By 2029, 94% of electricity meters in North America will be smart

In a groundbreaking new report, the IoT analyst firm Berg Insight has revealed that the penetration of smart electricity meters in North America has reached an impressive 80 percent in 2023. This marks a significant milestone in the adoption of smart metering technology in the region.

The report predicts that the installed base of smart electricity meters will continue to grow at a compound annual growth rate of 3.8 percent over the next six years, reaching a total of 182.9 million units by the end of the forecast period. In the United States, the penetration of smart meters is expected to increase to 94 percent, while in Canada, it will reach an even higher 96 percent.

According to Mattias Carlsson, an IoT Analyst at Berg Insight, first-generation smart meter shipments will gradually decrease in the coming years, with second-generation smart meter deployments accounting for over 80 percent of yearly shipments by the end of the forecast period. This shift in focus reflects the evolving demands of utilities in the North American market, as they look to leverage smart metering technology for a wider array of smart city applications and integrate electric vehicles and distributed energy resources into the grid infrastructure.

As yearly shipments of smart electricity meters in North America are projected to peak at 18.5 million in 2024 and gradually decline to 14.9 million units by 2029, the race is on for leading vendors to develop and market the most compelling use cases for second-generation smart metering technology. With enhanced computing power, edge analytics, and more frequent meter reads, utilities are seeking to combine various applications into a unified solution that offers greater benefits and control.

Overall, the future of smart metering technology in North America looks promising, with utilities poised to unlock new opportunities for innovation and efficiency in the energy sector.