The global adoption of smart meters is on a rapid rise, with over 1.15 billion units already installed worldwide. According to DIGITIMES Research, this number is expected to reach 1.74 billion by 2030. Smart meters play a crucial role in precisely measuring electricity use and facilitating instant two-way communication, enabling energy providers to adjust power generation and manage electricity flow more efficiently. This capability is particularly vital as we transition towards more renewable energy sources.
Regions such as North America, China, Western Europe, and Japan have already heavily invested in smart meter technology, with older models requiring replacement over time. Meanwhile, emerging markets like India, Eastern Europe, Southeast Asia, and Latin America are beginning to embrace this technology, with India leading the charge thanks to government support and its large population.
DIGITIMES Research forecasts that global smart meter shipments will grow from 119 million units in 2023 to 166 million by 2030, driven by both replacements and new installations.
The Rise of LPWA-based Smart Meters
A new trend is emerging in the smart meter industry with the adoption of low-power wide-area networks (LPWA) such as NB-IoT and LTE-M. These technologies are particularly well-suited for countries with vast rural areas like India and are expected to gain popularity in regions such as New Zealand, Australia, and Northern Europe.
India, for instance, is deploying 250 million smart meters through their National Smart Grid Mission. Companies like Tata Power and Adani Energy are utilizing NB-IoT smart meters due to their suitability for India's large size and widespread rural population.
Beyond Grid Management: Smart Meters as Data Hubs
Smart meters are not just about improving grid efficiency. In developed countries like North America, Western Europe, and Japan, companies are developing a wide range of services based on the data collected by these meters. These services include helping energy providers predict demand and plan electricity usage, as well as offering homeowners applications for evacuation guidance and home monitoring.
By leveraging the power of big data, these services create new revenue streams and encourage users to upgrade to more advanced smart meters when the time comes. This trend highlights the evolving role of smart meters from simple measurement devices to sophisticated data hubs, contributing to more efficient and user-centric energy management systems.
