The penetration of smart electricity meters in North America reached 68% in 2020, according to a new study released by research firm Berg Insight.
The research firm predicts that the installed base of smart electricity meters will grow at a compound annual growth rate of 5.7% between 2019 and 2025 to reach a total of 153.8 million units. Over the next five years, the penetration of smart meters in the US will grow to reach a level of 84%, while the respective figure for the more advanced Canadian market will reach 92%. Yearly shipments of smart electricity meters in North America is expected to grow from 9.8 million units in 2019 to 17.4 million units in 2025. The COVID-19 pandemic had a notable impact on deployments during 2020 with a year-over-year decrease of around 13% in annual shipment volumes. The market is however expected to recover in 2021 with forecasted shipment volumes of 10.7 million units.
Along with the increase in smart meter refreshment projects, the development of smart metering technology in the North American market has in the last couple of years shifted focus to serving the demand of utilities which are to begin second-wave smart meter rollouts. These utilities are now looking to leverage their existing network canopies for a wider array of smart city applications beyond metering, while also trying to figure out how to cope with the integration of the rapidly […]
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