APAC and North America to drive smart meter market growth to $20bn
According to a new report, the global market for smart meters is set to be worth over $19.98bn by 2022. The report was published by MarketsandMarkets and outlines that the industry is expected to grow in various regions.
Smart meters are a means of monitoring and displaying energy use to utility companies as well as their customers, and as such are becoming a popular way for consumers to try and make their energy use more efficient and economical, with many utility companies now rolling them out as standard.
The report is entitled ‘Smart Meters Market by Type (Electric, Water and Gas), Application (Commercial, Residential and Industrial), Technology (Automatic Meter Reading and Advanced Metering Infrastructure) and by Region – Global Forecasts to 2022’. It predicts that globally, the market will grow at a CAGR of 9.34% from 2017-2022.
The North American market is estimated to be the largest, with current growth driven by government policies, energy conservation, increasing smart grid deployment and efforts by utility companies to improve billing accuracy and customer service.
Asia Pacific is the second largest market, and will be the fastest growing market over the next four years. China is reportedly being driven by similar factors to North America, while India’s growing power sector is expected to drive growth in the region and according to MarketsandMarkets represents an opportunity for major providers to expand their offerings. Japan is also expected to experience significant growth.
The report also outlined the leading smart meter solution providers as Itron, Kamstrup, Holley Metering, Honeywell and Toshiba.
Hydrostor receives $4m funding for A-CAES facility in Canada
Hydrostor has received $4m funding to develop a 300-500MW Advanced Compressed Air Energy Storage (A-CAES) facility in Canada.
The funding will be used to complete essential engineering and planning, and enable Hydrostor to plan construction.
The project will be modeled on Hydrostor’s commercially operating Goderich storage facility, providing up to 12 hours of energy storage.
Hydrostor’s A-CAES system supports Canada’s green economic transition by designing, building, and operating emissions-free energy storage facilities, and employing people, suppliers, and technologies from the oil and gas sector.
The Honorable Seamus O’Regan, Jr. Minister of Natural Resources, said: “Investing in clean technology will lower emissions and increase our competitiveness. This is how we get to net zero by 2050.”
A-CAES has the potential to lower greenhouse gas emissions by enabling the transition to a cleaner and more flexible electricity grid. Specifically, the low-impact and cost-effective technology will reduce the use of fossil fuels and will provide reliable and bankable energy storage solutions for utilities and regulators, while integrating renewable energy for sustainable growth.
Curtis VanWalleghem, Hydrostor’s Chief Executive Officer, said: “We are grateful for the federal government’s support of our long duration energy storage solution that is critical to enabling the clean energy transition. This made-in-Canada solution, with the support of NRCan and Sustainable Development Technology Canada, is ready to be widely deployed within Canada and globally to lower electricity rates and decarbonize the electricity sector."
The Rosamond A-CAES 500MW Project is under advanced development and targeting a 2024 launch. It is designed to turn California’s growing solar and wind resources into on-demand peak capacity while allowing for closure of fossil fuel generating stations.
Hydrostor closed US$37 million (C$49 million) in growth financing in September 2019.