(Activist Post) Technocracy has sought to control energy since the 1930s. Smart Meters were rolled out in 2008 with the promise that they would never be used to collect personal data. Now it comes full circle where AI is being used to harvest vast amounts of consumer data to sell at a huge profit. — Technocracy News & Trends Editor Patrick Wood
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by Staff Writer, April 22nd, 2022
The “Smart Electricity Meters – Global Market Trajectory & Analytics” report has been added to ResearchAndMarkets.com’s offering.
Global Smart Electricity Meters Market to Reach $15.2 Billion by 2026
The global market for Smart Electricity Meters estimated at US$10.5 Billion in the year 2020, is projected to reach a revised size of US$15.2 Billion by 2026, growing at a CAGR of 6.7% over the analysis period.
For utilities aiming to modernize their grid operations with advanced solutions, smart electricity meters have emerged as an effective tool that can flawlessly address their various energy T&D needs in a simple and flexible manner.
Single-Phase, one of the segments analyzed in the report, is projected to record 6.2% CAGR and reach US$11.9 Billion by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Three-Phase segment is readjusted to a revised 7.9% CAGR for the next 7-year period.
In the coming years, the growth of smart electricity meters market will be driven by the increasing need for products and services that enable energy conservation; government initiatives to install smart electric meters in order to address issues of energy requirement; the ability of smart electric meters to prevent energy losses due to theft and fraud, and to reduce the costs involved in manual data collection; increasing investments in smart grid establishments; the growing trend of integration of renewable sources to existing power generation grids; rising T&D upgrade initiatives especially in developed economies; increasing investments into construction of commercial establishments such as educational institutions and banking institutions in both developing and developed economies; and emerging growth opportunities in Europe with the ongoing rollouts of smart electricity meter rollouts in countries such as Germany, the UK, France, and Spain.
Three-Phase Smart Meters to Reach $4.1 Billion by 2026
Global market for Three-Phase Smart Meters is estimated at US$2.7 Billion in 2020, and is projected to reach US$4.1 Billion by 2026 reflecting a compounded annual growth rate of 7.9% over the analysis period.
China constitutes the largest regional market for Three-Phase segment, accounting for 36.0% of the global sales in 2020. China is poised to register the fastest compounded annual growth rate of 9.1% over the analysis period, to reach US$1.8 Billion by the close of the analysis period.
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Source:
https://www.activistpost.com/2022/04/ai-used-to-tap-massive-amounts-of-smart-meter-data.html
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The heading and the text of the article do not have anything to do with each other.
I have dealt with a lot of utilities, and they all have a very strict policy about PII, or personally identifying information. They go to great lengths to protect PII. They do not sell it to anyone. I have sold systems that use AI to help with the occasional billing problem from a random error being created somewhere between the meter and the central computer systems. It’s really basic and just tells us if the billing data does not make sense.
There are a few companies that can take 15 minute metering data and infer, with AI, what kind of appliances are in the home and what might be a good candidate for replacing with one more energy efficient. This might be where there’d be more concern, certainly, if PII were not protected.
I don’t know of a utility that would have the capability to monetize meter data, even if they wanted to. And what’s more, even if they could, it would not be valuable for any company to have that data on an individual home. Aggregate data might be useful, but, I’m having a hard time thinking of one.
The biggest thing that people have raised as a potential concern would be if thieves could know from meter data when a person is not home. But that crowd is never going to have access to any PII, and even if hackers figured out a way to gather that data, (which is non-trivial because we don’t have the meter data and the actual account PII on the same system), they’d not be the ones who would pay enough to make it worth the time of the hackers.
Honestly, I have a really hard time thinking of anything remotely worth the fear porn of this article headline. Certainly nothing in the article supports the headline whatsoever.