Love ‘em or hate ‘em, more and more smart meters are on the way. According to a recent report from IDC Energy Insights, smart meters are becoming ubiquitous, reaching a record distribution in the second quarter of 2011.
Smart meters grew by 4.1% over the first quarter of this year. Globally, smart meter manufacturers shipped 5.6 million smart meters bringing the total installed base to just under 90 million. While growth is a bit slower than in previous years, the report states that the smart metering industry is entering a period of global expansion
IDC’s Senior Research Analyst Dean Chuang notes, “2011 has only been slow against a baseline of absolutely explosive growth in the last five years. The smart metering industry will continue to grow through 2015 as smart metering goes global.”
The report forecasts that the global installed smart meter base will reach nearly 490 million meters by 2015. Much of that growth will be driven by the expansion of the North American and Asian Pacific markets. When China begins to fully adopt smart meter technology the experts say the industry could see 50 percent year-on-year growth.