Proving the Business Case for the Internet of Things

Smart electricity meter market to reach $19.8 billion in value in 2018: Transparency

Iain Morris
July 15, 2014
 
The value of the global market for smart electricity meters is expected to reach $19.8 billion in 2018, up from $4 billion in 2011, according to a new study from Transparency Market Research.

In terms of unit shipments, demand for smart electricity meters stood at 25 million units in 2011, but the figure is expected to reach more than 148 million units in 2018, implying a compound annual growth rate of 18.7% between 2012 and 2018.

Transparency says the electricity meters to be shipped will be capable of transferring data between customers and utility players as well as interfacing with other devices in a consumer’s hoe, such as smart thermostats and home area networks.

Electricity meters used for residential purposes held the largest share of the overall market in 2011, according to the research, accounting for more than 81% of global smart meter units but contributing just 26.3% of the overall revenue.

The trend is expected to continue in coming years, with demand for commercial smart meters hitting 15.8 million units in 2018, according to Transparency.

Factors including peak consumption knowledge, prepayment facilities and energy savings will all spur growth in the market over the forecast period, says the study, with growing awareness about controlling electricity usage during peak hours having an especially positive impact on the smart meter market.

Even so, there continue to be concerns about the security of the devices, which could dampen enthusiasm for the technology over the next few years.
 
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