In 2020 alone, there were over 102 million smart metering infrastructure installations in the U.S., and 200 million across Europe. With a CAGR forecast of 4-7% over the next decade, it is clear that global smart metering needs show no signs of slowing down.
But what is driving this aggressive growth over the next decade?
On one hand, in a bid to meet climate goals, governments around the world such as France, Germany and the UK, are starting to roll out key legislation to accelerate the deployment of smart meters in households and small businesses. Those who fail to comply with mandatory annual installation targets are at risk of facing additional financial penalties.
On the other hand, energy suppliers are constantly on the lookout for ways to incorporate innovative digital technologies to optimize billing and meter management. This includes exploring long-term connectivity solutions that are easily scalable, without compromising on security.
Here are some ways ZARIOT cellular connectivity can ensure seamless adoption and/or improvement of your current product suite, while keeping up with evolving regulations.
- Invest in long-term consistency and reliability
- Cellular technology stays in place for many years, even as new standards emerge, meaning that smart meter devices will still be able to connect in 10-15 years
- Cellular technology stays in place for many years, even as new standards emerge, meaning that smart meter devices will still be able to connect in 10-15 years
- Reduces product lifecycle investment costs with flexible, scalable solutions
- Upgrade technology in current or older models of smart meters without having to replace existing infrastructure with fully backward compatible solutions
- Saves on maintenance costs while increasing customer satisfaction
- Easier for technicians to identify an outage’s cause and restore power without an in-person field inspection, avoiding expensive truck rolls while getting customers back to normal faster
- Easier for technicians to identify an outage’s cause and restore power without an in-person field inspection, avoiding expensive truck rolls while getting customers back to normal faster
- Optimizes systems by lowering incidence rates
- Collect granular, timely and accurate data to prevent blackouts or surges, allowing suppliers to enact counter-measures such as staggering charges based on user demand
- Prevents financial losses associated with malicious attacks
- Smart meters are constantly transmitting 24/7, making them vulnerable to attacks which can be prevented with high security, end-to-end encrypted solutions
Suppliers can also extend these benefits to users by providing them with immediate, transparent information about their own energy usage, whether in home or business situations. With this data, users are then able to make changes to their energy usage in order to reduce consumption and lower bills.
While cost estimates vary, the European Commission estimates on average, a single smart meter results in 3% energy savings per household or business. These savings will certainly be welcomed as global electricity costs have increased by almost 30% on average since 2018, while energy inflation in the EU alone stands at 41% since the beginning of 2022.
Let us help you begin your IoT journey with us today, download our whitepaper or reach out to our experts here.
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