IHS Markit Report Shows Global Smart Electricity Meter as Worth More Than $7bn by 2021
IHS Markit have compiled a new report analysing the size and scope of the global smart energy market. The latest report highlights that by 2021 the market will be worth in excess of £7billion USD.
In 2015 more than 100 million smart meters were shipped globally and this was worth in the region of $4 billion to the industry as a whole. The majority of the demand came from China as they increased their country wide program and as the European market projects began to pick up to meet the European wide goal of full installation by 2020.
Research Manager David Green from IHS Markit stated that: “A number of factors came together to create such a strong smart meter market in 2015. At the top of the list, China continues to roll out massive numbers of smart meters, as part of the government’s 10-year plan. The long-awaited European rollouts are gaining steam, with multiple countries installing millions of meters in 2015, and many more ramping up to that level in an attempt to meet their deadlines. Meanwhile, the North American market also came out of a stagnant phase, further bolstering the overall global market in 2015.”
In terms of where the market is headed, it’s believed that growth will continue in North America and Europe. Green added “Looking to the future, the networking infrastructure side of the smart metering picture is becoming increasingly competitive, especially as the pool of companies involved in the projects increases,”