ENEL - The Smart Meters Market is Heating Up
By the end of next year more than 100 million smart meters will have been installed worldwide. The technology, which was born in Italy thanks to the Enel Group, has become one of the world’s fasting growing markets
The Smart Meters Market is Heating Up
Smart meters, which Enel was the first in the world to develop and adopt more than ten years ago, have become a truly independent industry. It’s also a market that advances at a fast pace: according to a report published by analyst IHS, at the end of this year 88 million smart meters will have been installed, with a growth forecast of 22 percent for 2014, when the installation of 100 million devices will be reached.
According to IHS, the smart meter market will continue to grow until at least 2017, when it will be worth about $5billion, a substantial increase on $3.8 billion this year and prediction of $4billion for 2014. The devices will also be used more widely all over the world.
The slowdown that will follow the gradual saturation of traditional markets and the disappointing results in a number of developing countries, will be counteracted against by the demand from other areas of the world. For example, China is rapidly modernising its electricity network, which includes updating its more than 400 million meters.
Positive signs are also coming from Europe, where many other countries are lagging behind Italy, where thanks to Enel 95 percent of all meters are electronic, and Sweden, the only other country which has widely adopted smart meters. Other nations will have to catch up with Italy and Sweden over the next few years, as the European Union has set a mandatory target of the installation of smart meters for at least 80 percent of all electricity customers by 2020.