Home Home Tech Global smart meter market expected to reach $10.4bn by 2022

The global smart meter market is estimated to reach US$10.4 billion by 2022, driven by rising emissions, domestic energy resource constraints, ageing infrastructure and the growing demand and cost of electricity.

According to GlobalData's latest report, 'Smart Meters, Update 2018 - Global Market Size, Competitive Landscape, Key Country Analysis, and Forecast to 2022' (paid report), nearly 88.2 million smart meter installations took place in 2017 where global market value reached US$7.1 billion. Between 2012 and 2017, global market volume achieved a compound annual growth rate of 6.8%, with value achieving double digit CAGR of 12%.

Subha Krishnan, power analyst at GlobalData, commented, ''Despite the growth, significant challenges remain such as high meter pricing, lack of supportive incentives, poor meter standards, regulatory shortcomings and resource management. However, as the market grows, it is expected that favourable regulations, cost reduction, and progressive technology development could alleviate some existing challenges.''

The US, South Korea and Japan have all passed legislation targeting 100% market penetration for smart meters. Consequently, the development and large-scale use of renewables, energy management technologies and efficiency measures are expected to contribute to the projected smart meter market growth.

Krishnan continued, "In the forecast period (2018-2022), the market is expected to move at a slightly faster pace, despite several large-scale smart-meter roll-out programs ending or nearing completion. The market volume is expected to register a CAGR of 8.9%, while value should reach a CAGR of 8.2%."

A variety of market drivers will be at play during this forecast period to 2022:

  • evolving information and communications technology standards;
  • the replacement of outdated meters (both advanced metering infrastructure and traditional);
  • new infrastructure development; and
  • peak load and asset management.

The report paints a rather positive picture of the growth of the market, however there are still dark clouds on the horizon.

iTWire has previously written of a variety of security issues with smart meters, and these issues continue to grow. As an example, a recent report carries a warning from Britain's GCHQ that households may be vulnerable to cyber attack.

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