Smart Meter Market Report 2025 (Global Edition)

Global Smart Meter Market Report 2024 Market Size Split by Type (Smart Electric Meter, Smart Gas Meter, Smart Water Meter), by End-user (Residential, Commercial, Industrial), by Technology (AMI, AMR),...

Smart Meter Market Report Description

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Smart Meter Market Insights Video

Competitive Landscape of the Smart Meter Market

Companies with a large market share in the smart meter sector include Schneider Electric, ABB, and Siemens; these companies have a strong background in energy management and automation technologies. They are able to provide cutting-edge, dependable, and integrated smart metering solutions because of their strong global presence, creative product offerings, and excellent R&D capabilities. Additionally, the market for smart meters has expanded significantly worldwide, with well-known businesses prioritizing partnerships to promote technological developments and improve their offerings. To guarantee safety and enhance electricity monitoring in the residential, commercial, and industrial sectors, these companies are heavily investing in the development of cutting-edge smart meters. In order to successfully achieve their goals for the smart meter business, they also actively participate in noteworthy mergers, acquisitions, and joint ventures.

June 2024: In order to supply Taiwan Power Company (Taipower) with a headend system, Mitsubishi Electric has announced a collaboration with system integrator Glory Technology Service Inc. and Chunghwa Telecom Co., Ltd., a significant telecom provider in Taiwan. The central hub for the supervision and control of smart meters will be this headend system. Mitsubishi Electric is extending its reach into smart meter systems outside of Japan with this deployment. The system is partially operational right now, highlighting a significant advancement in the business's global expansion plan. (Source: https://emea.mitsubishielectric.com/en/news/releases/global/2024/0628-a/index.html ) March 2024: Adani Energy is requesting a loan of USD 600 million to fund its ambitious smart meter initiative in India. The goal of this significant expenditure is to improve the country's energy infrastructure by putting advanced metering equipment into place, which will allow for real-time energy use management and monitoring. The Indian government's attempts to update the electricity grid and improve overall efficiency are consistent with the smart meter plan. (Source: https://www.businesstoday.in/amp/industry/energy/story/adani-energy-chasing-600-million-loan-for-funding-smart-meter-project-in-india-423326-2024-03-29 ) March 2024: With the purchase of Elpis Squared, Itron increased the scope of its network knowledge and enhanced network architecture and performance. This action made it possible for utilities to support the energy transition by enhancing cost-effective management through the use of data solutions and optimized solutions. (Source: https://investors.itron.com/news-releases/news-release-details/itron-acquires-elpis-squared-expands-grid-edge-intelligence ) January 2023: The producer of sophisticated water monitoring products, Syrinix Ltd., was acquired strategically by Badger Meter Inc. The company hopes to expand its offering of smart water solutions by using Syrinix's hardware-enabled software capabilities. Analytical Technology, Inc. (Ati) and Scan GmbH, pioneers in intelligent measurement and smart water quality monitoring, have also been purchased by the company. (Source: https://www.watertechonline.com/industry/article/14287943/badger-meter-badger-meter-enhances-smart-water-capabilities-with-acquisition-of-syrinix )

Top Companies Market Share in Smart Meter Industry: (In no particular order of Rank)

• АВВ
• Apator SA
• ARAD Group
• B Meters Metering Solutions
• AEM
• Aclara Technologies LLC
• Badger Meter
• Inc.
• Larsen & Toubro Limited
• Honeywell International
• Inc.
• Itron
• Inc.
• Chint Group
• General Electric
• Lindsy
• Siemens
• Sensus
• Sontex SA
• Ningbo Water Meter Co.
• Ltd.
• Osaki Electric Co.
• Ltd.
• Raychem RPG Private Limited
• Iskraemeco Group
• Kamstrup
• Schneider Electric SE
• Wasion Group
• Confidential Data
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• Data Hidden

*List of Second Tier Companies, List of Third Tier/ Start-up Companies (Inquire with sales executive) Request Any Company Profile for Preview Purpose OR Data Validation!

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Regional Analysis of the Smart Meter Market

Which Region Dominates the Smart Meter Market in 2024?

According to Cognitive Market Research, North America currently dominates the Smart Meter market, and the region is expected to have significant growth during the projected period because of growing acceptance and government backing. There are potential for smart meter brands to grow their footprint and profit from cutting-edge solutions in nations like the US and Canada, which are concentrating on energy efficiency and grid modernization. Furthermore, the U.S. is a major player in the smart meter industry because of its widespread adoption, which is fueled by laws, significant expenditures in smart grid infrastructure, and robust regulatory backing. In order to improve grid stability and energy efficiency, the U.S. Department of Energy and state governments are pushing for the widespread installation of smart meters.

Which Region is Expanding at the Fastest CAGR?

