Smart Electricity Metering Set for Robust Growth in Europe
At a time when Europe is struggling with high electricity bills as a result of reduced energy supplies from Russia, the market for smart electricity meters is set for robust growth, with a total of 106 million smart electricity meters forecasted to be deployed across the region during 2022–2027, according to the latest study of the European smart metering market. More than 56% of the electricity customers in EU27+3 had a smart meter by the end of 2022. The study has closely tracked the development of the market since the research company’s inception in 2004. At the end of 2021, the EU27+3 region was home to nearly 163 million smart electricity meters, corresponding to a penetration rate of 53%. Growing at a robust CAGR of 5.8%, the installed base of smart electricity meters is expected to reach a penetration rate of 74% by 2027, driven by large rollouts in the UK, Poland and eventually also Germany and Greece, in combination with nationwide rollouts in several small- and mid-sized countries. The European smart gas metering market will meanwhile increase its installed base of devices, from 46 million units in 2021 to 76 million units in 2027.