With over 3,000 utilities, local municipalities, and private companies operating America's electrical grid, upgrading the electric grid will be a major effort. However, NPD In-Stat believes that the conversion to smart meters will accelerate over the next five years.
In-Stat forecasts that over 75 percent of all US electric meters will be converted to smart meters by 2016, providing a wealth of information to both electric utility companies and consumers.
"Initially, most of this will be smart meters, but once those are out, client devices, software, and home automation equipment may all benefit as consumers and utilities make use of the information that smart meters provide," said Allen Nogee, research director. "While utilities will be big beneficiaries from the smart grid movement, consumers will benefit as well, with more choices in rate plans and a much better understanding of the link between their electricity usage and their costs."
Although the number of smart meters U.S. utilities will deploy per year will decline after peaking in 2011, when stimulus money prompted utilities to update their meters, worldwide smart meter revenue will surpass $12 billion in 2016.
Leading the charge for worldwide smart meter revenue will be China, which deploy 280 million smart meters by 2016.
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