Asia-Pacific is expected to make significant gains during the projected period, with the greatest compound annual growth rate (CAGR) due to the accelerating urbanization that is creating a large number of smart city initiatives.In order to improve urban energy management, decrease energy waste, and increase the quality of life for people, these programs place a high priority on the installation of cutting-edge technologies, such as smart meters. Energy consumption is rising in the area as a result of population expansion and economic expansion. In order to optimize energy distribution, guarantee a steady supply of energy, and effectively manage this increasing demand, smart meters are necessary. The need for sophisticated metering infrastructure is being driven by significant growth in electricity usage in nations like China and India.

The current report Scope analyzes Smart Meter Market on 5 major region Split (In case you wish to acquire a specific region edition (more granular data) or any country Edition data then please write us on info@cognitivemarketresearch.com

• North America (United States, Canada, Mexico)
• Europe (United Kingdom, France, Germany, Italy, Russia, Spain, Sweden, Denmark, Netherlands, Switzerland, Belgium)
• Asia-Pacific (China, Japan, Korea, India, Australia, Philippines, Singapore, Malaysia, Thailand, Indonesia, Rest of APAC)
• South America (Brazil, Argentina, Colombia, Peru, Chile, Rest of South America)
• Middle East and Africa (Saudi Arabia, Turkey, Nigeria, UAE, Egypt, South Africa, GCC Countries, Rest of MEA)

The above graph is for illustrative purposes only.

North America Smart Meter Market

According to Cognitive Market Research, the global Smart Meter market size was estimated at USD 23514.2 Million, out of which North America held the major market share of more than 40% of the global revenue with a market size of USD 9405.68 million in 2024 and will grow at a compound annual growth rate (CAGR) of 8.7% from 2024 to 2031.

• According to Cognitive Market Research, the US had a major share in the Smart Meter market with a market size of USD 7421.08 million in 2024 and is projected to grow at a CAGR of 8.5% during the forecast period ascribed to the increasing use of smart meters in order to lower mysterious power losses and implement pricing plans based on customer consumption.
• The Canada Smart Meter market had a market share of USD 1128.68 million in 2024 and is projected to grow at a CAGR of 9.5% during the forecast period. One of the main factors propelling market growth is the implementation of emission control policies in this nation to combat environmental pollution.
• The Mexico Smart Meter market is projected to witness growth at a CAGR of 9.2% during the forecast period, with a market size of USD 855.92 million in 2024.

Europe Smart Meter Market

According to Cognitive Market Research, the global Smart Meter market size was estimated at USD 23514.2 Million, out of which Europe held the market share of more than 30% of the global revenue with a market size of USD 7054.26 million in 2024 and will grow at a compound annual growth rate (CAGR) of 9.0% from 2024 to 2031.

• The United Kingdom Smart Meter market had a market share of USD 1185.12 million in 2024 and is projected to grow at a CAGR of 9.8% during the forecast period because of the rise in urbanization and the use of smart home appliances.
• The France Smart Meter market is projected to witness growth at a CAGR of 8.2% during the forecast period, with a market size of USD 648.99 million in 2024.
• According to Cognitive Market Research, the German Smart Meter market size was valued at USD 1396.74 million in 2024 and is projected to grow at a CAGR of 9.2% during the forecast period as a result of government programs encouraging the development of smart cities and the expanding use of renewable energy sources.
• The Italy Smart Meter market is projected to witness growth at a CAGR of 8.4% during the forecast period, with a market size of USD 606.67 million in 2024.
• The Russia Smart Meter market is projected to witness growth at a CAGR of 8.0% during the forecast period, with a market size of USD 1093.41 million in 2024.
• The Spain Smart Meter market is projected to witness growth at a CAGR of 8.1% during the forecast period with a market size of USD 578.45 million in 2024
• The Luxembourg Smart Meter market is projected to witness growth at a CAGR of 9.1% during the forecast period, with a market size of USD 218.68 million in 2024.
• The Portugal Smart Meter market is projected to witness growth at a CAGR of 8.8% during the forecast period, with a market size of USD 148.14 million in 2024.
• The Greece Smart Meter market is projected to witness growth at a CAGR of 9.3% during the forecast period, with a market size of USD 84.65 million in 2024.
• The Rest of Europe's Smart Meter market is projected to witness growth at a CAGR of 7.7% during the forecast period, with a market size of USD 1093.41 million in 2024.

Asia Pacific Smart Meter Market

According to Cognitive Market Research, the global Smart Meter market size was estimated at USD 23514.2 Million, out of which Asia Pacific held the market share of around 23% of the global revenue with a market size of USD 5408.27 million in 2024 and will grow at a compound annual growth rate (CAGR) of 12.5% from 2024 to 2031.

