Worldwide shipments of Smart Meters are expected to grow from 94 million annually in 2014 to reach 116 Million units in 2023, according to Navigant Research Report.
After 5 years of numerous deployments in North America backed by federal incentive money, the market has entered a steady growth pattern.
The focus of the smart electric meter market is now shifting to various countries in Europe and Asia Pacific.
Growth in the smart meter market is shifting from the early adopter countries like US to countries that are still in the early stages of major deployments, says, Neil Strother, principal research analyst, Navigant Research.
Now Europe is in focus, where large projects are going on that will account for some 93 million new meters by the end of 2020.
Great Britain’s widespread rollout of smart meters will begin next year, and a similar multi-year deployment is expected to start in France.
Even larger deployments are planned in Asia Pacific. As part of a five-year plan, Chinese utilities continue to install smart meters to upgrade country’s grid infrastructure resulting in a total of 300 million installed by 2015.
In Japan, major projects are expected to account for some 80 million smart meters, while in India deployment is expected to reach 150 million meters between 2017 and 2027.