(PRWEB) February 23, 2014
According to the new market research report "Global Smart Meter Market by Shipments, Types, Geography, Applications, Regulations Market Trends & Forecasts: (2011-2016)", published by MarketsandMarkets, the global smart meter market is expected to grow from $4,381.0 million in 2010 to $15,261.4 million in 2016, at an estimated CAGR of 20.8% from 2011 to 2016.
Browse 116 market data tables & figures and 293 pages on “Global Smart Meter Market by Shipments, Types, Geography, Applications, Regulations Market Trends & Forecasts: (2011-2016)”.
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Smart meter market has been globally growing with legislative incentives and governmental subsidies. The U.S. market, which is the largest, received financial stimulus of $4.5 billion in 2009 towards implementation of its smart grid projects. Under the federal grant program for smart grid investment, the federal body continues to provide financial assistance towards implementation of the 99 smart grid related projects in the country which includes 65 of smart meter related projects. The country is targeting to install 65 million smart meters by end of 2015 under the program. Smart meter penetration in the country reached closed to 25% by the end of 2011 and is aggressively growing. Nearly 500 utility companies in the country including major electric utilities like American Electric Power, Baltimore Gas & Electric, Common Wealth Edison, Dominion, and Florida Power have installed and are continuing to install the devices since 2007.
Europe is another major market for smart meters with Germany, UK and Spain in the top line. UK has announced recently plans to introduce 30 million smart meters starting in 2015. The total project is worth $18 billion (£11.7 billion) and is expected to be complete by 2020. Similarly, in Spain, major utilities such as Endesa and Iberdrola already initiated rolling out of smart meters and have a set target addition of 24 million devices by 2018.
OEM companies are entering in to agreements and signing contracts for supply of devices globally. Landis+Gyr, one of the key market leaders has signed key contracts that include contract with Ericsson Eesti in Estonia's to roll out smart meters by 2017 and another with SP Ausnet in Australia for 1.5 million devices. It also partnered with Iberdrola in Spain for a mass roll out having signed a contract for supply of 300,000 devices in 2012 is looking for more contracts. It also signed a contract for supply of 1.5 million smart metering devices to an electricity distribution company in India in 2013. Similarly, Itron, another major supplier signed a contract with Iberdrola for delivery of 2 million smart meters by 2014. Echelon, another major OEM, signed new contracts in 2013 in Austria, Brazil, Sweden, and Switzerland.
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