• According to Cognitive Market Research, the China Smart Meter market size was valued at USD 2433.72 million in 2024 and is projected to grow at a CAGR of 12.0% during the forecast period attributed to the growing adoption of smart meters to reduce unexplained power outages and establish consumption-based pricing schemes.
• The Japan Smart Meter market is projected to witness growth at a CAGR of 11.0% during the forecast period, with a market size of USD 746.34 million in 2024.
• The India Smart Meter market had a market share of USD 648.99 million in 2024 and is projected to grow at a CAGR of 14.3% during the forecast period due to government initiatives promoting the creation of smart cities and the growing use of renewable energy sources, as well as the increase in urbanization and the usage of smart home products.
• The South Korean Smart Meter market is projected to witness growth at a CAGR of 11.6% during the forecast period, with a market size of USD 540.83 million in 2024.
• The Australian Smart Meter market is projected to witness growth at a CAGR of 12.2% during the forecast period, with a market size of USD 281.23 million in 2024.
• The South East Asia Smart Meter market is projected to witness growth at a CAGR of 13.5% during the forecast period, with a market size of USD 373.17 million in 2024.
• The Rest of Asia Pacific Smart Meter market is projected to witness growth at a CAGR of 12.3% during the forecast period, with a market size of USD 383.99 million in 2024.

South America Smart Meter Market

According to Cognitive Market Research, the global Smart Meter market size was estimated at USD 23514.2 Million, out of which the Latin America held the market share of around 5% of the global revenue with a market size of USD 1175.71 million in 2024 and will grow at a compound annual growth rate (CAGR) of 9.9% from 2024 to 2031.

• According to Cognitive Market Research, the Brazil Smart Meter market size was valued at USD 503.20 million in 2024 and is projected to grow at a CAGR of 10.5% during the forecast period. The nation's implementation of emission control measures to combat environmental pollution is one of the primary drivers driving market expansion.
• Argentina's Smart Meter market had a market share of USD 197.52 million in 2024 and is projected to grow at a CAGR of 10.8% during the forecast period because smart meters are being used more often to create consumption-based pricing plans and lessen mysterious power disruptions.
• Colombia Smart Meter market is projected to witness growth at a CAGR of 9.7% during the forecast period, with a market size of USD 104.64 million in 2024.
• Peru Smart Meter market is projected to witness growth at a CAGR of 10.1% during the forecast period, with a market size of USD 96.41 million in 2024.
• Chile Smart Meter market is projected to witness growth at a CAGR of 10.2% during the forecast period, with a market size of USD 84.65 million in 2024.
• The Rest of Latin America's Smart Meter market is projected to witness growth at a CAGR of 9.0% during the forecast period, with a market size of USD 189.29 million in 2024.

Middle East and Africa Smart Meter Market

According to Cognitive Market Research, the global Smart Meter market size was estimated at USD 23514.2 Million, out of which the Middle East and Africa held the major market share of around 2% of the global revenue with a market size of USD 470.28 million in 2024 and will grow at a compound annual growth rate (CAGR) of 10.2% from 2024 to 2031..

• The GCC Countries Smart Meter market is projected to witness growth at a CAGR of 11.0% during the forecast period, with a market size of USD 201.28 million in 2024. The main factor propelling market expansion is the country's adoption of emission control policies to fight environmental pollution.
• The Egypt Smart Meter market is projected to witness growth at a CAGR of 10.5% during the forecast period, with a market size of USD 49.38 million in 2024.
• The South Africa Smart Meter market is projected to witness growth at a CAGR of 11.2% during the forecast period, with a market size of USD 74.30 million in 2024 because of policies that encourage the development of smart cities and the expanding use of renewable energy sources, in addition to the rise in urbanization and the use of smart home goods.
• The Turkey Smart Meter market is projected to witness growth at a CAGR of 9.7% during the forecast period, with a market size of USD 40.44 million in 2024.
• The Nigeria Smart Meter market is projected to witness growth at a CAGR of 9.3% during the forecast period, with a market size of USD 49.38 million in 2024.
• The Rest of the MEA Smart Meter market is projected to witness growth at a CAGR of 9.2% during the forecast period, with a market size of USD 55.49 million in 2024.

Smart Meter Market Analysis

How are Segments Performing in the Global Smart Meter Market?

Smart Meter Market Type Segment Analysis

According to Cognitive Market Research, smart electric meter category is likely to dominate the Smart Meter Market over the forecast period. The market for smart electricity meters is expanding as a result of the nation's fast urbanization. The segment is expanding as a result of the increasing initiatives for smart cities. Global power production in 2019 was 27004.7 terawatt hours, according to British Petroleum. The U.S. Energy Information Administration projects that global energy consumption will increase by almost 50% between 2018 and 2050, with Asia continuing to be the greatest consumer. This indicates that energy consumption will rise in the near future. As a result, the market for smart electricity meters is expanding quickly.

