Global utilities will increase investments in smart meter analytics by three times between 2021 and 2030 as they seek to unlock the full value of advanced metering infrastructure, according to a whitepaper released by research firm Guidehouse Insights.
The research firm forecasts a 13.4% compound annual growth rate to be recorded through 2030 with global market revenue reaching approximately $5.4 billion in 2030 from $1.6 billion in 2021. The US, China, and Western Europe lead the global market for smart meters, according to the study. The study states that 65% of US consumers have a smart meter, and utilities’ need to optimise the management of distributed energy resources will help increase the penetration to 95% by 2030, according to the whitepaper. “Although investor-owned utilities receive the lion’s share of recognition for national smart grid development, it is important to note the strong willingness and desire among midsized utilities to similarly invest in smart metering,” states Guidehouse Insights in the AI at the Grid Edge: How Inside-the-Meter Analytics Drive Value at the Grid Edge report.
When the smart meter concept gained popularity a decade ago, the majority of use cases were associated with reducing utilities’ non-revenue electricity through accurate and automated meter reading. However, advancements in technology are changing this with the introduction of new use cases and business models that are associated with grid modernisation, according to the paper. Today, the increasing amount of data acquired from smart meters are being utilised by utilities to optimise workforce management, billing accuracy, and automate […]
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