Shipments of Smart Meters for Commercial and Industrial Markets Will Reach 12.7 Million Annually by 2020, Forecasts Navigant Research
BOULDER, Colo.--(BUSINESS WIRE)-- Because commercial and industrial (C&I) customers are the largest energy users in a utility's service territory, utilities have a strong incentive to meter them as accurately as possible. The market for smart C&I electrical meters continues to expand as utilities seek to lower operating costs and provide granular consumption data to valuable C&I customers. According to a new report from Navigant Research, worldwide shipments of smart meters for the C&I market will grow from 10 million annually in 2013 to 12.7 million annually by 2020.
"Smart meters provide a number of benefits for both utilities and their C&I customers," says Neil Strother, senior research analyst with Navigant Research. "Deploying smart C&I meters and the related infrastructure eliminates or greatly reduces the need for manual or walk-by/drive-by meter readings, and provides more precise measurement of consumption as it relates to billing. At the same time, smart meters can help savvy C&I customers drive down operational costs, especially when linked with building energy management systems."
In many countries, regulators have set ambitious targets for reducing energy consumption and improving energy efficiency. This is particularly true in Europe, where European Union regulators have set goals of a 20 percent reduction in greenhouse gas emissions, a 20 percent increase in energy produced from renewable resources, and a 20 percent improvement in energy efficiency by 2020. Smart meter deployments in North America are well underway, and China is in the midst of a massive deployment of advanced meters, many of which will be installed at C&I facilities. Penetration rates of smart meters in North America, Europe, and Asia Pacific will rise to approximately 70 percent by the end of this decade, according to the report.
The report, "Smart Meters for Commercial and Industrial Markets", examines the global market opportunity for smart C&I electrical meters, analyzing the drivers and inhibitors that are shaping the market, along with major technology issues. The report also provides market forecasts through 2020 for smart C&I electrical meter shipments and the associated revenue. Case studies, key vendor profiles, and a discussion of broad C&I trends are also included. An Executive Summary of the report is available for free download on the Navigant Research website.
About Navigant Research
Navigant Research, the dedicated research arm of Navigant, provides market research and benchmarking services for rapidly changing and often highly regulated industries. In the energy sector, Navigant Research focuses on in-depth analysis and reporting about global clean technology markets. The team's research methodology combines supply-side industry analysis, end-user primary research and demand assessment, and deep examination of technology trends to provide a comprehensive view of the Smart Energy, Smart Utilities, Smart Transportation, Smart Industry, and Smart Buildings sectors. Additional information about Navigant Research can be found at www.navigantresearch.com.
Navigant (NYS: NCI) is a specialized, global expert services firm dedicated to assisting clients in creating and protecting value in the face of critical business risks and opportunities. Through senior level engagement with clients, Navigant professionals combine technical expertise in Disputes and Investigations, Economics, Financial Advisory and Management Consulting, with business pragmatism in the highly regulated Construction, Energy, Financial Services and Healthcare industries to support clients in addressing their most critical business needs. More information about Navigant can be found at www.navigant.com.
* The information contained in this press release concerning the report, "Smart Meters for Commercial and Industrial Markets," is a summary and reflects Navigant Research's current expectations based on market data and trend analysis. Market predictions and expectations are inherently uncertain and actual results may differ materially from those contained in this press release or the report. Please refer to the full report for a complete understanding of the assumptions underlying the report's conclusions and the methodologies used to create the report. Neither Navigant Research nor Navigant undertakes any obligation to update any of the information contained in this press release or the report.
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