Source: Business Advisory Service

Global installations of smart meters will enjoy significant growth over the next few years, with more than 800 million set to be installed by 2020.

According to a report by telecommunications company Telefonica, worldwide revenue will reach £4.5 billion in 2018. In 2012, the figure was £3.1 billion. Much of the growth is set to take place in Europe, where 80 per cent of households are required to have the devices installed by 2020. Sales in Asia, particularly China and Japan, will also be strong.

The devices can help reduce business electricity costs by allowing users to monitor their supply. Despite the benefits of the technology, the report notes some consumers remain sceptical of the devices and believe they can give inaccurate readings. Recently, three of the UK’s Big Six energy providers claimed the initiative to install smart meters in every household in the country could raise annual bills by £1.8 billion as the project is too ambitious. Reducing the figure to 80 per cent of households would deliver bigger savings, they allege.

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