The shift from traditional electricity meters to smart meters represents one of the most significant global IoT initiatives. By 2030, an estimated 2.2 billion electricity smart meters will be in operation. The major drivers for this trend include energy conservation, the desire to curb electricity theft, improved load-balancing capabilities, and the expanding use of renewable energy sources. In addition, the push to reduce reliance on nuclear power and the increasing demand for electric vehicle (EV) charging are expected to boost the utilization of renewables in the energy sector, further propelling the adoption of smart electricity meters.
With over 21% of our customers being from the utility sector, we work with electricity metering projects globally. Let’s dive deeper into the smart electricity market, applications, and success stories.
Leading Smart Electricity Meter Vendors
According to Berg Insight's projections, the number of smart electricity meters in North America is anticipated to witness a steady increase with a compound annual growth rate of 4.8 percent over the forecast period. In 2021, the total count stood at 130.6 million, and it is expected to grow to 173.4 million by 2027. At the same time, smart electricity meter adoption in Europe achieved a 56 percent penetration rate by the end of 2022. Hence, the smart meter market is rapidly expanding, with key players worldwide:
Note: The list makes no claim to completeness.
Major Applications within Electricity Metering
Smart electricity meters involving IoT have versatile applications within electricity management, from energy monitoring to integration of renewable energy sources:
Energy Consumption Monitoring
Real-time tracking and recording of electricity usage data for cost savings and monitoring.
Efficiently distributing electricity across the grid for stability and preventing overloads.
Renewable Energy Integration
Measuring and integrating renewable energy sources into the grid.
Identifying irregular electricity usage patterns to detect and prevent theft or tampering.
Controlled and efficient electric vehicle charging.
Remote Meter Reading
Automated data transmission for accurate billing and operational efficiency.
Peak Demand Management
Identifying and managing high-demand periods for grid stability.
Billing and Incentives
Accurate billing and offering rewards for energy conservation.
Enhancing grid resilience by providing real-time information on outages and issues.
Signaling consumers during peak demand periods for energy conservation incentives.