IoT Analytics, a market leader in providing insights and strategic business intelligence, has unveiled a new analysis as part of its series on smart meters. The most recent research, part of the Global Smart Meter Market Tracker, focuses on the adoption rate of smart electricity meters, offering a detailed regional exploration and market forecast.
By the close of 2023, 1.06 billion smart meters, encompassing electricity, water and gas, were installed worldwide, notes the Global Smart Meter Market Tracker. These smart meters allow utility service providers throughout the world to digitise their distribution systems and services efficiently, offering real-time data access. North America leads in the adoption of smart electricity meters, achieving nearly 77% market penetration. However, adoption of this technology has largely lagged in Latin America. Other regions with high rates of smart electricity meter adoption include some European Union countries and East Asia.
"IoT-based smart electricity meters have become a global reality, but adoption varies significantly by country and region. Countries like Sweden, France, or Canada have completed or nearly completed their roll-outs, while others like Germany are yet to start their initiative in a significant way. India is likely to see the largest roll-out in the coming years," stated Knud Lasse Lueth, CEO at IoT Analytics.
Adarsh Krishnan, Principal Analyst at IoT Analytics, additionally expounded, “Digital transformation is sweeping the utility industry as global service providers see their smart meter deployment, a foundational smart grid technology, exceed an installed base of 1 billion units. While advanced economies embrace feature-rich smart meters, emerging markets focus on more cost-effective solutions for their grid upgrades. Future advancements in AI and edge computing will bring greater operational efficiencies and innovative consumer services, creating sustainable and resilient smart grids."
After analysis, the regions of South Asia, Latin America, and Africa were said to represent high-growth potential for smart meters. Despite their currently aging grid infrastructure, regional governments in these areas have recognised the need for updates. To facilitate this, they are now actively working with smart grid industry stakeholders to develop regulatory policies. These policies will be pivotal in driving the adoption of smart meters.
Overall, the smart electricity meter market looks full of promise. The Smart Meter Market Tracker predicts that by 2030 these IoT devices will have achieved 54% adaption of the global electricity meter market. With such encouraging prospects, this is certainly a market to watch closely.
In the future, IoT Analytics plans to deliver separate highlights for each smart meter submarket - smart electricity, gas, and water meters - across 52 countries and five regions. These regions will include installed base, shipments, revenue, and market penetration and connectivity technology. Future updates on the smart electricity meters, therefore, are due to be covered more extensively.