South and Central America Smart Meters Market Outlook 2031
The South and Central America smart meters market size was USD 6.34 Million in 2022 and is expected to reach USD 12.83 Million by 2031 estimated to grow at a robust CAGR 8.15% during the forecast period, 2023-2031. The growth of market is attributed to large scale implementation initiative approved by the government, reducing non-technical losses and eradication of theft, and a ways to control utilities on remote basis and time-based tariffs.
Countries like Brazil and Mexico marshal in Southern America region in implementation of smart meters. Utilities available in Brazil such as Celpa, Light, Eletrobras, AES Eletropaulo and more experimentation with smart meters projected to multimillion-meter deployment.
Growing population increases the water consumption majorly used for 77% for agriculture, 13% for domestic use, and 10% by industries, Mexican residents of northwest, arid-north use average of around 75 gallon of water on the daily basis which is comparatively more than of US residents. Further, the distribution and transmission losses, poor metering, incorrect billing address and name, illegal access are some of the factors that act as a hindrance for the market growth.
COVID-19 pandemic have majorly impacted the rollouts of the smart meters in several parts of the regions of South America resulting in temporary shutdown of many industries, resulting in shipment and installation of smart meters witnessing major downfall by the industry.
South and Central America Smart Meters Market Trends, Drivers, Restraints, and Opportunities
- Increasing supportive authorities, reduction in non-technical losses and functionality improvements is expected to drive the market in coming years.
- Increasing privatization and adoption of enhanced technology is expected to attract foreign investment and is anticipated to boost the market during the projected period.
- Lack of awareness about the use of outdated technology in some parts of the region is one of the factors anticipated to hinder the market growth.
- Scarcity of water in many parts of the region possesses a challenge that can impede the growth of the market in the coming years.
- Lack of awareness regarding up gradation of transmission lines act as a factor that can hamper the market expansion during the projected period.
Scope of South and Central America Smart Meters Market Report
The report South and Central America smart meter market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
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Attributes
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Details
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Report Title
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Smart Meter Market – South and Central America Industry Analysis, Growth, Share, Size, Trends, and Forecast
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Base Year
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2022
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Historic Data
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2016–2021
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Forecast Period
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2023–2031
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Segmentation
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Types (Smart Gas Meter, Smart Water Meter, and Smart Electricity Meter)
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Country
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Brazil, Argentina, Mexico, Chile, Rest of South and Central America
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Report Coverage
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Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
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Key Players Covered in the Report
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KAMSTRUP AS; Elster Group GmbH (Honeywell International Inc); WASION GROUP HOLDINGS; ITRON INC; Sensus, a Xylem brand.
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South and Central America Smart Meters Market Segment Insights
The smart gas meters segment is projected to expand at a high CAGR during the forecast period
Based on types, the market is segregated into smart water meter, smart electricity meter, and smart gas meter. Many emerging countries in the region are experiencing energy efficiency issues as a result of increased economic activity, which has resulted in much higher energy consumption rates. Smart gas meters indirectly affect the growth of a fully automated grid by reducing fuel consumption of gas heating systems.
Smart meter adoption is expected to increase globally as a result of these factors. Smart metering and smart grids technologies are being deployed to reduce energy waste in the industry. Smart metering systems allow energy companies to continuously monitor electricity usage by installing smart meters at several points throughout the grid.
Brazil is anticipated to dominate the market
In the terms of country, the market is fragmented into Brazil, Argentina, Mexico, Chile, and Rest of South & Central America. Brazil is anticipated to dominate the market during the projected period. With the rising demand for natural gas and the installation of pipelines in Brazil, the utility sector is now utilizing the Internet of Things to implement smart gas meters in a variety of enterprises.
Smart gas metering systems have emerged as the most effective option, offering real-time data monitoring, billing accuracy, and enhanced customer support.
Segments
The market of South and Central America smart meter has been bifurcated on the basis of
Types
- Smart Gas Meter
- Smart Water Meter
- Smart Electricity Meter
Country
- Brazil
- Argentina
- Mexico
- Chile
- Rest of South and Central America
Key players
Competitive Landscape
Key players competing in South and Central America smart meter market include KAMSTRUP AS; Elster Group GmbH (Honeywell International Inc.); WASION GROUP HOLDINGS: ITRON INC; Sensus, a Xylem brand. Some of these players are targeting on business strategies such as mergers, acquisitions, partnerships, collaborations, capacity expansion, and product launches to increase their market shares. For instance
In January 2020, Landis+Gyr launched and Omni carrier cellular meter and service solution in order to simplify the complexity of installation of utilities for the IoT applications.
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