The global smart electric meter market was valued USD 9.06 Billion in 2017; it is projected to reach USD 11.33 Billion by 2023, growing at a CAGR of 4.11%, during the forecast period.
Electric vehicle and grid integration
According to the IEA global EV outlook 2017, the registration for Electric Vehicles’ (EV) was over 750,000 sales at the end of 2016, accounting for around 1.10% of the total cars sold globally. It represents a small fraction compared to passenger car sales; however, EV sales have registered a multifold growth in the past few years. According to the International Energy Agency (IEA) and Electric Vehicle Initiative (EVI), around 20 million EVs are expected to be on the road globally, by 2020, and 40–70 million by 2025. Japan, the US, and China are some of the key markets for electric vehicles among others. The growth of the EV market has also increased investments from various stakeholders to develop the allied infrastructure such as electric vehicle charging systems. IEA and EVI are aiming to deploy 2.4 million slow chargers and 6,000 fast chargers across 16 EVI countries.
The Netherlands aimed to have 20,000 slow chargers and 100 fast chargers by 2015. The Japanese government is expected to deploy 2 million slow chargers and 5,000 fast chargers across the nation, by 2020. Furthermore, the US deployed 22,000 slow chargers and 350 fast chargers in 2014. Fast charging is an advanced method of vehicle charging and consumes less time compared to slow chargers. Here, a smart electric meter can prove to be useful as it can manage the charging process of EVs from the grid. San Diego Gas & Electric (US) developed a variable vehicle grid integration rate for electric vehicle owners which allow the consumers to understand the difference in electricity rates and understand the different grid connections. Hence, the growth of EV and allied services offered a huge opportunity to the smart electric meter market.
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Cybersecurity & data privacy
Smart equipment, such as a smart electric meter, obtains information and communicates on digital networks. Moreover, this equipment can be controlled over networks, raising concerns regarding data theft and cyber attacks. Cyber threats are the primary concern while developing any network for monitoring and control critical infrastructures.
The cyber attacks targeted toward operational functions could result in loss of equipment control as well as unauthorized external control of equipment, hampering the monitoring process. Such sort of disruptions could range from operational irregularities such as loss of equipment and misinterpretation of the data. Unauthorized access through hacking or a cyber attack could result in the leakage of confidential information, causing heavy losses to companies. Moreover, shortage of human resource to effectively ascertain and mitigate a cyber threat further adds to the problem of data security and cyber attacks. With the growing awareness of cybersecurity, companies are likely to invest in data & network security and implement standard and bespoke security solutions to mitigate this cyberthreat. Considering these potential threats, end-users prefer conventional equipment, as the smart meter technology is misunderstood due to the lack of knowledge. The successful implementation of the smart meter technology requires proper training, and knowledge impartment is imperative. The misuse of this data can pose a national security threat and thus acts as a challenge for the growth of the smart electric meter market.
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Key players in the smart electric meter market include Itron (US), Landis+Gyr (Toshiba Corporation) (Switzerland), Jiangsu Linyang (China), Wasion (China), Aclara Technologies (Hubbell Incorporated) (US), Schneider (France), Siemens (Germany), Honeywell (US), and Iskraemeco (Slovenia).
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Smart Meters Market – Global Forecast to 2022
The global smart meters market is projected to reach USD 20.0 billion by 2022 from an estimated USD 12.8 billion in 2018, at a CAGR of 9.34%. This growth can be attributed to the rising investments in smart grid projects and increasing upgradation of transmission & distribution infrastructure, government policies, and energy conservation.
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