The installed base of smart electricity meters in Latin America is forecast to grow at a compound annual growth rate of 21.7 per cent from 2022 through to 2028, according to a new research report. Last year, the penetration of smart electricity meters in the region reached 6.2 per cent in 2022.
For the purposes of the study, Latin America is 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.
IoT analyst firm Berg Insight expects the total number of installed units to reach 38.4 million units at the end of the forecast period, up from around 11.7 million units in 2022.
Berg’s report notes 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 advanced metering infrastructure (AMI).
According to the analyst, over the next six years, the penetration rate of smart meters in Brazil, by far the largest market in Latin America, will increase from a mere 5.7 per cent in 2022 to 21.5 per cent in 2028. Brazil and Mexico will account for close to almost four-fifths (80 per cent) of the total smart meter shipments during the forecast period.
Read more: smartcitiesworld.net