According to a new whitepaper from Guidehouse Insights, there is an extensive base of smart meters set for upgrade and replacement over the coming decade in both the US and Western Europe.
Machine learning tech provider Sense announced the release of Inside-the-Meter Intelligence to Become the Norm, a new whitepaper produced by Guidehouse Insights.
The whitepaper explores the emerging market for next-generation smart meters and how advanced analytics and Artificial Intelligence (AI) will drive a transformation in home energy use and grid intelligence.
The report forecasts that global markets will experience a surge in smart meter upgrades and replacement projects throughout the next decade, comparing meter lifetimes across utilities in North America and Western Europe.
This is due to the initial surge in smart meter installations experienced during the late 2000s and early 2010s. According to the report, over the next decade, the US and pockets of Western Europe will experience a similar surge in upgrade and replacement projects, reminiscent of this first wave of smart meter installations.
This anticipated upgrade trend is already playing out in some areas, with a growing number of utilities having selected or installed next-generation devices as part of their second-generation smart meter deployments.
Key capabilities for smart meter transformation
- High resolution waveform data capable of enabling real-time device identification
- Edge computing in the meter itself
- Low latency networking via WiFi or cellular to support real-time consumer experiences
“In the US alone, an estimated 65 million smart meters will need to be replaced by the end of 2027. This dovetails with ambitious energy efficiency and electrification goals codified by the Inflation Reduction Act,” stated Michael Kelly, senior research analyst & managing consultant at Guidehouse.
“As utilities across the [United States] evaluate next-generation smart meter capabilities, it is imperative they understand the potential of advanced inside-the-meter intelligence and how it can support energy efficiency and demand response priorities,” added Mike Phillips, CEO of Sense.
“Sophisticated next-generation smart meters…have the potential to transform the utility-consumer paradigm by providing new capabilities around device recognition, proactive notifications, and a real-time experience, all of which will enable everyday consumers to have more insight and control into their home energy use.”