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The global market for smart meters is expected to reach $22.18 billion by 2020, finds a new study by Grand View Research Inc. Grand View is a market research and consulting company that provides off-the-shelf, customized research reports and consulting services.

Initiatives by regulatory authorities to establish smart grids and ensure energy efficiency are expected to be a considerable growth driver over the forecast period, Grand View says.

Yet, the research firm reports that inconsistencies in deployment on a regional level, coupled with a lack of standardization in technology, are expected to pose a barrier to market growth.

Other key findings from the study include the following:

- Global smart meter shipments were estimated to be 59.6 million units in 2012, which is expected to reach 165.5 million units by 2020, growing at a compound annual growth rate (CAGR) of 9.8% from 2014 to 2020.

- Residential applications accounted for 82.6% of overall shipments in 2012 and are expected to remain the largest segment in terms of volume over the next six years. This segment is also expected to be the fastest growing, at an estimated CAGR of 10.0% from 2014 to 2020. However, in terms of revenue, residential applications accounted for significantly smaller market share in 2012. This can be primarily attributed to high technical requirements and selling prices of industrial and commercial smart meters.

- Asia Pacific is expected to be the largest regional market in terms of volume and revenue over the forecast period and accounted for 49.2% of overall shipments in 2012. Europe is expected to be the fastest-growing market in terms of revenue, at an estimated CAGR of 9.4% from 2014 to 2020. The market in Europe is expected to contribute significantly to global revenue generation, which can be attributed to high selling prices as compared to other regions.

The report is available here.

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