Latin America is poised for a transformative leap in smart electricity metering, according to a new report by Berg Insight. The installed base of smart electricity meters is forecasted to grow at a compound annual growth rate of 20.5 percent during 2023–2029 to reach a total of 42.9 million units at the end of the forecast period, up from around 14.0 million units in 2023.

Over the next six years, the penetration rate of smart meters in Latin America’s largest market Brazil will increase from 5.6 percent in 2023 to 18.8 percent in 2029. Brazil and Mexico are expected to drive the majority of annual shipment volumes of smart meters, accounting for more than 70 percent of shipments throughout the forecast period.

According to the analyst firm, penetration of smart electricity meters in Latin America – defined as the South American countries Argentina, Bolivia, Brazil, Chile, Colombia, Ecuador, Paraguay, Peru and Uruguay, as well at the Central American countries Costa Rica, El Salvador, Guatemala, Honduras, Mexico and Panama – reached 6.5 percent in 2023.

“The smart metering landscape in Latin America is not only growing, it is transforming. The number of annual meter installations are expected to triple from 2023 to 2029. Colombia, Ecuador and Peru will grow their share of annual shipment volumes from around 6 percent in 2023 to over 18 percent by 2029. In Colombia alone we are expecting a six-fold increase in annual smart meter shipment volumes by 2029”, said Mattias Carlsson, IoT Analyst at Berg Insight.