Americas Smart Meter Market Size, Share, Opportunities And Trends By Type (Smart Water Meter, Smart Gas Meter, Smart Electricity Meter), By End User (Residential, Commercial, Industrial) And Country - Forecasts From 2022 To 2027

The Americas smart meter market is evaluated at US$4.102 billion for the year 2020 and is anticipated to grow at a CAGR of 9.13% to reach a market size of US$7.562 billion by the year 2027.

Smart meters are electrical devices that keep track of how much power, gas, and water are being used. These smart meters can convey usage data via power line connection, radio frequency electromagnetic radiation (RF), and cellular connectivity, allowing utilities to better regulate energy consumption. Smart meters provide organizations and consumers with several advantages, including lower meter reading costs, the prevention of disconnection, the elimination of billing inefficiencies, and lower reconnection expenses.

The growth of communications network infrastructure is a crucial element driving the smart meter market expansion. The energy industry was one of the first to adopt digital technologies. Digital technologies are predicted to make energy systems more connected, efficient, reliable, and sustainable around the world in the coming decades. The ongoing and constant development of communication network infrastructure helps to facilitate the production of modern smart meters.

Furthermore, the smart meter market in America is expected to grow at a rapid rate, owing to several government initiatives in the country. The industry's growth is also fuelled by the replacement of old traditional meters and the upgrading of antiquated infrastructure. Additionally, the digitalization of power infrastructure is already enhancing energy systems' efficiency, safety, accessibility, and long-term viability. According to a report published by the International Energy Agency (IEA), smart lighting and thermostats can reduce total energy consumption in the commercial and residential sectors by 10% by 2040. Also, substantial expenditures on digital power infrastructure provide the potential for the smart meter market in the United States.

Likewise, several grid operators, as well as other gas and water utility providers, are successfully managing the demand for smart meters. In addition, to create a sustainable city, smart city projects include the adoption of digital technology for smart retail, IoT, smart mobility, and smart meters. As a result, such factors are expected to drive market expansion. However, the high cost of smart meter installation, which is borne by end-users, limits market expansion.

Smart gas and smart energy meters communicate wirelessly to measure gas flow and electricity use, allowing for rebuilding infrastructure, remote location monitoring, and automated invoicing. A smart water meter uses wireless communication technology to measure water flow in real-time, enabling remote monitoring and infrastructure maintenance via leak detection.

Because it measures the quantity of energy spent by clients, the smart electric meter is vital in the residential, industrial, manufacturing, and commercial sectors. The electric power industry is continuing to shift toward cleaner energy by upgrading infrastructure to smart meters. It will enable electric companies to increase the grid's resilience and operations, as well as get better visibility into systems integration and thereby reduce interruptions.

According to research published by the Institute for Electric Innovation (IEI), US electric providers deployed over 98 million smart electric meters in 2019, reaching more than 70% of US households as of January 2020

Brazil is expected to have a large share of the smart meter market, specializing in the gas meter market.  America's development aspirations, combined with its strong concentration on renewable energy generation, are projected to drive the Brazilian smart gas meter industry forward. With the increased demand for natural gas and the construction of pipelines in Brazil, the utility sector is currently implementing smart gas meters using the Internet of Things. Smart gas metering systems have emerged as the most attractive alternative, offering billing accuracy, real-time data monitoring, and enhanced customer support.

Some smart city programs in Latin America, such as Brazil's Rede Cidade Digital, which includes 300 municipalities, have aimed to make broadband more accessible to the general population.

COVID-19 Impact

The COVID-19 epidemic has had a substantial impact on the expansion of the smart meter business in both North America and South America. At the beginning of the outbreak, the greatest impact on several smart meter manufacturers was supply concerns due to halted production. Furthermore, as a result of the lockdown measures, demand for smart meters in the residential, commercial, and industrial sectors has fallen. Consequently, smart meter manufacturing and supply are returning to normal. Sales have begun to recover for several manufacturers.

Even though the COVID-19 epidemic has temporarily halted fieldwork on some major smart metering projects, the market is likely to remain strong, with the total number of smart meter shipments largely unaffected over the next three years.

Recent Development

In March 2022, for the implementation of 120,000 new smart power meters, Sensus USA, Inc. worked with Grey Stone Corporation. New Stratus IQ household power meters will be installed as part of the cooperative's smart utility network, which will also see an update from mesh technology to the FlexNet communication network.

Market Segmentation

• By Type
  • Smart Water Meter
  • Smart Gas Meter
  • Smart Electricity Meter
• By End-User
  • Residential
  • Commercial
  • Industrial
• By Country
  • USA
  • Canada
  • Mexico
  • Brazil
  • Argentina
  • Others

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