The global adoption of smart meters is accelerating, with over 1.15 billion units already installed. DIGITIMES Research projects this number will rise to 1.74 billion by 2030. Smart meters are essential for accurately measuring electricity usage and enabling instant two-way communication, allowing energy providers to adjust power generation and manage electricity flow more effectively, which is crucial as we move towards more renewable energy sources.
Regions like North America, China, Western Europe, and Japan have heavily invested in smart meter technology, with older models needing replacement over time. Emerging markets, including India, Eastern Europe, Southeast Asia, and Latin America, are starting to adopt this technology, with India leading due to government support and its large population.
DIGITIMES Research predicts global smart meter shipments will increase from 119 million units in 2023 to 166 million by 2030, driven by both replacements and new installations.
A new trend in the smart meter industry involves low-power wide-area networks (LPWA) such as NB-IoT and LTE-M, which are particularly suitable for countries with extensive rural areas like India. These technologies are also expected to gain traction in regions such as New Zealand, Australia, and Northern Europe. India, for instance, is deploying 250 million smart meters through its National Smart Grid Mission. Companies like Tata Power and Adani Energy are using NB-IoT smart meters due to their appropriateness for India’s vast rural areas.
Smart meters are not just improving grid efficiency; they are also becoming data hubs. In developed countries like North America, Western Europe, and Japan, companies are creating various services based on data collected by these meters. These services help energy providers predict demand and plan electricity usage, and offer homeowners applications for evacuation guidance and home monitoring. By leveraging big data, these services create new revenue streams and encourage users to upgrade to more advanced smart meters, highlighting the evolution of smart meters from basic measurement devices to sophisticated data hubs, contributing to more efficient and user-centric energy management systems.
CyanConnode Holdings plc (LON:CYAN) is a world leader in the design and development of Narrowband RF mesh networks that enable Omni Internet of Things (IoT) communications.
