies, including smart energy meters, according to the research.

“Various smart grid applications like smart energy meters, supervisory control, data acquisition systems and IT networks hold a considerable market share in the smart grid market,
which is witnessing rapid growth and will help promote the global smart energy market through the projected period,” said Faisal Ghaus, the vice president of TechNavio.

“Regulatory authorities in China, Italy, India and the US have exhibited interest in the installation of smart energy meters, which is also expected to significantly propel growth of this market,” added Ghaus.

TechNavio also points to the upsurge in the installation of smart meters worldwide to support its findings.

Governments in Asia and Western European countries have recently initiated pilot test programs to install smart energy meters and this should drive take-up over the forecast period.
 
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