Market Trends of South and Central America Smart Meters Industry
This section covers the major market trends shaping the South & Central America Smart Meters Market according to our research experts:
Need for Improvement in Utility Efficiency to Drive the Market
- Many developing nations within the region are facing problems with energy efficiency, due to the increasing economic activities, which has substantially increased energy consumption rates. These countries also account for the majority share of carbon emissions. Thus, governments across the region are focusing on decreasing their emissions by focusing on renewable energy sources and increasing the efficiency of the existing network by deploying smart metering systems and other technologies.
- Owing to enhancing their energy efficiency, major countries in the region have already formed regulations, and other countries are following suit. Such developments in the region are forcing businesses and homes to adopt energy efficiency solutions.
- Further, smart meters adoption is expected to grow significantly, fueled by the UN climate target and related energy efficiency measures. Smart gas meters help reduce fuel consumption of gas heating systems, indirectly, affecting the growth of a fully automated grid. Such trends are expected to boost the adoption of smart meters worldwide.
- Deployment of smart grids and smart metering systems provides solutions to curb energy wastage in the industry. Implementation of smart metering systems enables energy suppliers to continuously monitor electricity usage by employing smart meter systems at multiple points in the grid.
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Brazil to Hold a Major Share for Gas Meter Market
- The Brazilian government announced a funding of around USD 200 million for the development of smart grids. It also announced plans to deploy smart meters in the entire country by 2021. The aforementioned factors, coupled with Brazil's strong focus on renewable energy generation, are expected to act as driving factors for the Brazilian smart gas meter market.
- With the growing need for natural gas and the construction of pipelines in Brazil, the utility sector is now leveraging the benefits of the Internet of Things, in order to bring about smart gas meters in various businesses. Smart gas metering systems have become the most desirable option, and they are now providing billing accuracy, real-time data monitoring, and improved customer service.
- According to ANP Brazil, the natural gas production in Brazil reached nearly 41 billion cubic meters in 2018, representing an increase of more than 93% as compared to that of 2009, when production in the country totalled 21 billion cubic meters. As per the statistics provided by BP and EIA, Brazil accounted for about 24.1% of the global biofuel production. Hence, Brazil is among the top three countries in terms of biofuel production.
- The smart gas meter market acts as a lucrative vertical for the overall smart metering industry in Brazil, and it was recently bestowed with unprecedented gains driven by robust product deployment across the biofuel and natural gas sectors in the region. Besides, the smart gas metering concept is now present in six Brazilian states, including São Paulo, Rio de Janeiro, Paraná, and the Amazonas, involving local providers and consequently boosting the market growth.
- Enel accomplished a significant smart city track record in its areas of presence. Some smart city projects across the Latin American region have strived to make broadband accessible to the public, such as Brazil's Rede Cidade Digital, which comprises 300 municipalities.
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