On February 25, Guolian Securities released a research report stating that my country's electric energy meter industry has shifted from the dominance of traditional inductive energy meters to the dominance of smart electronic energy meters. Smart meters can not only achieve accurate measurement of electric energy, but also collect important information such as user load and voltage in real time, provide timely and accurate basic data for smart grids, and provide a basis for analysis and decision-making in all aspects of power enterprise operation and management.
According to GSMA statistics, there are expected to be about 1.4 billion smart buildings and 700 million smart homes in North America in 2025. The demand for smart electricity on the residential and industrial sides will accelerate the process of smart meter transformation. There are clear smart meter investment plans in different regions around the world. Among them, the penetration rate of smart meters in Latin America will increase from 11.7 million units in 2022 to 38.4 million units in 2028, and the penetration rate in the Asia-Pacific region will increase from 59% in 2021 to 2027. 74% in 2022, Europe is expected to deploy 106 million electricity meters from 2022 to 2027.
In 2023, the export focus of single-phase electronic meters will shift to Africa. The export value of single-phase electronic meters in Africa will be US$260 million, +47.9% year-on-year, and its proportion in all continents will increase by 7pct; Europe is still the main exporter of three-phase electronic meters, and Europe's three Phase table exports were US$330 million, +7.9% year-on-year, accounting for 57% of all continents. Electric meter bidding in various places is generally initiated by local power grid companies, so channel barriers are obvious. Currently, companies that have established channel resources in regions with high incremental demand, such as Africa and Latin America, have obvious first-mover advantages.
Guolian Securities believes that the growth in new energy installed capacity has driven a significant increase in the demand for intelligent transformation of power grids. Countries have successively increased investment in smart grids. Mature markets such as China, the United States, Europe, etc. mainly rely on the replacement of smart meter stocks. Emerging markets such as Latin America mainly rely on smart meter replacement. Mainly based on incremental demand.