The smart meters market is set to reach a global market value of $7 billion in 2012. However, a decline in the smart meters market was seen in the first quarter of 2012, with 15.1 million smart meters being shipped across the world, down nearly 15% from fourth quarter 2011.
China, which still dominates global shipments with 70 percent of the smart meters market, also saw a noticeable reduction across the first three months of 2012. The 16% smart meter slowdown seen across North America can be largely attributed to the wind down of stimulus funding.
A smart meter is an electrical device that enables two-way communication between a utility and a consumer regarding consumption of electricity, gas or water. Since the last few years, smart meters have been amongst the fastest growing markets worldwide.
The world market for smart meters will peak at just over 100 million units in 2015, followed by a gradual decline in annual unit shipments.
The growth of the smart meters market will be characterised by regional waves of adoption, beginning with the North American market, which will peak in 2012, followed by a peak in Asia Pacific in 2015, in Europe in 2017, and more gradual long-term growth in Latin America, the Middle East, and Africa.
By 2020, the smart meters market installation base is set to reach 963 million units, a penetration rate of 59% among all installed electric meters.
For more information on the smart meters market, see the latest research: Smart Meters Market Report
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