IoT Smart Metering System: Market Statistics and Use Cases

The Internet of Things (IoT) is bringing about a major transformation across multiple sectors, with smart metering systems being one of its most significant uses. These systems are created to offer immediate monitoring and control of energy, water, and gas usage, representing a major improvement from conventional metering techniques. IoT smart metering systems enhance precise and efficient collection, analysis, and communication of data, resulting in increased accuracy in billing, better management of resources, and improved user understanding. By utilizing IoT capabilities, these systems enhance utility usage, support sustainability initiatives, and improve operational efficiency. This new method signifies a significant advancement in how we oversee and control critical services in our ever-more interconnected world.

IoT Smart metering

Smart metering involves utilizing IoT technology in utility meters to gather and send data on energy, water, or gas usage without manual intervention. IoT smart meters differ from conventional meters as they constantly track energy usage in real-time and share this data with both the utility company and the customer, unlike manual readings and limited data. Embedded sensors and communication modules within meters enable real-time data transmission, using cellular, Wi-Fi, or LPWAN networks for connectivity.

Smart meters monitor energy usage in the same way as conventional meters. Nevertheless, they possess a bidirectional communication system as well. This system enables them to transmit data on their consumption to the utility provider. It also enables them to get guidance or notifications from the provider.

The information gathered by smart meters is essential for smart grids, enabling utility companies to consolidate and oversee service distribution and monitor grid health from a distance and on a large scale. The smart grid helps utilities provide services in a sustainable, efficient, and secure manner, allowing them to monitor and meet their goals for climate change and carbon footprint effectively.

Enhanced data flow helps utilities anticipate and oversee demand to effectively control supply. It also allows companies to disclose usage trends to customers, serving as a motivation to implement more sustainable usage habits. Advantages consist of faster demand response, improved resource management distribution, operational efficiencies, and enhanced customer relationships.

The smart metering market

According to the Transforma Insights Connected Things TAM forecast, electrical utilities alone could have 2.2 billion smart meters deployed by 2030. The global adoption trend is being fueled, at least in part, by government efforts to promote sustainability.

The most recent study by Berg Insight, an IoT analyst company, offers an in-depth analysis of the advancements of smart metering technology in Asia-Pacific countries including China, Japan, South Korea, Taiwan, India, Bangladesh, Indonesia, the Philippines, Thailand, Vietnam, Australia, and New Zealand. The research forecasts a substantial rise in the number of smart electricity meters in the area. It is projected to increase from 818.6 million units in 2023 to almost 1.2 billion units by 2029, marking a 6.4 percent compound annual growth rate (CAGR).

With this rate of growth, it is anticipated that the area will hit the landmark of 1 billion devices being installed by the middle of 2026. Moreover, it is expected that the adoption of smart electricity meters in the Asia-Pacific area will increase from 61 percent in 2023 to 80 percent in 2029, and a total of 872.7 million units will be shipped between 2024 and 2029.

Smart metering technology has been widely adopted in East Asia, which includes China, Japan, South Korea, and Taiwan, leading the way in the Asia-Pacific region. By implementing ambitious nationwide initiatives, these nations have become the leading smart metering market in the region, with over 90 percent of installations in Asia-Pacific by the end of 2023.

China has finished implementing its smart electricity meters, while Japan is close to completing its rollout. Despite multiple setbacks, South Korea's national utility, KEPCO, plans to complete the rollout by the end of 2024. Meanwhile, Taiwan still lags behind other East Asian markets in development, having only 2.8 million smart meters in place.

The upgrading of first-generation smart meters has begun in China and Japan, with a focus on China due to the shorter lifespan of these meters.

Use cases of smart meters

Transparency In Apartments Interiors

However for multi-tenant dwellings e.g. apartment blocks, this transparency is significantly enhanced by the real time information provided with smart meters. Before, what used to happen is that the tenants split the bill of yearly energy consumption. This in many circumstances took place so wrong and unfair distribution would follow suit.ModelAdmin Renters who were unable to know how much energy they consumed until their bill came, had no way of understanding and managing consumption.

