Global Smart Meter Market is projected to exhibit a CAGR of 6.23% during 2016 – 2021
Date: 15 March 2017
The rise in smart grid technologies with the shift towards renewable energy integration, use of natural gas, water resources, emerging usage of electric vehicles with the global need for energy saving at the same time, has led to the growth in the smart meter market.
Smart meters market in three major utilities electricity, gas and water are leading in the path of smart grid technologies, both in residential and commercial sectors. With the growing population and urbanization both in developed and developing countries, the energy usage is increasing, of which a comparable amount go in wastage. Also, this large amount of usage is threatening the environment with huge carbon emissions, which has been recorded to about 32381 million tonnes in 2014.
According to World Energy Outlook 2016, by International Energy Agency, the share of renewable energy to reach 37%, growth in the demand of natural gas to 50% and 150 millions of electric vehicles on road till 2040, has led to a tremendous growth in the smart meter market.
Among the regions, APAC remains the largest market in terms of revenue, while Europe region is expected to be the fastest growing region, owing to the Government mandated installations of smart meters in all the homes and business and large growth of renewable energy sector. Key markets in U.K. and Germany will continue to rise considering the government initiatives, renewable shift and electric vehicles.