In an era where energy efficiency and sustainability are paramount, Latin America is poised for a transformative leap in smart electricity metering, according to a new report by Berg Insight.
The IoT analyst firm reveals that the penetration of smart electricity meters in Latin America – defined as the South American countries Argentina, Bolivia, Brazil, Chile, Colombia, Ecuador, Paraguay, Peru and Uruguay, as well at the Central American countries Costa Rica, El Salvador, Guatemala, Honduras, Mexico and Panama – reached 6.5 percent in 2023.
The installed base of smart electricity meters is forecasted to grow at an impressive compound annual growth rate of 20.5 percent during 2023–2029 to reach a total of 42.9 million units at the end of the forecast period, up from around 14.0 million units in 2023.
The smart metering market in Latin America is becoming increasingly active as a number of utilities across the region are in the early stages of deployments. Over the next six years, the penetration rate of smart meters in Latin America’s largest market Brazil will increase from 5.6 percent in 2023 to 18.8 percent in 2029. Brazil and Mexico are expected to drive the majority of annual shipment volumes of smart meters, accounting for more than 70 percent of shipments throughout the forecast period.
Mattias Carlsson, IoT Analyst at Berg Insight, said:
“The smart metering landscape in Latin America is not only growing, it is transforming. The number of annual meter installations are expected to triple from 2023 to 2029. Colombia, Ecuador and Peru will grow their share of annual shipment volumes from around 6 percent in 2023 to over 18 percent by 2029. In Colombia alone we are expecting a six-fold increase in annual smart meter shipment volumes by 2029.”
According to the newly released study, yearly shipments of smart electricity meters in Latin America will grow from around 2.6 million units in 2023 to around 6.7 million in 2029. This makes Latin America one of the fastest growing smart metering markets worldwide.
Utilities across the region leverage smart metering to drastically cut down on non-technical losses, which includes theft and billing inefficiencies, thereby improving their operational margins and service quality.
“The race for market dominance over the Latin American smart metering market is heating up. Over the last decade, Chinese smart meter vendors have made significant inroads into the market, capitalising on their ability to offer competitive pricing”, concluded Mr. Carlsson.
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