Smart meters are quickly becoming one of the most ubiquitous IoT devices. The devices will account for 10% of IoT shipments this year, according to BI Intelligence estimates. That volume is being driven by government officials and utility executives who are spearheading major installations of connected meters that can monitor electricity, gas, or water usage and relay that information back to a central hub.
Smart meters help to make energy use more efficient, provide real-time billing information, and reduce the number of workers needed to check meters.
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.
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.
Source: Business Insider
View all SMART GRID Bulletins click here