Smart meters change this, giving tenants visibility of and control over their energy usage so they can monitor consumption patterns - ensuring that shared expenses for utilities are fairly apportioned based on actual use.

Demand Response Programs

Demand response programs rely on smart meters. In return for offering discounts to customers on their energy bills in conjunction with the curb-side program whereby loads can be remotely adjusted, this incentivizes your customers cut back use during critical time.

Smart meters fulfil these aims by providing utilities with real-time information on energy consumption, but also assist them in monitoring and managing how power is being used. This not only helps to manage an energy grid better but also puts the consumer in a power position, where they can chose when and how they want to use their energy leading directly or indirectly towards conservation of electrical consumption.

Energy/Solar panels

One more use of smart meters is seen in renewable energy, especially solar panels. With the rise in popularity of sustainable energy solutions, the effectiveness of solar energy systems is improved by smart meters that offer instant information on energy consumption and solar power production. This allows homeowners to optimize their use of solar power, modify their consumption habits, and possibly lower their total energy expenses.

Solar panels frequently produce surplus energy during periods of high production, which is then sent back to the grid. Smart meters not only measure the extra energy but also transmit the data to energy providers. This may lead to homeowners getting credits for the extra electricity generated by their solar panels, leading to substantial savings.

Smart water metering

Integrating IoT technology into water meters allows for automated, precise, and real-time monitoring of water usage, known as smart water metering. These advanced systems provide detailed information on water usage patterns, identify leaks, and help with effective water management, surpassing the capabilities of conventional water meters. Smart water meters consistently track water usage and transmit live data to both utility companies and consumers, allowing instant access to consumption details.
These meters do away with the necessity of manual readings, cutting down on labor expenses and decreasing errors linked to manual data input. Water meters with IoT capabilities can identify irregularities in water flow that might signal leaks, enabling quick repairs and minimizing water loss.

Kaa smart water leak detection solution

From time to time, leaks can quietly damage the house materials, and over time, they can worsen with changing weather conditions. Comparing the old method of detecting smoke and water lines for car repairs is quite haphazard, and these unexpected repairs can be costly if not addressed promptly. More advanced water leak sensors prioritize advancing the water conservation effort by tackling issues before water damage occurs.

The smart water detection system constantly monitors and analyzes data on water leaks, providing a comprehensive overview of water consumption patterns and risks. Giving this information through a user-friendly dashboard allows the audience to take action proactively, avoiding potential dangers.

Kaa's dashboards for detecting water leaks offer in-depth analysis and graphics, simplifying the monitoring and control of water-related problems in residential constructions.

Using our Kaa Cloud platform, you can create a status dashboard. Our main dashboard provides building management, concierge, and engineering teams with a complete overview of all units in the building on a single screen. When a water leak is found, the status of the unit changes to red and sends immediate notifications through mobile app push notifications, SMS, WhatsApp, or email. Personnel are alerted to investigate further by visual and audible alarms.  KaaIot also offers mobile app services as a flexible platform for overseeing and controlling smart water leak solutions.

The collaboration between KaaIoT and Codepoint aims to assist businesses in harnessing the potential of IoT through seamless integration and control of Codepoint hardware on the Kaa IoT platform. Due to the collaboration, businesses now have access to a variety of options for tracking assets, identifying water leaks, and other services. Asset monitoring and control become seamless with integration, enhancing operational efficiency and reliability.

Conclusion

IoT smart metering systems represent notable progress in essential resources management like electricity, water, and gas. By using real-time data collection, automated monitoring, and advanced analytics, these systems offer unmatched precision, productivity, and insight into consumption patterns. IoT smart meters enhance utility companies' efficiency and provide consumers with in-depth usage data to help them make informed decisions and possibly lower costs. As technology continues to improve in areas such as East Asia, the benefits of IoT smart metering will become increasingly evident, resulting in sustainability, decreased waste, and the creation of more intelligent, connected communities.