Report Shows the Global Penetration Rate of Smart Meters Is Expected to Near 60% by 2028
A new report from Navigant Research analyzes the global market for smart electric meters, or advanced metering infrastructure (AMI), providing an overview of market drivers and global market forecasts, segmented by region, through 2028.
Smart meters have grown into one of the most polished business cases for the deployment of advanced communications networks across smart grids. Each meter is both a data collection point and a communications node, enabling greater returns on utility investment while maximizing benefits provided to utilities and their customers. According to the report, in 2019, the global penetration rate of smart meters is 41.2%, which is expected to rise to nearly 59% by 2028.
“Smart meters have the highest deployment rates of any smart grid technology, and the global market, although slowing slightly, continues to expand,” says Michael Hartnack, research analyst with Navigant Research. “Across all regions, the Middle East & Africa demonstrates the highest potential for growth in smart meter deployments, while Asia Pacific accounts for the highest percentage of overall global smart metering revenue.”
Globally, smart meter market is driven by ongoing utility investment in grid intelligence, security, and edge computing technologies. Most markets continue to pursue and install first-generation deployments, while progressive and aggressive markets such as much of North America and Europe are driving the market forward with second-generation projects. Differences stem from variations in deployment and project status, with some regions wrapping up their major deployments, while other regions, such as India and much of the Middle East, are just beginning their projects.
The report, Market Data: Smart Meter Global Forecasts, addresses and forecasts the global and regional markets for smart electric meters, or advanced metering infrastructure (AMI). The study analyzes market drivers, including operational cost reductions, advanced automation applications for meters, distributed energy resources (DER) integration, reliability improvements, billing accuracy enhancements, and customer experience augmentations. Global market forecasts segmented by region extend through 2028. The report also details various market barriers such as financial and technological challenges, regulatory obstacles, and consumer pushback. An Executive Summary of the report is available for free download on the Navigant Research website.