According to a new report, the global market for smart meters is set to be worth over $19.98bn by 2022. The report was published by MarketsandMarkets and outlines that the industry is expected to grow in various regions.
Smart meters are a means of monitoring and displaying energy use to utility companies as well as their customers, and as such are becoming a popular way for consumers to try and make their energy use more efficient and economical, with many utility companies now rolling them out as standard.
The report is entitled ‘Smart Meters Market by Type (Electric, Water and Gas), Application (Commercial, Residential and Industrial), Technology (Automatic Meter Reading and Advanced Metering Infrastructure) and by Region – Global Forecasts to 2022’. It predicts that globally, the market will grow at a CAGR of 9.34% from 2017-2022.
The North American market is estimated to be the largest, with current growth driven by government policies, energy conservation, increasing smart grid deployment and efforts by utility companies to improve billing accuracy and customer service.
Asia Pacific is the second largest market, and will be the fastest growing market over the next four years. China is reportedly being driven by similar factors to North America, while India’s growing power sector is expected to drive growth in the region and according to MarketsandMarkets represents an opportunity for major providers to expand their offerings. Japan is also expected to experience significant growth.
The report also outlined the leading smart meter solution providers as Itron, Kamstrup, Holley Metering, Honeywell and Toshiba.