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Internet of Things (IoT): Rapid Deployment of New and Existing Replacement Sensors Drive Smart Meter Market
Deployment of smart meters is growing quickly. Hundreds of millions of them have been deployed globally. In the US there are more than 60 million smart meters. Estimates are that more than one billion smart meter data points are logged every day. The meter data management and analytics market is expected to total $10.3 billion from 2015 to 2024, according to a study by Navigant Research. IDC estimates that by 2025 that 152,000 devices will connect to the network every minute.
Stuart Ravens, principal analyst, energy and sustainability technology with Ovum, said that “at the moment we could have a meter reading every year. With smart meters, if they read every half hour, that’s 17,500 meter readings a year. When we talk about ‘exponential’ growth of data, that is really exponential. And that is just considering the billing side.”
The increase in smart meter spending is being driven from two factors:
- Sensor replacement of sensors deployed a decade previous with more advanced and capable technology.
- The use of distributed energy resources (DER) on the edge of the utility grid.
Lauren Callaway, research analyst with Navigant Research , said that “there is a growing emphasis on converging data from external sources for the purpose of more advanced, predictive analytics. This has supported developments in MDA (Model Driven Architecture) technologies that have the capability of dealing with differently structured forms of data, generating prescriptive and predictive insights.”