Smart metres provide accurate and real-time monitoring of water or electricity consumption. The data that smart metres gather is transmitted through numerous wireless networks. With the help of this real-time data, utilities are able to monitor usage and identify anomalies, resulting in improved efficiency and cost savings.
Indeed, the smart metre is one of the most innovative devices ever invented. But what is the future of smart metre technology? Read on to find out.
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1. Improving Sustainability
Smart metres will not only help save energy in homes. Installing these devices across a wide electrical grid can make us more sustainable. These metres provide users with real-time data about their energy consumption. The data is transmitted wirelessly towards an in-house display or even through a user's smartphone. Smart metres help users understand what energy they are using, how to use it, and how to utilise electricity more efficiently, which leads to sustainability.
There has been a steady increase in the uptake of smart metres over recent years. In the UK, about 23.6 million smart and advanced metres were in homes and small businesses at the end of 2020 - a 12% increase from the previous year.
According to surveys, 69% of people in the UK want to use energy more sustainably. Using the data gathered by the smart metre can help them determine if the changes in their energy consumption can effectively improve their energy usage. Knowing how much energy homeowners use allows them to cut down, essentially reducing carbon emissions.
2. Growing Trends
The roles of smart metres will continue to increase in the coming years as the electric grid relies more on renewables. For instance, it may soon be normal to find your hot water heating automatically in the afternoon when the sun shines brightly, which you can later use in the day. Or perhaps, your electric car will start charging at 5 AM since the wind has picked up. Smart metres play a significant role in balancing the energy use for various utilities while offering huge savings on the cost of electricity for consumers.
The main advantages of smart metres include detecting any leaks in the supply, continuous monitoring of electricity, water, and gas flow, and detecting any theft in the electric supply. Smart metres also help eliminate the manual reading of metres, which is prone to mistakes. In addition, it can help minimise blackouts and failures of utility systems, helping to achieve carbon neutrality.
Increased interest in the digitalisation of electrical systems and various efforts to expand grid infrastructures can create growth opportunities for the industry of smart metres. An increase in electric demand from commercial and residential sectors also provides growth opportunities.
3. Matching Supply with Demand
A recent report states that the market for smart metres will expand to 9% between 2021 and 2026. It also highlights the factors that drive the market. According to the report, revenue generation can increase due to many factors, more importantly, government incentives on smart metre installation. Thus, companies should recognise the need to hire embedded software engineers to keep up with the high demand for smart metres.
Governments worldwide are providing funding for the modernisation of electric grids. They also push for policies to support smart technologies, such as smart metering. As governments hasten the investments on grid digitalisation, the demand for smart metres will continue to increase.
As utilities struggle to leverage renewable energy to provide baseload power, smart metres can offer real-time analysis of consumer usage, which play a significant role in helping energy firms better manage grid networks.
Another factor influencing the demand for smart metres is the increasing use of electric vehicles. Charging electric vehicles can cause heavy strains on the grid. Thus, real-time monitoring with the help of smart metres can provide vehicle owners with information on the best time to charge to prevent the grid from straining.
4. Helping People Save Money
The biggest benefit to using smart metres is their ability to help consumers save money. A smart metre will not only help save time with monthly manual readings, but it can also help with the monthly budgeting in the household. It can help you keep track of your energy consumption, from every mobile phone charging to a kettle boiling water. The device will provide real-time data on the energy you use, which helps you with budgeting.
Having a better understanding of your energy usage can help you find ways to save money, thereby reducing energy waste in the household. You could save as much as £35 each year by remembering to turn your appliances off and another £15 each year by switching your lights.
Smart metres allow you to see exactly how much you spend on electricity and when. It helps you to determine where you are using the most energy at home and find ways to reduce it. It gives you more control over your home energy usage, giving you an idea of how much you'll pay for the electricity even before the bill arrives.
5. Integrating Renewable Energy
Smart metres help with the integration of renewable energy. Balancing the energy stem, such as ensuring the supply meets the demand, is challenging. That's because intermittent generation, such as wind and solar energy, occupies a large proportion of our daily energy mix.
Combining information on the energy demand from smart metres with weather forecasts will help grid operators better plan how to integrate renewable energy into the grid and balance the networks.
Aside from helping homeowners effectively utilise energy, installing smart metres will have the potential to unlock untouched energy efficiency through a smart energy grid. With the smart grid, energy firms can balance the energy flow more efficiently throughout the grid. Thanks to the grid sensors and smart metres, operators can detect power surges and outages in real-time, which helps to ensure efficiency.
In addition, smart grids help easily integrate renewable energy sources like solar panels. With the improved energy grid, infrastructures and energy firms can effectively manage the various renewable sources scattered across the grid.