A research report from IoT analyst firm Berg Insight reveals that smart meter penetration in the US will increase to reach a level of 93% over the 2021 to 2027 forecast period.
The research report, Smart metering in North America, adds that the respective figure for the Canadian market will be slightly higher at 94%.
Overall, the installed base of smart electricity meters will grow at a compound annual growth rate of 4.8% to reach a total of 173.4 million units at the end of the forecast period.
“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% in 2021 to around 75% by 2027”, said Mattias Carlsson, IoT analyst at Berg Insight.
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.
Utilities are now looking to leverage existing network canopies for a wider 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 commercialise 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”, added Carlsson.
Berg Insights estimates that the penetration of smart electricity meters in North America reached 74 percent in 2021, whihc would amount to about 129.5 million smart meters.