Press Release

Revolutionizing Latin America Smart Metering Market with Advanced Metering Infrastructure

The market size of Latin America Smart Metering is projected to grow at a CAGR of 8.16% during the forecast period of 2023-28, cites MarkNtel Advisors in the recent research report. The market growth is attributed to the proactive government initiatives aimed at introducing smart metering solutions, particularly within residential sectors. This strategic focus seeks to enhance energy utilization efficiency across the region. Furthermore, the increasing market share is majorly driven by the urgency to bridge the substantial gaps between electricity demand and supply due to the inadequate state of grid infrastructure in the region. By implementing smart metering systems, the market confronts the immediate issue of supply-demand disparities but also rising the sustainability objectives and initiatives for modernizing the energy landscape.

As per the United Nations, approximately 17 million individuals lacked access to electricity in the Latin American region in 2022. To address this, governments in countries like Brazil, Argentina, and Chile have initiated the deployment of smart grids throughout the region. This proactive approach has led to a significant rise in the demand for smart metering solutions in recent years. Also, the augmentation of the market size in 2022, attributed to the introduction of cutting-edge technologies, encompassing smart meters, communication networks, and data management systems. This integration facilitates the seamless collection of real-time data, and the establishment of a dynamic two-way communication channel between utility providers and consumers. By furnishing accurate and detailed insights into energy consumption patterns, these systems empower both utility providers and consumers with the capacity to formulate energy efficient data.

Furthermore, the growth of the commercial sector in the Latin American region stands as an essential catalyst driving escalated demand for smart metering solutions. Governments in countries such as Brazil, Argentina, and Chile are persistently directing substantial investments towards advancing their economies through robust commercial developments. This strategic approach aims to enhance telecommunication infrastructure, thereby fostering heightened productivity and ultimately supporting overall economic expansion, which is anticipated to enhance the market share in the forthcoming years, further states the research report, “Latin America Smart Metering Market Analysis, 2023.”

Based on Type of Meter, Smart Electric Meter Would Hold Major Share of the Latin America Smart Metering Market

Based on the type of meter segment, the market is further bifurcated into, Smart electric meter, Smart gas meter and Smart water meter. Among them, Smart electric meter is expected to hold a significant share of the market in the forthcoming period. The market growth is primarily attributed to their versatile application across diverse sector ranging from residential and commercial sector across the region. Notably, their widespread utility underscores their significance, fostering their substantial share in the market. Furthermore, governments in Latin America are offering incentives and regulatory support for the deployment of smart metering systems. These initiatives create a conducive environment for market growth and technology adoption. Hence, such advanced technology, particularly in the form of smart electric meters, stands as a paramount requirement to complement the broader modernization initiatives, which is anticipated to propels the market expansion in the coming years.

Mexico is Anticipated to Account for Prominent Market Share

The Smart Metering Market in Mexico experienced substantial growth over the historical years. The factors responsible for market growth are the growing regulatory initiatives, the pursuit of energy efficiency targets, and the strategic incorporation of renewable energy solutions throughout the nation. The adoption of smart meters emerges in advancing Mexico's energy modernization endeavors while simultaneously giving consumers with the capability to oversee their energy consumption effectively. Furthermore, the integration of renewable energy into the energy grid, the requirement for precise monitoring and management mechanisms led to enhance the market size in the forthcoming years. Thus, smart metering systems emerge as an important tool, providing real-time data to harmonize energy supply and demand dynamics.

In addition, Mexico's renewable energy goals, combined with regulatory initiatives, are driving the growth of the smart metering market. These efforts are a significant part of Mexico's energy evolution, promoting the adoption of smart meters which is further expected to boost market share across the country from 2023 to 2028.

Competitive Landscape

With strategic initiatives, such as mergers, collaborations, and acquisitions, the leading market players, including (Kamstrup Spain SL, Sensus (Eylem Brand), Honeywell Inc., General Electric Company, Itron, Landis+Gyr, Aclara Technologies, Siemens AG, Schneider Electric SE, Holley Technology Ltd., and others) are looking forward to strengthening their market position.

Key Questions Answered in the Research Report

1. What are the industry’s overall statistics or estimates (Overview, Size- By Value, Forecast Numbers, Segmentation, Shares)?
2. What are the trends influencing the current scenario of the market?
3. What key factors would propel and impede the industry across the region?
4. How has the industry been evolving in terms of geography & solution adoption?
5. How has the competition been shaping across various region?
6. How has the buying behavior, customer inclination, and expectations from product manufacturers been evolving during 2018-28?
7. Who are the key competitors, and what strategic partnerships or ventures are they coming up with to stay afloat during the projected time frame?