The concept of smart metering can impact nearly every industry as connectivity and Big Data have become essential building blocks for improving systems and everyday life. Issues surrounding connectivity include cost and data management, but once smart systems are in place, it can lead to rapid improvements in efficiency.
Using Technology to Monitor Energy Consumption
Smart meters can help in both rural and urban applications. It's particularly helpful in areas of dense population. Since global energy demand is expected to rise significantly by 2040, according to the International Energy Agency, it's important to plan ahead for these conditions. Without smart meters, it's possible that these increased demands could put a strain on existing energy systems.
Luckily, many utility companies are taking proactive steps already, by utilizing IoT sensors in their operations. Now, they are connecting buildings with IoT devices that monitor a variety of factors, such as temperature and energy flow. One of the main reasons smart meters are gaining favor is because they monitor energy consumption in real-time and can let consumers know right away if problems exist in the way gas, water, and electricity are delivered to their home.
Advantages of Smart Meters
Cities are adopting smart metering because they cut costs on materials and labor. Not only do these meters reduce or eliminate waste, they also save time and lead to more streamlined operations. Data can be gathered for analysis on infrastructure defects and lack of public services for a growing population.
Additionally, many people already understand the importance of water conservation, but smart meters make this awareness more urgent. Nobody likes an unexpected rise in their utility bills, which can happen when, for instance, there are water pipe leaks. Smart meters are capable of detecting these leaks before they become expensive problems as specialists can fix them in the early stages. Water meters connected with IoT sensors can further help improve operations by tracking quality, temperature, and pressure.
Water Management and IoT
Another reason smart water management is becoming popular across the nation is that it gives both consumers and businesses data and tools on how to monitor their own water and energy consumption. This information helps residents and business leaders make better decisions on conserving resources.
Business Insider predicts that companies and consumers will spend as much as $15 trillion on IoT technology through 2026. As time goes on, this technology will get more advanced and increasingly prove to be useful across various industries beyond utilities - particularly in the manufacturing process.
How IoT Helps Energy Providers
IoT technology has already moved the oil and gas industry toward greater efficiency in production. And over 62 percent of energy executives say they plan to invest more in IoT technology in the next five years. A given oil well can generate thousands of data points in seconds to give decision-makers actionable information that helps determine how to make operations more efficient. Goldcard Smart Group, a Chinese utility, has seen a 25 percent in savings by using smart gas meters.
Building an infrastructure with smart metering is opening the door for widescale improvements in society. The more utilities help influence the development of smart cities, the more that businesses and the quality of life of residents will improve at a rapid pace.
To learn more about how smart technologies empower enterprises and smart cities, check out our technology guide.