Gothenburg, Sweden - May 15, 2023 (Investorideas.com Newswire) A new research report from the IoT analyst firm Berg Insight reveals that the penetration of smart electricity meters in Latin America - defined as the South American countries Argentina, Brazil, Chile, Colombia, Peru and Uruguay, as well at the Central American countries Costa Rica, Mexico and Panama - reached 6.2 percent in 2022. The installed base of smart electricity meters is forecasted to grow at an impressive compound annual growth rate of 21.7 percent during 2022-2028 to reach a total of 38.4 million units at the end of the forecast period, up from around 11.7 million units in 2022. The smart metering market in Latin America is becoming increasingly interesting for a variety of smart meter players, as a number of utilities across the region are increasing their investments in AMI infrastructure. Over the next six years, the penetration rate of smart meters in Latin America's by far largest market Brazil will increase from a mere 5.7 percent in 2022 to 21.5 percent in 2028. Brazil and Mexico will account for close to 80 percent of the total smart meter shipments during the forecast period.
"The number of meter installations in Latin America will continue to grow in the coming years and will be driven by the expansion of ongoing smart metering projects and new major projects. Besides the major markets Brazil and Mexico, countries like Colombia and Peru will grow their share of annual shipment volumes from around 4 percent in 2022 to over 16 percent by 2028. Colombia for example is forecasted to increase annual shipment volumes tenfold, whereas Peru will increase annual shipment volumes sixteenfold during the forecast period", said Mattias Carlsson, IoT Analyst at Berg Insight. According to the newly released study, yearly shipments of smart electricity meters in Latin America will grow from around 1.9 million units in 2022 to over 6.1 million in 2028. This makes Latin America one of the fastest growing smart metering markets worldwide.
The use cases in Latin America include remote meter reading, fault detection, distribution automation and measuring power quality. "As Latin America is poised for significant growth in the coming years, the race has begun between the top meter vendors to gain market share in the region. To date, Chinese smart meter vendors have achieved significant success in Latin America. One key contributing factor is their ability to offer competitive pricing, a crucial aspect for the price-sensitive utilities operating in the region", concluded Mr. Carlsson.
Download report brochure: Smart Metering in Latin America
About Berg Insight
Berg Insight is a dedicated M2M/IoT market research firm based in Sweden. We have been specialising in all major M2M/IoT verticals such as fleet management, car telematics, smart metering, smart homes, mHealth and industrial M2M since 2004. Our vision is to be the most valuable source of intelligence for our customers. Berg Insight offers numerous market reports, detailed market forecast databases and advisory services. We provide custom research tailored to your requirements including focussed research papers, business case analysis, go-to-market strategies and bespoke market forecasting. We have provided analytical services to 1400 clients in 72 countries on six continents to date. Our customers range from many of the world's largest mobile operators, IT companies and telecom vendors, to venture capitalists, technology start-ups and specialist consultants.
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