North America Smart Metering Market Report 2022-2027 with Case Studies for Ameren, Consolidated Edison, Entergy, BC Hydro, & Hydro-Quebec
DUBLIN, Jan. 25, 2023 /PRNewswire/ -- The "Smart Metering in North America - 5th Edition" report has been added to ResearchAndMarkets.com's offering.
Smart Metering in North America is the foremost source of information about the ongoing transformation of the metering sector. Whether you are a solution vendor, utility, telecom operator, investor, consultant or government agency, you will gain valuable insights from our in-depth research.
North America installed base of smart electricity meters in will grow at a compound annual growth rate (CAGR) of 4.8 percent throughout the forecast period, from 130.6 million in 2021 to 173.4 million in 2027. Get up to date with the latest information about vendors, products and local developments in each country.
74 percent of all electricity meters in North America are now smart
This report reveals that the penetration of smart electricity meters in North America reached 74 percent in 2021. Overall, the installed base of smart electricity meters will grow at a compound annual growth rate of 4.8 percent during 2021-2027 to reach a total of 173.4 million units at the end of the forecast period. Over the next six years, the penetration of smart meters in the US will increase to reach a level of 93 percent while the respective figure for the more advanced Canadian market will be slightly higher at 94 percent.
"First-wave deployments will continue to grow in the coming years and will be driven by the launch of major new projects by late adopters in the Northeastern US and Eastern Canada. Meanwhile, second-wave rollouts for early adopters are now also ramping up and will grow their share of annual shipment volumes from around 12 percent in 2021 to around 75 percent by 2027", said Mattias Carlsson, IoT Analyst. According to the study, yearly shipments of smart electricity meters in North America will grow from 10.7 million units in 2021 to 17.3 million units in 2027.
The Covid-19 pandemic had a notable impact on deployments during 2020 with a year-over-year decrease of around 13 percent in annual shipment volumes. The market has since experienced an increase in shipments and the number of yearly shipments is expected to peak in 2024 at 18.4 million units and thereafter slightly decrease to a level of 17 million units until the end of the forecast period.
Alongside the increase in replacement smart meter projects, the development of smart metering technology in the North American market has in the last couple of years shifted focus to serving new demands beyond smart metering. The utilities are now looking to leverage their existing network canopies for a widr array of smart city applications while also trying to figure out how to cope with the integration of the rapidly increasing number of electric vehicles and distributed energy resources into the grid infrastructure.
"The race has begun between the top vendors to develop and successfully commercialize the most attractive use cases for second-wave smart metering technology. Besides increased computing power and edge analytics capabilities that enable a new set of benefits, utilities are more and more looking to integrate multiple smart city applications into a single solution", concluded Mr. Carlsson.
Questions answered in the Report
Highlights from the report
Key Topics Covered:
1 Smart grids and intelligent meters
2 IoT networks and communications technologies
3 Smart metering industry players
4 Market overview
5 Market forecasts and trends
6 Case studies
For more information about this report visit https://www.researchandmarkets.com/r/9n27b-metering-in?w=5
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SOURCE Research and Markets