The number of smart meters in Europe will grow five-fold over the next five years, according to research by American consultancy Frost & Sullivan.
The analysts suggest the installed base of smart meters, which pass information between homes and suppliers remotely, will jump from around 44 million in 2010 to at least 200 million in 2017.
This trend is being driven by European law, said Neha Vikash, a Frost & Sullivan analyst: “The smart meter market is expected to prosper, owing to the recent impetus from renewable energy and smart grid implementation. Europe is focused on meeting the 20-20-20 targets which is a necessary driver for increase in renewable energy and the third energy directive targets 80% smart meter penetration in the residential sector by 2020.”
Competition for the new market is high because Europe has less than 20 vendor companies, added the analysts.