The global smart meters market is estimated to increase to $7.06bn in 2023 from $5.8bn in 2018, according to GlobalData, a leading data and analytics company on Wednesday.
According to the company’s latest report: ‘Smart Meters, Update 2019 – Global Market Size, Competitive Landscape and Key Country Analysis to 2023’, this growth will be driven by evolving information and communications technology (ICT) standards.
Energy transition in countries, grid resilience enhancement, mandates, and infrastructure upgrades are the primary factors driving the deployment of smart meters.
Despite the decline in installations, China will continue to be the largest market, with installation likely to reach an aggregate of 144 million pieces over the forecast period.,
China is the largest market for smart meters and is likely to continue leading the market, said Nirushan Rajasekaram, Power Analyst for GlobalData.
"The growing demand for power and increasing penetration of renewables in the grid will necessitate the need for a sophisticated and reliable energy supply system," he added.
Japan and the US will continue to upgrade their grid for enhanced weather resilience and will see their market reach $0.54bn and $0.26bn, respectively by 2023.
Japan and the US are driving technology integration to enhance the resilience of the grid.
"With the larger utilities in the US and Japan nearing rollout completion, the aggregate smart meter installations is expected to decline to 20.2 million and 29.3 million, respectively over the forecast period," company stated.
In Europe, the EU mandate for smart meter rollout will push for large scale deployment in the UK and France. The installations in the UK are expected to accelerate whereas France is expected to adhere to its rollout plan and will accomplish its rollout by 2021.
Using smart meters and suitable communications technology, generation and consumption trends are made available to utilities, allowing them to act efficiently.
By Gulsen Cagatay