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Smart Meters Market - By Application (Residential, Commercial, Utility), By Technology (AMI, AMR), By Product (Smart Gas Meter, Smart Water Meter, Smart Electric Meter) & Forecast, 2024-2032

  • Report ID: GMI1180
  • Published Date: Apr 2022
  • Report Format: PDF

Smart Meters Market Size

Smart Meters Market size exceeded USD 28.8 billion in 2023 and is likely to register over 10.5% CAGR during 2024 to 2032. Ongoing replacement of traditional meters with advanced monitoring systems in line with increasing technological advancements will foster the industry dynamics. Paradigm shift towards the development of smart grid networks coupled with ongoing government regulations and directives for intelligent meters deployment will further drive the market growth.

Smart Meters Market

Growing concern towards energy conservation along with the rising requirement of efficient and precise metering solution will fuel the business outlook. In addition, increasing government investments toward roll out projects and continuous replacement of traditional meters with advanced metering systems will accelerate the industry trend.

Smart Meters Market Analysis

Smart Meters Market Size, By Application

The residential application in smart meters market is poised to generate around USD 26 billion revenue by 2028 due to Effective consumption management coupled with development of smart homes. Shifting consumer inclination towards IoT enabled network in line with increased operational efficiency and accurate billing patterns will influence the market revenue. Additionally, growing integration of renewable energy to smart grid network combined with the increasing government efforts towards modernization and expansion of grid infrastructure will enhance the industry outlook.

AMI smart meters market size is set to witness over 14% gains through 2028. Growing energy demand and continuous technological advancements will propel the industry revenue. Paradigm shift towards effective monitoring and energy management devices in line with rapid development of smart grid infrastructure will further boost the market expansion. Furthermore, rising electricity demand along with increasing focus towards real time monitoring of consumption patterns will sway the business landscape. Favorable government norms and incentives towards resource management combined with robust deployment of intelligent metering systems will augment the business statistics.

Smart electric meter market will observe significant growth on account of favorable government reforms to upgrade the distorting small-scale industries coupled with rapid urbanization across developing nations. Moreover, the effective transmission capacity and lower line losses followed by growing investments by private players toward R&D will further drive the smart meters market demand. For instance, in March 2021, Itron launched eHZ-B residential smart meters, that are reliable & affordable and equip utilities combined with cities to migrate safely to a smart & connected distribution network.

The pandemic outbreak delayed various smart metering projects & rollout trend resulting in a slight market decline during the year 2020. However, the smart meter industry is expected to grow owing to the introduction of multiple directives and targets to achieve large scale deployment of smart meters across the end use points by respective authorities. Government targets with the efforts and initiatives by major manufacturers, suppliers and contractors toward the advancement of their metering networks will complement the market share.

Europe Smart Meters Market Size, By Countries

Europe smart meters market valued at about USD 6 billion in 2021. Introduction of smart grid schemes with an objective to deploy second-generation advanced metering infrastructure and the evolution of regulatory frameworks will spur the market growth in the region. Moreover, introduction of smart city concept across developed region has positively influenced the adoption of smart water meter infrastructure to improve urban water supply planning.

For instance, in July 2021, Global Omnium entered into an agreement for the installation of nearly 150,000 SIM cards embedded with NB-IoT technology to accelerate the data communication power of 450,000 domestic and industrial smart water meters across Spain. The initiative will facilitate efficient services to customers and further expansion of full range services across the remote areas of the country.

Smart Meters Market Share

Prominent players operating across smart meters market includes

  • Honeywell International, Inc.
  • Osaki Electric Co., Ltd.
  • Raychem RPG Private Limited
  • Itron, Inc.
  • Sensus
  • Aclara Technologies LLC
  • Landis+Gyr
  • Apator SA
  • Schneider Electric SE
  • Badger Meter, Inc.
  • Neptune Technology Group, Inc.
  • Zenner International GmbH & Co, .KG
  • Chint Group
  • Azbil Kimmon Co., Ltd.
  • Wasion Group
  • AEM
  • Diehl Stiftung & Co., KG
  • Siemens
  • Kamstrup
  • Sontex SA.
  • ARAD Group
  • B Meters Metering Solutions
  • Ningbo Water Meter Co., Ltd.
  • ZIV
  • Circutor SA
  • Iskraemeco Group
  • General Electric
  • Larsen & Toubro Limited

Inorganic growth ventures, strategic implications, partnerships, mergers, product innovations, along with business expansion by major manufacturers to garner their market presence will fuel the industry outlook.

This smart meters market research report includes in-depth coverage of the industry with estimates & forecast in terms of ‘Units’ & ‘USD’ from 2018 to 2028 for the following segments:

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Market, By Application

  • Residential
  • Commercial
  • Utility

Market, By Technology

  • AMR
  • AMI

Market, By Product

  • Smart Gas Meters
  • Smart Water Meters
  • Smart Electric Meters

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

  • North America
    • U.S
    • Canada
  • 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
    • Mexico
    • Brazil
    • Argentina


Authors: Ankit Gupta, Shubhankar Dimri

Frequently Asked Questions (FAQ) :

The market size of smart meters valued at more than $28.8 billion in 2023 and is anticipated to observe over 10.5% CAGR between 2024 and 2032.

The residential application is set to cross $26 billion in smart meters industry by 2028 as there is a high demand for smart homes among customers and the product can effectively manage the overall electricity consumption.

AMI smart meters segment is predicted to record over 14% CAGR through 2028 as the technology can closely monitor and manage the total power consumption and will be highly used to develop a smart grid infrastructure.

Europe smart meters market value exceeded $6 billion in 2021 as governments are rolling out favorable policies to promote the development of a smart grid infrastructure to support the rising demand for electricity.

Honeywell International, Inc., Osaki Electric Co., Ltd., Itron, Inc., Raychem RPG Private Limited, Aclara Technologies LLC, Sensus, Schneider Electric SE, and Badger Meter, Inc., among several others, are the prominent industry players.

Smart Meters Market Scope

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Premium Report Details

  • Base Year: 2023
  • Companies covered: 28
  • Tables & Figures: 443
  • Countries covered: 19
  • Pages: 410
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