Market Overview

The South and Central American smart meter market is expected to register a CAGR of over 21.1% during the forecast period, 2019 - 2024. The market is primarily driven by governmental roll-outs for large-scale incorporations, in the absence of which the primary drivers are theft prevention and reduction of other non-technical loses, along with functionality improvements, such as the ability to control utilities remotely and time-based tariffs. However, countries lacking supporting legislation are witnessing slow growth in the market, with patchy implementation of the technology. This also inhibits these systems from performing at their optimal level.

• South and Central America are witnessing a rapid increase in the population migrating to urban cities. Given the rising need to reduce global energy demand by one-third, by adopting energy efficient practices, a number of initiatives by the governments are helping to promote energy efficiency initiatives across the region.
• Deployment of smart grids and smart metering systems provides solutions to curb energy wastage in industries. Implementation of smart metering systems enables energy suppliers to continuously monitor the electricity usage, by employing smart meter systems at multiple points within the grid.
• With innovations in technology, new meters with improved efficiency are expected to be employed. Consumers and governments around the world, including energy producers and suppliers, have realized the advantages of employing smart metering systems and are pushing toward their deployment.
• The most prominent limitation in the smart metering market is the unavailability of capital funding. Smart systems are comparatively expensive than the regular metering equipment employed by most service providers and users. Smart metering systems utilize digital components and connectivity systems that enable them to operate and transmit data. This increases the cost of the metering equipment.
• Moreover, different smart meters are designed with various parameters, based on the operational and consumer requirements, thus, driving the costs. Furthermore, smart meters are complicated equipment that require skilled labor. All these factors drive the overall cost of these systems, making them expensive, as compared to regular and conventional metering systems.

Scope of the Report

The increasing technological awareness and internet penetration in the developing countries and the growing demand in developed countries for advanced metering infrastructure (AMI) to replace existing AMR systems are expected to result in the growth of the smart meter market. However, the saturation of the smart electricity meter segment in major countries, with reducing yearly demand, is expected to pose a major challenge to the market, resulting in a low growth rate.

The smart electricity meter segment accounts for the largest share of the market, which is expected to witness declining demand throughout the forecast period. This is expected to negatively affect the overall market. It is anticipated to be revived by the large-scale roll-outs. However, smart gas and water meter segments are expected to show consistent growth during the forecast period.

Report scope can be customized per your requirements. Click here.

Key Market Trends

Electricity is Expected to Register a Significant Growth

To understand key trends, Download Sample Report