Smart Electric Meter Market Size - By Application, By Technology, By Phase, Analysis, Growth Forecast, 2025 - 2034

Smart Electric Meter Market Size

The global smart electric meter market was estimated at USD 17.6 billion in 2024. The market is expected to grow from USD 20.2 billion in 2025 to USD 40.2 billion by 2034, at a CAGR of 7.9%, as per the latest report published by Global Market Insights Inc.

• One of the primary factors fueling market expansion is the global push toward smart grid infrastructure. Governments worldwide are investing in modernizing electrical networks to enhance reliability, reduce outages, and integrate renewable energy sources.
   
• The consumption of renewable energy is increasing significantly. Global renewable energy capacity grew by a record-breaking 15.1% in 2024 to reach 4,448 gigawatts (GW). Multiple companies are making efforts to shift towards the use of renewable energy sources.
   
• Smart meters are central to this transition, providing detailed consumption data that helps utilities optimize grid performance, detect faults quickly, and reduce operational costs. For instance, countries like the U.S., China, and several European countries have mandated the deployment of smart meters across their territories, significantly boosting market demand.
   
• Technological innovations have also played a crucial role. Advancements in wireless communication, IoT (Internet of Things), and data analytics have made smart meters more affordable, reliable, and capable of providing comprehensive energy insights.
   
• These improvements allow consumers to monitor their usage in real-time, promote energy conservation, and shift consumption to off-peak times, further supporting grid stability and reducing costs. Additionally, the integration of smart meters with home automation systems and demand response platforms enhances their value proposition, encouraging widespread adoption.
   
• The concern for carbon emission is increasing significantly due to multiple factors. For instance, energy sector carbon emissions reached a new high in 2024, with a 0.8% increase. Many governments have set ambitious targets for reducing carbon emissions and increasing renewable energy integration.
   
• Smart meters are essential in achieving these goals by enabling better demand-side management and facilitating the transition to cleaner energy sources. Incentive programs, subsidies, and mandates have accelerated deployment in various regions, fostering smart electric meter market landscape.
   
• Market players are also expanding their offerings through strategic partnerships, acquisitions, and product innovation. Companies are developing advanced smart meters with features like two-way communication, tamper detection, and cybersecurity measures to address evolving consumer and utility needs.
   
• Moreover, the increasing adoption of electric vehicles (EVs) and the rising popularity of smart home devices are creating additional demand for smart electric meters to manage complex energy loads effectively.
   

Smart Electric Meter Market Trends

• The smart electric meter industry is experiencing rapid growth driven by technological advancements, regulatory support, and increasing consumer demand for energy efficiency. One prominent trend is the widespread adoption of smart meters by utility companies to replace traditional analog meters. This shift enables real-time monitoring of electricity consumption, which improves grid management, reduces operational costs, and enhances customer engagement.
   
• Another significant trend is the integration of smart meters with advanced communication technologies such as 4G/5G, Wi-Fi, and IoT platforms. This connectivity allows for seamless data transmission, enabling utilities to implement demand response programs, detect outages promptly, and improve overall reliability. The proliferation of IoT-enabled devices further enhances the capabilities of smart meters, facilitating more granular and accurate energy usage data.
   
• Regulatory policies and government initiatives across various countries are also propelling market growth. Many governments are mandating the deployment of smart meters to promote energy conservation and reduce carbon emissions. For example, initiatives like the European Union's Smart Metering Infrastructure Directive and similar programs in North America and Asia are accelerating adoption rates.
   
• One prominent trend is the increasing adoption of advanced communication technologies such as NB-IoT (Narrowband Internet of Things), LTE-M, and 5G. These wireless protocols enhance connectivity, reliability, and real-time data transfer capabilities of smart electric meters. The deployment of 5G, in particular, promises ultra-low latency and massive device connectivity, enabling more sophisticated grid management and demand response strategies.
   
• The increasing preference for solar energy is significantly boosting the global demand for smart electric meters. For example, in 2024, the U.S. solar energy sector set new records, surpassing any other energy technology in installation capacity over the past twenty years. Utility-scale solar power generation reached 218.5 terawatt-hours, and the total solar output—including small-scale systems—was estimated at 303.2 TWh.
   
• Similarly, the wind energy sector is experiencing substantial growth, further fueling the market for smart electric meters. In 2024, Europe added 16.4 GW of new wind capacity, with 13.8 GW from onshore and 2.6 GW from offshore installations. The EU-27 contributed 12.9 GW of this new capacity. However, despite this expansion, Europe’s wind power development is still falling short of its 2030 renewable energy targets.
   
• An additional important trend is the incorporation of big data analytics and artificial intelligence (AI). Smart electric meters produce large volumes of consumption data, which, when analyzed with AI algorithms, can reveal usage patterns, identify anomalies, and forecast maintenance requirements. This data-driven strategy enables utility providers to enhance grid management, lower operational costs, and deliver better customer experience.
   

