Isra-Mart srl: Smart meter installations to near one billion by 2020

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The number of smart meter installations around the world will increase almost four-fold over the next decade, nearing one billion by 2020, according to a new study from Pike Research.

The report, released last week, predicts that the rapid rollout of smart meters in China will ensure that the sector's stellar growth rates can be maintained through to the end of the decade.

According to the research firm, the installed global base for smart meters will reach 251 million units by the end of this year before more than doubling to 535 million units by 2015. Growth is then expected to slow fractionally during the second half of the decade, with the report predicting the total number of installations will reach 963 million by 2020.

"Smart meters represent a compelling value proposition for utilities around the world," said research director Bob Gohn. "The industry has made significant headway during the past two years, and the growing installed base of smart meters will be an important precursor of more diverse energy management solutions in the years to come."

The market is expected to peak in 2015, with around 100 million installations taking place before experiencing a gradual contraction as the smart meters become more commonplace. The report predicts that by 2018 smart meters will represent the majority of electricity meters installed and that by 2020 smart meter penetration globally will reach nearly 60 per cent of the available market.

The report, entitled Smart Meter Market Forecasts, also notes that with a number of governments pushing through mandatory smart meter rollouts, the market will experience "regional waves of adoption".

As such the North American market is expected to peak in 2012, followed by a peak in the Asia-Pacific region in 2015, and Europe in 2017.