Smart Metering Booms in Latin America: 6.2% Penetration in 2022

According to the latest research report from IoT analyst firm Berg Insight, the penetration rate of smart electricity meters in Latin America reached 6.2% in 2022.

The installed base of smart electricity meters is projected to grow at an impressive compound annual growth rate of 21.7% from 2022 to 2028, reaching a total of 38.4 million units by the end of the forecast period, up from approximately 11.7 million units in 2022.

The Latin American smart metering market is becoming increasingly attractive to various smart meter players as utilities across the region are increasing their investments in AMI infrastructure. Over the next six years, Brazil, the largest market in the region, is expected to see the smart meter penetration rate increase from a mere 5.7% in 2022 to 21.5% in 2028. Brazil and Mexico will account for nearly 80% of the total smart meter shipments during the forecast period.

Mattias Carlsson, IoT Analyst at Berg Insight, stated:

"The number of meter installations in Latin America will continue to grow in the coming years, driven by the expansion of ongoing smart metering projects and new major projects. In addition to the major markets of Brazil and Mexico, countries like Colombia and Peru will increase their share of annual shipment volumes from around 4% in 2022 to over 16% by 2028. Colombia, for example, is forecasted to increase annual shipment volumes tenfold, while Peru will increase annual shipment volumes sixteenfold during the forecast period."