Navigant Research has released a new report which explores factors impacting on the global smart meter market.
According to the report, the global penetration of smart meters will rise from 41.2% in 2019 to 59% by 2028.
Market growth is driven by on-going utility investment in grid intelligence, security and edge computing technologies.
Other key study findings
- Most markets continue to pursue and install first-generation smart meters.
- Developed economies such as in North America and Europe are driving the market forward with second-generation projects.
- Regions, such as India and much of the Middle East, are just beginning their projects.
- Smart meters have grown into one of the most polished business cases for the deployment of advanced communications networks across smart grids.
- Smart meter rollout is enabling utilities to maximise their investments in smart grid technologies and to improve customer services.
Michael Hartnack, a research analyst with Navigant Research, said: “Smart meters have the highest deployment rates of any smart grid technology, and the global market, although slowing slightly, continues to expand.
“Across all regions, the Middle East & Africa demonstrate the highest potential for growth in smart meter deployments, while the Asia Pacific accounts for the highest percentage of overall global smart metering revenue.”