Energy companies are using the ‘Internet of Things’ to increase efficiency and save billions
Aug. 26, 2015, 10:20 AM
The lowly energy meter is becoming a leading device in the transition to the Internet of Things.
Government officials and utility executives are creating smart energy grids that will help make energy use more efficient, provide real-time billing information, and reduce the number of workers needed to check meters.
In a recent report from BI Intelligence, we size the smart meter market globally and in regions and countries through the world. We look at how smart meter installations will create smart energy grids that have a significant impact on energy usage and cost saving. Additionally, we conduct a cost-benefit analysis looking at how much it will cost to install smart meters and weigh it against the monetary and non monetary benefits the devices can provide.
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Here are a few of the key findings from the BI Intelligence report:
Globally, we estimate the smart meter installed base will reach 454 million this year and more than double by 2020, making it a leading IoT device.
Asia will lead the transition to smart energy grids, followed by Europe, North America, South America, and Africa.
China has aggressive smart meter plans. Beijing is expected to have 100% of its residential homes equipped with smart meters by the end of this year.
The cost of installing these smart meters will be over $100 billion. But the financial benefits will reach nearly $160 billion.
There are three primary security risks associated with smart meters: physical risks, electrical risks, and software risks.
In full, the report:
Provides a regional breakdown of the smart meter market and includes forecasts from the major smart meter countries within that region.
Includes an analysis of the savings generated from smart grids
Provides an average cost of installing a smart meter over the next five years.
Assesses the other benefits to IoT-based meters and grids beyond revenue gains.
Discusses the security risks of smart meters and provides solutions from leading tech firms.
To access the full report from BI Intelligence, sign up for a 14-day full-access trial here. Full-access members also gain access to new in-depth reports, hundreds of charts, as well as daily newsletters on the digital industry.
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