LoRaWAN smart metering

What is the value of the smart meter market?

According to a report by IoT Analytics, the value of the smart meter market is huge and is expected to grow significantly. The global smart meter market is expected to grow at a compound annual growth rate (CAGR) of 6% from 2018 to 2024, from US$9.5 billion to US$13.7 billion.

The utility sector is expected to remain the largest vertical for low-power wide area networks (LPWAN) throughout the forecast period. In 2019, the utility sector accounted for 38% of the installed base and is expected to fall to 30% by 2025. The adoption of LPWAN in smart metering projects is driving growth in this field.

In terms of market share, electricity meters hold the largest share in the global smart meter market. By 2024, electricity metering is expected to account for 64% of the market value. Water meters are expected to be the fastest growing segment with a CAGR of 8%.

In 2019, the global smart meter penetration rate reached 14%, with residential meters dominating commercial and industrial meters. Residential metering is estimated to account for approximately 80% of the total market value during the forecast period. Commercial and industrial metrology are expected to contribute 15.5% and 4.5% of the market value respectively during the same period.

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Let’s look at some of the advantages that LoRaWAN brings to the table for smart metering applications.

RANGE

LoRaWAN offers an exceptionally long communication range, measured in miles. This allows meters to be connected even in remote areas, ensuring widespread coverage.

BATTERY LIFE

The LoRaWAN technology enables devices to have battery lifetimes of up to two decades. This means that meters can operate efficiently for extended periods without requiring frequent battery replacements.

COVERAGE CAPABILITY

LoRaWAN excels in its ability to penetrate deep underground and indoor environments. This ensures reliable connectivity even in challenging locations, allowing meters to function effectively.

DEPLOYMENT EASE

The implementation of LoRaWAN networks is straightforward and cost-effective. This simplifies the process of deploying meters and reduces the associated expenses for utility companies.

COST EFFICIENCY

LoRaWAN offers a cost-effective solution for smart metering, making it an attractive option for utilities. This technology allows for the simultaneous management of diverse data, reducing computing and network costs. Moreover, LoRaWAN supports firmware updates over the air (FOTA), ensuring long-term cost savings.

SECURITY

Prioritizing security, LoRaWAN safeguards user information and protects utility networks from cyber threats. The technology incorporates secure key protocols, mutual authentication, integrity protection, and confidentiality measures, ensuring long-term security for utility devices.

DATA MANAGEMENT

With LoRaWAN, utilities can efficiently manage the immense volume of data generated by smart metering. The technology enables intelligent meters that can analyze and send only useful data for processing, reducing both computing and network costs.

OPERATIONAL EFFICIENCY

LoRaWAN facilitates more frequent data collection, such as hourly or every-10-minute consumption indexes. This allows smart utilities to detect anomalies or leaks in water and gas networks, improving overall operational efficiency.

Electric energy measurement

Electricity metering is the process of accurately measuring electricity usage in a home or commercial building. With the advent of smart meters, electricity meters are more than just a mechanism for tracking electricity consumption.

In the past, traditional electric meters were manually read by utility technicians to calculate monthly bills. This is a time-consuming and expensive process that often leads to errors and inconsistencies. The introduction of smart metering is an excellent solution to this problem as it eliminates the need for manual intervention and provides accurate, up-to-date information on energy usage.

Smart meters using LoRaWAN technology have several advantages over regular electricity meters:

Remote reading of energy usage data: LoRaWAN connectivity allows remote reading of energy consumption data. Now users do not have to wait for manual readings to view the data. Meter readings are updated every 15 minutes, making it easier for users to track their energy usage.

Instant detection of faults: Smart meters powered by LoRaWAN technology continuously monitor energy usage patterns and instantly detect any faults in the system. This helps identify faults and electrical hazards so problems can be solved quickly.

Greater energy efficiency: Smart meters with LoRaWAN connectivity provide real-time data, including device-level energy consumption. With this data, users can identify appliances that use too much energy and adjust their energy usage to make their homes more energy efficient.

IVY METERING developed LoRa WAN smart energy meter, which supports LoRaWAN remote wireless communication, with prepaid function, built-in relay, can remotely control the meter on and off. It is widely used in iot systems, smart city construction, smart industry and other scenarios.

If you need LoRaWAN smart energy meter, please contact us.

Company name: IVY METERING CO.,LTD

Company type: manufacturer and supplier

Main product: MID energy meter,LoRaWAN energy meter, LoRa power meter, RS485 modbus energy meter, DC energy meter, WIFI energy meter, GPRS 4G electricity meter

Main application: EV metering, solar net metering dual metering, smart metering for IOT, sub metering, AC DC metering...

Keywords: energy meter for EV charger, solar bidirectional meter, LoRaWAN smart meter,dc energy meter, STS prepayment meter, kwh meter, DIN Rail meter, energy meter,electricity meter

Attributes: free technical support, free after-sales service, 18 months of warranty, MID/EMC/LVD/UL/STS certificates