The Internet of Things (IoT) has many uses within the power and utility industry. For example, smart meter penetration in North America is predicted to achieve 81 percentage by 2024.
According to the most recent global market analysis by Berg Insight, the installed base of smart power meters in North America will increase at a compound yearly growth rate of 8% between 2018 and 2024 to achieve 142.8 million units in the end of the forecast period.
Smart meter marketplace growth
Within the following five decades, clever meter penetration among power customers in the U.S. and Canada is projected to rise by around 60 percentage in 2018 to over 80 percentage from the end of 2024.
“North America has been in the forefront of grid technology adoption along with also a huge share of the significant utilities in the area are currently either fully set up or at the execution or preparation phases of high tech rollouts,” said Levi Östling, IoT analyst at Berg Insight.
The marketplace is yet highly heterogeneous concerning penetration. Some states or countries remain doubtful towards the company case for complex metering investments whereas others will be shortly to start the next wave of deployments.
Canada has reached a high penetration of meters through demanding initiatives in its most populous states. Continued expansion in North America that the upcoming few years will mostly be driven by the big investor-owned utilities from the U.S. market which are yet to roll out smart meters to their clients.
Additionally, the high number of smaller cooperative and municipal utilities are also playing an increasingly essential part for penetration development.
As stated by this Berg assessment, annual shipments of smart power meters from North America will rise from 8.8 million units 2018 into 19.9 million units 2024.
On the upcoming few decades, first-wave deployments of smart meters from utilities — such as Consolidated Edison, Duke Energy, Ameren, Entergy, PSEG, National Grid and Xcel Energy — will increase imports.
Outlook for smart meter installation expansion
Secondly wave deployments of smart meters will slowly make their way to the dispatch numbers in the end of the forecast period.
“While progressively strong meters with advantage intelligence capacities coupled with advanced data analytics applications will induce second tide deployments, the utilities are now looking to leverage their current RF mesh networks to get a larger variety of software beyond metering, bringing an increasingly diverse group of devices on their media platforms,” reasoned Östling.
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