A top Internet of Things device will help reduce energy use on a large scale
BI IntelligenceOne of the primary benefits of Internet of Things (IoT) devices is their ability to collect data that will ultimately help increase efficiency and mitigate problems before they occur.
Now, power companies have begun to take advantage of smart meters, in particular, in order to directly connect with their customers and find out information about their power use. From there, the power company can allocate energy efficiently through a connected smart grid and encourage customers to monitor and reduce their own usage.
In a new report from BI Intelligence, we size the smart meter market globally and in regions and countries through the world. 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.
- Asia will have the most smart meters installed, 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 meters installed between 2015 and 2020.
- Provides an average cost of installing a smart meter over the next five years.
- Assesses the other benefits to smart meters beyond revenue gains.
- Discusses the security risks of smart meters and provides solutions from leading tech firms.
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