Analysis of the Application and Future Development of Smart Meters (2)
2) The application of smart meters is becoming more and more extensive
Smart meters are one of the cornerstones of smart grids and digital energy because they generate huge amounts of data. As more users connect via smart meters, the amount of data available to the system increases. The importance of smart meters lies in their simplicity. Compared to battery storage and electric vehicles, their lower barriers to entry (upfront costs are often borne by energy providers) mean they have the potential to have the most immediate impact on the average consumer. In Europe, where the EU has strong regulation on smart meter installations, countries such as Sweden, Italy and Finland are already approaching 100% smart meter penetration and benefiting from customer engagement and active energy management initiatives.
As more and more smart meters are installed, doors are opening to digital retail services such as tariff optimization, customer engagement and Internet of Things (Internet of Things) technologies. Of these advantages, IoT technology is probably the most exciting. Smart meters provide gateway services at the consumer level, such as demand response to commercial and industrial customers, remote building control, home energy management, and energy optimization. The opportunity to create efficiencies is enormous.
3) Entering the era of electric vehicles
The electrification of the energy sector is a transformational trend. The growth in the adoption of electric vehicles has accelerated rapidly, with global electric vehicle sales exceeding 1 million in 2017. The automotive industry is inherently customer-centric and fast-paced, and companies are responding to this change by investing in R&D and aggressively promoting electric vehicles. This, coupled with the fact that governments have set targets to ban the sale of internal combustion engine vehicles, has propelled the electric vehicle market.
The fusion of e-mobility and energy is clear. There will be opportunities to address charging infrastructure and grid balancing, as well as deploying millions of electric vehicles to create distributed energy storage networks. The integration of electric vehicles, solar photovoltaics and home energy storage has driven the emergence of the vehicle-to-home (V2H) concept. V2H solutions maximize energy efficiency and cost savings for EV owners, as energy will be released from the grid during low-price periods, stored in the EV, and recycled back to the grid during peak hours, generating revenue. Beyond 2020, excess stored electrical energy from electric vehicles for grid service is supplied to homes, commercial facilities and public charging infrastructure. Once the ability to leverage electric vehicles as a means of revenue generation is realized at scale, the challenge of high upfront costs can be alleviated, with demand for new vehicles expected to rise to nearly 20 million annually by 2025.
Outlook for the future development of energy
These three areas represent the hottest innovation opportunities in digital energy. It is predicted that the value of smart energy infrastructure can reach at least $1.5 trillion per year by 2025, in terms of market opportunities and benefits for business, customers and society. Committing to making people’s lives more sustainable is no longer an option, but an opportunity to truly drive the development of smart technologies to maximize the use of renewable energy. The dynamics and opportunities behind the digital transformation of energy are enormous, and governments, businesses and consumers must work together to achieve this.
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