Frost & Sullivan announced today it has recognized Itron, Inc. with the 2011 North America Frost & Sullivan Award for Product Quality Leadership based on the firm's recent analysis of the smart meter market. Each year, Frost & Sullivan presents this award to a company that has developed high-quality products with innovative features and functionalities that enhance customer value and find immediate acceptance in the market.
Itron's distinct, highly-adaptable, open-architecture smart grid solutions, which cater to the specific requirements of each utility, set the company apart from others in the market.
"Frost & Sullivan's market analysis concluded that Itron has a best practices approach and superior product offering in the smart grid and smart meter market. Based on that, we are pleased to present Itron with the 2011 Product Quality Leadership Award," said Frost & Sullivan Principal Consultant Farah Saeed.
The company's value propositions include a focus on addressing the cyber security issues of the grid and developing an open-standards smart grid solution that allows for future upgrades and compatibility with third-party technology. The reliability and performance of the associated network communications infrastructure and the company's enhanced product support have earned it several large contracts for the deployment of smart solutions in North America. These contracts have enabled the company to increase its smart meter and system revenues from $104.7 million in 2009 to an astounding $576.9 million in 2010.
"With some 7 million smart meters already deployed in the field, Itron has proven to its customers that the product works effectively and is capable of providing advanced and secure network solutions," said Saeed. "This helps reassure Itron's potential customers about the company's ability to enhance customer value and deliver as promised, and this is also expected to stimulate repeat business both in North America and markets around the world."
Itron's smart meters provide fully integrated advanced functions, such as supporting bidirectional information flow from the meter to the utility business system, recording electricity usage on a time-differentiated basis, and providing the platform to operate as the utility's primary communication gateway for smart appliances. The data from these meters is a key piece in enabling energy awareness and control among consumers.
Itron is committed to creating an electrical grid with open standards, meaning any smart device or application can be seamlessly connected to the electrical grid, transforming the grid from proprietary and close to open and flexible. This openness will improve the overall economics and business case for far-reaching smart grid implementations by reducing costs and providing a highly adaptable and secure platform.
Frost & Sullivan will officially present the Product Quality Leadership award to Itron during the 2011 North American Excellence in Best Practices Awards Banquet on November 10, 2011 at the Westin La Cantera Resort in San Antonio, Texas.
Frost & Sullivan Best Practices Awards recognize companies in a variety of regional and global markets for demonstrating outstanding achievement and superior performance in areas such as leadership, technological innovation, customer service and strategic product development. Industry analysts compare market participants and measure performance through in-depth interviews, analysis and extensive secondary research to identify best practices in the industry.
About Itron, Inc.
Itron (itron.com) is the leading provider of energy and water resource management solutions for nearly 8,000 utilities around the world. We offer end-to-end solutions that include electricity, gas, water and heat measurement and control technology; communications systems; software; and professional services. With nearly 10,000 employees doing business in more than 130 countries, Itron empowers utilities to responsibly and efficiently manage energy and water resources.
About Frost & Sullivan
Frost & Sullivan, the Growth Partnership Company, enables clients to accelerate growth and achieve best-in-class positions in growth, innovation and leadership. The company's Growth Partnership Service provides the CEO and the CEO's Growth Team with disciplined research and best-practice models to drive the generation, evaluation, and implementation of powerful growth strategies. Frost & Sullivan leverages 50 years of experience in partnering with Global 1000 companies, emerging businesses and the investment community from more than 40 offices on six continents.