IoT analysts firm Berg Insight forecasts Europe’s smart electric and gas meters market to record 80% growth between 2018 and 2023.
By the end of 2018, the market is expected to witness a 22% growth.
The installed base is expected to reach 151,9 million in 2018 and 273.7 million in 2023.
Other key report predictions include:
- Nationwide smart meter rollouts in France, Italy and the UK to drive market growth
- Energy networks will become massive IoT networks owing to the rollout of smart meters and smart grid technologies
- Increases in grid vulnerability from attacks
- Growing energy stakeholders and governments’ awareness that smart grid security is a top national interest
Tobias Ryberg, a principal analyst at Berg Insight, said: “The only way to protect the integrity of smart metering systems is by applying security by design.
“Countries and vendors who do not follow those principles could face serious consequences in the future. Adequate security measures will certainly add to the cost of smart metering systems but must be carefully weighed against the potential economic damage of a major power outage caused by hacker attacks”.
The report outlines key four principles to ensure smart electric and gas meter security and they include:
- Data can only be sent from a trusted source. This requires identification technology in all smart meters, based on private key infrastructure (PKI) and managed from the factory.
- The exchange of data should be among trusted entities requiring mutual authentication between meters, gateways and back-end systems through PKI.
- To ensure that only authorised servers can read the data, all communications should be encrypted to safeguard integrity and privacy. As new security threats arise over time, it is essential that systems are upgradable.