Smart Electric Meter Market Analysis

Learn more about the key segments shaping this market

Download Free PDF

• Based on applications, the market is segmented into residential, commercial, and utility. The residential segment is anticipated to exceed USD 19 billion by 2034. This growth is driven by increasing adoption of smart meters in homes to improve energy management, enhance billing accuracy, and support the integration of renewable energy sources like solar panels.
   
• Solar energy, particularly solar photovoltaic (PV) systems, is experiencing rapid growth and is becoming a dominant force in the renewable energy sector. For instance, Global solar PV capacity surpassed 2 terawatts in 2024, with significant increases in both installations and electricity generation.
   
• As consumers and utility companies prioritize efficient and smart energy solutions, the demand for residential smart electric meters is expected to expand substantially over the next decade. The residential segment encompasses smart meters installed in individual homes and apartment complexes.
   
• The primary driver behind the rapid growth in this segment is the increasing emphasis on energy efficiency and smart home automation. Consumers are becoming more aware of their energy consumption patterns and are seeking ways to reduce costs and minimize environmental impact.
   
• The commercial segment also plays a vital role in the growth of the smart electric meter market due to its substantial energy consumption and the need for efficient energy management in businesses, industries, and public facilities. Commercial establishments such as malls, offices, factories, and hospitals require accurate, real-time energy monitoring to optimize operations, reduce costs, and enhance sustainability.
   
• The expansion of these segments is driven by a significant increase in electricity consumption on a large scale. Several factors contribute to this rising demand. For example, in 2024, the United States saw a rebound in electricity usage after a decline in 2023, with an estimated growth rate of 2.5%. This upward trend is expected to continue, as the Energy Information Administration (EIA) predicts record-high power consumption levels for 2025 and 2026.
   
• This surge in energy use is creating a substantial need for new power plants and is consequently increasing the global demand for smart electric meters. Furthermore, emerging economies are heavily investing in expanding and upgrading their power infrastructure to accommodate the growing energy requirements. These developments further drive the demand for smart electric meters, supporting the modernization and efficiency of electricity distribution systems worldwide.
   

Learn more about the key segments shaping this market

Download Free PDF

• Based on technology, the smart electric meter market is segmented into AMI, and AMR. AMI segment holds the market share of 93.2% in 2024. The industry segmentation into AMI (advanced metering infrastructure) and AMR (automatic meter reading) is crucial for understanding the evolution and modernization of energy management systems. Both technologies play vital roles in improving the efficiency, accuracy, and reliability of electricity measurement and management, but they differ significantly in capabilities and applications.
   
• AMR, or automatic meter reading, represents an earlier stage of smart metering technology. It primarily enables remote collection of meter data without the need for manual reading. AMR systems typically use fixed network or walk-by technologies, which allow utility companies to gather consumption data periodically.
   
• The importance of AMR lies in its ability to reduce labor costs, improve billing accuracy, and provide basic remote monitoring capabilities. For regions or utilities with limited infrastructure or budget constraints, AMR offers a cost-effective solution that enhances operational efficiency and reduces human error.
   
• On the other hand, AMI encompasses not just remote reading but also real-time data transmission, advanced analytics, demand response, and outage management. This system provides consumers with detailed insights into their energy consumption patterns, enabling better energy management at the individual and grid levels.
   
• The significance of smart metering technologies like AMI and AMR is underscored by various government initiatives and statistics that highlight ongoing modernization efforts worldwide. For example, the U.S. Energy Information Administration (EIA) projects a 2.5% increase in electricity consumption in 2024, with expectations of continued growth driven by increased demand.
   
• Globally, investments in power infrastructure are substantial, with over USD 500 billion allocated in 2023 to upgrade grids, especially in emerging economies, facilitating better integration of renewable energy sources. Additionally, government programs focusing on energy efficiency have saved consumers over USD 30 billion annually through improved energy management enabled by smart technologies.
   
• These statistics indicate that government support and strategic investments are becoming vital factors in advancing smart metering infrastructure, which in turn helps improve grid reliability, reduce costs, and promote sustainable energy use. Overall, these efforts demonstrate a clear global trend toward smarter, more efficient energy systems driven by technological innovation and proactive government initiatives.
   

Looking for region specific data?

Download Free PDF

• The U.S. smart electric meter market is anticipated to exceed USD 2 billion by 2034. Regulatory policies aimed at maintaining grid reliability and accommodating the increased share of intermittent renewable sources necessitate advanced reactive power compensation devices like smart electric meters.
   
• The U.S. is considered one of the world's most advanced economies, representing approximately 26.2% of the global GDP in nominal terms and about 14.8% based on purchasing power parity, according to the World Bank. It also plays a pivotal role in international trade, with its exports and imports having a substantial impact on global trade flows.
   
• The rising demand from sectors such as oil and gas is fueling significant growth in the smart electric meter market. As the world’s second-largest economy, the U.S. accounts for roughly 15% of global investments in clean energy and remains a key player in oil and gas investments. As a result, the U.S. market is a vital segment, contributing notably to the overall size of the global market.
   
