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Smart Meters Market Size

  • 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.


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.


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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