Issue 30 – August 2011
The global smart meter market is predicted to grow significantly as 'momentum is building', according to a new report. According to a forecast by IDC Energy Insights, the sector saw shipments increase by 22.7% year-on-year during the first quarter of 2011, with almost five million of the devices sold over these 3 months. As a result, the research company has suggested there will be a sharp rise in manufacturing, with the market as a whole expected to exceed 71 million gadgets by 2015.
The anticipated compound annual growth rate for smart meters is 25.3%, with significant progress forecast in regions outside North America and Europe. Nations that are expected to see sharp take-up of the technology include Japan, China, Australia, South Korea, Mexico, and Brazil.
IDC Energy Insights Trackers senior research analyst Dean Chuang explained that smart metering benefits both customers and providers, adding: 'This dual purpose will drive utilities around the world to adopt smart metering technology and launch the next generation of grid infrastructure.'
By 2020, the British Government wants all households in the UK have smart meters installed.
Summarised from an article by Michelle Devonshire in the BSI Electrical newsletter June 2011.