• The Asia Pacific region holds a strategic and influential position in the smart electric meter market due to its rapid economic growth, expanding energy needs, and aggressive adoption of smart grid technologies. Countries including China, India, Japan, and South Korea are leading the economy, investing heavily in modernizing their power infrastructure to enhance energy efficiency, reduce transmission losses, and support the integration of renewable energy sources.
   
• China, in particular, is the largest market within the region, accounting for a significant share of global smart meter deployments driven by government initiatives aimed at smart city development and sustainable energy management. India is also witnessing substantial growth as it endeavours to improve its aging grid infrastructure and meet rising electricity demand through large-scale smart meter installations.
   

Smart Electric Meter Market Share

• The top 5 companies in the market are Itron, Landis + Gyr, Honeywell International, Siemens, Schneider Electric. They are contributing around 30% of the market in 2024.
   
• These prominent companies are vital players in the global smart electric meter market, distinguished by their technological expertise, diverse product portfolios, and innovative solutions. As industry leaders, they develop high-performance, reliable smart meters that are essential for maintaining grid stability, voltage regulation, and reactive power management in modern power systems.
   
• Moreover, these corporations extend their influence through their extensive international presence and comprehensive service networks, enabling them to undertake large-scale projects across regions such as the Middle East, Asia Pacific, and Europe. Their ability to customize solutions to address specific grid requirements makes them preferred partners for utilities and independent power producers alike.
   
• In addition to manufacturing, these companies provide comprehensive after-sales support, maintenance, and training services, which are crucial for the long-term efficiency and sustainability of smart electric meters. Their leadership and ongoing technological innovations have solidified their positions as industry frontrunners, driving growth and fostering progress within the evolving energy landscape.
   

Smart Electric Meter Market Companies

• In March 2025, Itron and CHINT Global unveiled what they claim to be the first smart meter built on the DLMS AC Electricity Smart Electric Meter (ACESM) Generic Companion Profile (GCP) standard. This GCP-compliant meter, available worldwide, incorporates an Itron Gen5 network interface card (NIC) integrated into a electric meter.
   
• In June 2023, Kamstrup won a significant contract through a competitive tender with BKW Energie AG, an energy and infrastructure firm headquartered in Bern. The agreement includes the supply of 404,000 OMNIPOWER electricity meters and a corresponding head-end system.
   

Major players operating in the smart electric meters market are:

• ABB
• Aclara Technologies LLC
• Advanced Electronics Company (AEC)
• Apator SA
• Circutor
• Cisco Systems, Inc.
• CyanConnode
• Enel Spa.
• General Electric
• Honeywell International Inc.
• Iskraemeco Group
• Itron Inc.
• Kamstrup
• Landis + Gyr
• Larsen & Toubro Limited
• Mitsubishi Electric Corporation
• Osaki Electric Co., Ltd.
• Schneider Electric
• Sensus
• Siemens
• Toshiba
• Trinity Energy Systems
   

Smart Electric Meter Industry News

• In May 2025, Itron, Inc. signed an agreement with the Hellenic Electricity Distribution Network Operator (HEDNO) to implement grid edge solutions across Greece. The project entails managing 7.7 million meters using Itron’s meter data management system and overseeing nearly 1 million new narrowband-IoT smart electric meters supplied by ZIV automation through Utility IQ.
   
• In January 2024, Xcel Energy reached a milestone by deploying 2 million Itron smart meters as part of the IAMI (Integrated Advanced Metering Infrastructure) 2.0 initiative. The initiative aims to install a total of 3 million smart meters in the region. This achievement has already demonstrated benefits such as enhanced grid reliability, greater energy efficiency, and more detailed insights into customer behaviors.
   
• In January 2024, Siemens announced the launch of its next-generation smart meters equipped with enhanced cybersecurity features and integrated AI analytics. These advanced meters aim to improve grid management by providing real-time data and predictive insights. Siemens plans to expand their smart meter portfolio by 2025, focusing on modular designs that facilitate renewable energy integration and support grid resilience.
   

The smart electric meter market research report includes in-depth coverage of the industry with estimates & forecast in terms of revenue (USD Million) & (‘000 Units) from 2021 to 2034, for the following segments:

Click here to Buy Section of this Report

Market, By Application

• Residential
  • Single family
  • Multi family
• Commercial
  • Education
  • Healthcare
  • Retail
  • Logistics & Transportation
  • Offices
  • Hospitality
  • Others
• Utility

Market, By Technology

• AMI
  • RF
  • PLC
  • Cellular
• AMR

Market, By Phase

• Single
• Three

The above information has been provided for the following regions and countries:

• North America
  • U.S.
  • Canada
  • Mexico
• Europe
  • Germany
  • UK
  • France
  • Italy
  • Sweden
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Australia
• Middle East & Africa
  • UAE
  • Saudi Arabia
  • South Africa
  • Egypt
• Latin America
  • Brazil
  • Argentina