The topic of smart energy has created quite the buzz these days, with utilities and technology/network providers across the globe touting the benefits of installed smart meters in the home. Analyst firms are also jumping on board the buzz bandwagon, projecting high growth for installed smart meters.

The latest projection comes from Berg Insight, www.berginsight.com, regarding the installed base of smart electricity meters in Europe. The Sweden-based analyst firm projects the number of installed meters will grow at a compound annual growth rate of 17.9% between 2009 and 2015 to reach 111.4 million at the end of the period.

Berg talks about the next generation of meters that will give customers control over energy costs and create financial incentives for energy savings. Moreover, smart meters constitute the core building blocks in future smart grids that will incorporate a wide range of technologies related to renewable generation, distribution network optimization, and energy conservation.

Regarding the growth numbers, the report identifies France, Spain and the UK as the next countries in Europe where smart metering will become introduced, following major rollouts in Italy and the Nordic region.

Senior analyst Tobias Ryberg points to the fact British Gas, the UK’s largest electricity and gas retailer, has launched the first major smart metering project for residential customers in the country. He believes such a development, coupled with rollouts in several other European countries, will drive strong market growth throughout the next five years.

When it comes to any projection in the market, the question to ask is: What factors will make it possible for the market to truly achieve such numbers? Realizing such results takes a cooperative approach from all of the stakeholders involved. In the case of smart energy, this requires more effort from utilities, technology and network providers, and even homeowners.

An interesting report recently came out from Westlake Calif.-based JD Power & Associates that revealed many consumers in the United States were unfamiliar with the terms ‘smart grid’ and ‘smart meter.’ While homeowners in such states as California and Maryland rated high in their awareness of the terms, 45% and 40%, respectively, many states fell below the 30% mark when it came to awareness. It is an interesting point to consider when judging just how fast the market for smart energy can grow.