Smart electric meter market in Latin America will witness growth owing to the increasing energy demand coupled with large scale urbanization across the region which would majorly drive the market scenario. In 2017, CFE, state-owned electric utility of Mexico, reportedly announced that the state is planning to invest approximately $646 million over the next 8 years towards the implementation of a smart grid in order to increase network flexibility and reliability. These measures will further increase product deployment across the region over the coming years.
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Smart electric meter market is projected to witness immense growth owing to the favorable government norms, efficient energy management, large-scale urbanization, and growing emphasis towards renewable energy. Smart meters are effective tools for managing and recording electricity as well as performance of electronic devices across households. According to the U.S. Department of Energy estimates, approximately 70 million American households use a smart meter today. Additionally, several electric utility companies are increasingly substituting analog meters with smart meters, fostering smart electric meter market growth.
In comparison to conventional meters, these smart electric meters are meant for transmitting energy consumption information to the utility in regular intervals. Further, they can monitor consumption more accurately, also enabling much more informed energy preferences. Advantages such as enabling dynamic pricing, monitoring the electric system in real-time, eliminating the manual monthly meter readings, encouraging a much more efficient utilization of power resources will further benefit the electric companies with the installation of smart meters.
Smart electric meter market is divided into segments in terms of application, technology, phase, and regional landscape.
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With respect to application, the smart electric meter market is classified into utility, commercial, and residential. Among these, the commercial application segment is slated to witness tremendous gains over the coming years. In fact, ongoing smart grid network expansion and increasing urbanization will positively influence the industry outlook.
In terms of technology, the overall smart electric meter market is bifurcated into AMR and AMI. Expansion of small-scale industries in line with ongoing electrification programs will complement the business growth for AMR technology segment. AMR smart meters come in with an optional Smart Energy Display, this shows the user accurate energy usage in real time. Likewise, this further enables businesses in gaining more control over their energy consumption as well as bills.
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Based on phase, the smart electric meter market is categorized into single and three. Among these, the single-phase segment will witness growth over the coming years. Large scale integration of renewable sector coupled with favorable government norms toward accruing energy security will stimulate the product demand.