Proving the Business Case for the Internet of Things

Smart meters to generate $6.6 billion annually by 2023: Navigant

Iain Morris
December 2, 2014

Global deployments of smart meters will be generating $6.6 billion annually by 2023, according to the latest study from Navigant Research.

Worldwide revenues are expected to be $5.1 billion in 2014, according to Navigant, but will increase thanks to activity in Europe and the Asia-Pacific.

With the North American market now maturing, smart meter players are shifting their focus to other regions where the technology has yet to see widespread adoption.

Business activity in Western Europe is increasing, notes the market-research company, with projects in Spain, France and the United Kingdom set to account for some 93 million new meters by the end of 2020.

In the Asia-Pacific, meanwhile, major deployments are under way in both China and Japan.

“The benefits of smart meters have come more sharply into focus as the market has matured,” said Neil Strother, principal research analyst with Navigant Research. “Utilities are gaining improved operations and reliability, along with reduced labor costs, while customers are becoming more engaged and in control of their energy use.”

Yet Navigant also expects to see steady growth in smart meter deployments in the North American region, even though federal stimulus funds are nearly exhausted.

The company says that a number of utilities have yet to make the shift to smart meters, particularly mid-size and smaller ones, and that these organizations will make the transition as the economy picks up.

Larger, investor-owned utilities also remain on track to help fuel deployments over the next few years, as do utilities that are completing partial rollouts, says Navigant.

Smart meters hold attractions for both utilities and consumers – helping the former to improve customer service and realize operational improvements while giving energy customers more understanding of and control over their energy consumption.

Furnished with smart meters, residential customers are able to monitor their usage on a real-time basis and make adjustments to their use of household appliances to reduce spending.
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