The smart gas meter is the fastest-growing segment in the Smart Meter Market. The growing need for data is driving the installation and use of smart gas meters. Gas prices in the UK's residential sector averaged 655 pounds in 2019, according to data from the Department of Business, Energy, and Industrial Strategy. About 23.5 million people use gas in their homes for electricity and heating. According to British Petroleum, the UK consumed 78.8 billion cubic meters of natural gas in 2019. The smart gas meter market is expanding at the highest rate, according to all of these numbers.

The above Chart is for representative purposes and does not depict actual sale statistics. Access/Request the quantitative data to understand the trends and dominating segment of Smart Meter Industry. Request a Free Sample PDF!

Smart Meter Market End-user Segment Analysis

According to Cognitive Market Research, the residential segment holds the largest share of the market. Smart meters are mostly used by homes in this industry to help with more accurate billing and to give customers access to real-time data. By assisting homeowners in better managing their utility consumption, this technology supports efforts to conserve energy. The usage of smart meters in residential settings is anticipated to increase steadily as awareness increases and costs decrease.

In the Smart Meter Market, the industrial has been expanding at a rapid pace. In the commercial sector, offices, retail locations, and other business premises frequently have smart meters installed. These meters offer useful data analytics capabilities along with correct invoicing. Businesses can take steps to increase efficiency, save operating costs, and meet sustainability targets by looking at trends in water or energy usage. Optimized usage during peak hours is also made possible by advanced technologies like demand response.

The above Graph is for representation purposes only. This chart does not depict actual Market share.

Smart Meter Technology Segment Analysis

Smart Meter Market Technology Segment Analysis

According to Cognitive Market Research, the AMI segment holds the largest market share due to rising consumer awareness of cost and energy savings, which is fueling the need for sophisticated metering infrastructure solutions. With the help of these systems, which offer comprehensive insights into energy usage, users can better control their consumption, take part in demand response initiatives, and lower their energy costs. Technology advancements in communication, such as 5G, LPWAN, and loT, are expanding the potential of AMI systems. These developments increase the precision, speed, and dependability of data transmission, increasing the appeal of AMl systems to both utilities and end users.

In the Smart Meter market, the rapidly growing sector is the AMR category. With the use of Automatic Meter Reading (AMR) technology, gas, electricity, or water metering systems can automatically collect status, diagnostic, and consumption data. The AMR then forwards this information to a central database for analysis, troubleshooting, and billing. The use of Automated Meter Reading (AMR) technology is growing as more utilities become aware of its potential to improve customer service and efficiency. Businesses now have control over billing and consumption because to AMR technology. The advantages of AMR systems in simplifying operations are being realized by businesses, homeowners, and utilities.

• AMI
• AMR

Smart Meter Component Segment Analysis

Smart Meter Market Component Segment Analysis

According to Cognitive Market Research, the software segment dominates the market. This can be attributed to the growing need for software that ensures proper billing and finds irregularities in utility consumption trends. The two main software categories utilized in smart meters are head-end software (HES) and meter data management (MDM). MDM serves as a smart meter storage platform, whereas HES is mostly utilized for data collecting. Future growth in the smart meters market will be fueled by software's ability to assist utilities in operating their smart meters more effectively.

Hardware is projected to be the fastest-growing segment in the Smart Meter market driven by smart grid adoption and the rising need for advanced metering infrastructure (AMI). Smart meters are increasingly indispensable as utilities throughout the world work to update their infrastructure. These devices include complex hardware components like sensors, processing units, and communication modules. These developments in hardware make it possible to gather, monitor, and transmit data in real-time, which enhances energy management and lowers operating expenses. Moreover, advancements in wireless technologies, like LPWAN, 4G/5G, and Zigbee, have improved the performance and dependability of smart meter hardware, increasing its market adoption.

• Hardware
• Software

Smart Meter Communication Segment Analysis

Smart Meter Market Communication Segment Analysis

According to Cognitive Market Research, the cellular segment dominates the market. The cellular category is expanding because of its robust data transmission capabilities and extensive coverage, which make it perfect for smart meters in both urban and rural settings. Cellular networks are becoming more and more popular among utility businesses due to their simplicity in implementation and capacity to facilitate long-distance communication without requiring a large amount of equipment.

RF is projected to be the fastest-growing segment in the Smart Meter market because of its affordability and capacity to establish mesh networks, which enable inter-smart meter communication and data relating to central collection locations. This is especially helpful in areas with high population density, as several meters can create a network that improves the dependability of data transfer. In suburban and rural areas, where utility providers aim to reduce infrastructure costs while retaining accurate and real-time data collecting, RF-based meters are becoming more common.

• RF
• PLC
• Cellular

Author's Detail

Kalyani Raje

Senior Research Analyst at Cognitive Market Research

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An optimistic Senior Research Analyst with years of experience in competitive assessment and business consulting. A seasoned professional and subject-matter expert (SME) in the Automobile and transportation vertical.

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