A new report of research by Berg Insight, the IoT company of analysts Berg Insight reveals that the use of smart meters for electricity across Latin America * was 6.2 percent by 2022.

The amount of smart meters is expected to expand at a staggering average annual percentage of 21.7 percent from 2022 to 2028. It will achieve a total of 38.4 million units by the close of the forecast time which is an increase from 11.7 million units by 2022.

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The market for smart meters across Latin America is becoming more attractive to a range of smart meter providers and a variety of utilities in regions are increasing investment into AMI infrastructure. In the six years ahead the rate of penetration for smart meters within Latin America's largest market Brazil will grow from 5.7 percent in 2022 and 21.5 percent by 2028. Brazil as well as Mexico will be responsible for more than 80 percent of all smart meter sales during the period forecast.

IoT Analyst Mattias Carlsson from Berg Insight Said

"Latin America will see a rise in the number of meters being installed in the coming years due to both the extension of current smart meters and brand-new important projects. Apart from the two major markets of Brazil and Mexico as well as countries such as Colombia as well as Peru will increase their share of annual shipping volumes from about four percent by 2022 and more than 16 percent by 2028. Colombia is expected to boost annual volumes of shipping 10 times over, whereas Peru will grow the volume of its annual shipping 16 times over the forecast timeframe ."

According to a newly published study, annual shipments of smart electric meters across Latin America will grow from 1.9 million devices in 2022 to nearly 6.1 million by 2028. This is what makes Latin America one of the most rapidly growing markets for smart meters globally.

The most common applications that are used in Latin America include remote meter reading and fault detection, distribution automation, and assessing the quality of power.

He said. Carlsson concluded: "As Latin America is poised for significant growth in the upcoming years, the competition has started between the best meters to capture market share within the region. So far, Chinese smart meter vendors have seen significant success across Latin America. The main reason for this is their capability to provide price competition, which is a key factor for price-sensitive companies which operate within the area."

*Latin America is defined as the South American countries Argentina, Brazil, Chile, Colombia, Peru, and Uruguay and also the Central American countries Costa Rica, Mexico, and Panama