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The smart meter market size is expected to reach US$ 49.24 billion by 2031 from US$ 26.21 billion in 2024. The market is anticipated to register a CAGR of 9.8% during 2025–2031. The integration of artificial intelligence (AI) and machine learning (ML) are likely to bring new smart meter market trends in the coming years.
Smart Meter Market Analysis
Rising smart grid initiatives and expanding smart meter penetration are driving the global demand for smart meters. Also, the rising need to reduce non-revenue water losses is accelerating the smart meter market growth. International efforts are also contributing to the smart meter market growth. For instance, in June 2025, it was reported that, with support from the United Nations, the electricity grid across the central Indonesian islands of Java, Madura, and Bali (home to more than 160 million people) is undergoing significant upgrades. These enhancements aim to improve the grid’s ability to handle the variability of renewable energy sources like solar and wind, demonstrating the global shift toward smarter, more adaptive power infrastructure.
Smart Meter Market Overview
Smart meters are advanced digital devices that accurately measure and record the consumption of utilities such as electricity, gas, or water in real time. Unlike traditional analog meters, which require manual readings and offer limited data, smart meters automatically transmit usage data to utility providers through secure communication networks. This real-time data exchange enables more efficient resource management, accurate billing, and enhanced customer service. Furthermore, smart meters are a critical component of the digital transformation in utility management. They support automation, reduce operational costs, and provide valuable consumption insights that help both providers and consumers make informed decisions. Utilities can use smart meter data for demand forecasting, energy load balancing, and rapid fault detection. At the same time, consumers benefit from detailed usage reports and real-time alerts that encourage energy conservation and cost savings.
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Smart Meter Market: Strategic Insights
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Customize Research To Suit Your Requirement
We can optimize and tailor the analysis and scope which is unmet through our standard offerings. This flexibility will help you gain the exact information needed for your business planning and decision making.
Smart Meter Market: Strategic Insights
Naveen
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Naveen will walk you through a 15-minute call to present the report’s content and answer all queries if you have any.
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Smart Meter Market Drivers and Opportunities
Sustainability and Operational Benefits
The deployment of smart meters represents a strategic opportunity to drive both environmental and economic benefits, particularly in emerging markets. By providing accurate, real-time data on energy consumption, smart meters empower users to monitor and manage their usage more efficiently. This results in reduced energy consumption, lower greenhouse gas emissions, and a smaller carbon footprint, contributing directly to national and international climate goals. In line with the Paris Agreement, Uzbekistan is actively pursuing decarbonization initiatives, supported by a US$ 46.25 million investment from the World Bank aimed at reducing emissions and accessing international carbon markets. Smart meter implementation plays a critical role in this effort, with projected emission reductions of ~60 million tonnes of CO? by 2028.
Rising Need to Reduce Non-Revenue Water Losses
Water utilities, primarily composed of domestic providers, are responsible for the safe and efficient delivery of water services within a highly regulated environment across federal, state, and municipal levels. These utilities often operate under constrained budgets, making substantial capital investments difficult. Operational challenges are compounded by rising costs, aging infrastructure, and financial limitations, particularly in managing water consumption and distribution.
Smart Meter Market Report Segmentation Analysis
Key segments that contributed to the derivation of the Smart Meter Market analysis are type, technology, and end user.
- Based on type, the smart meter market is segmented into smart electric meter, smart water meter, and smart gas meter. The smart electric meter segment dominated the market in 2024.
- In terms of technology, the smart meter market is bifurcated into automated meter reading and advanced metering infrastructure. The advanced metering infrastructure segment dominated the market in 2024.
- By end user, the smart meter market is categorized into residential, commercial, and industrial. The residential segment dominated the market in 2024.
Smart Meter Market Share Analysis by Geography
The Smart Meter Market is segmented into five major regions: North America, Europe, Asia Pacific, Middle East & Africa (MEA), and South and Central America. Asia Pacific dominated the market in 2024.
Asia Pacific witnesses a growing demand for smart meters due to rapid urbanization, industrialization, and increasing energy demand. A blend of regulatory, economic, and technological drivers is propelling the adoption and deployment of smart meters across countries in Asia Pacific. Chief among these are government policies, with regulatory mandates focused on modernizing energy infrastructure, enhancing grid efficiency, and advancing sustainability objectives. In many jurisdictions, legislation has been enacted requiring utilities to transition from traditional meters to smart meters within defined timeframes.
China, along with other leading East Asian nations such as Japan, South Korea, and Taiwan, has been at the forefront of smart meter adoption in Asia Pacific, driving large-scale nationwide rollouts as part of their strategic push toward modernized energy management and infrastructure. In 2023, as of October 1, corporate access to electricity usage data from smart meters was granted in Japan, enabling businesses to develop innovative services. This policy facilitates the use of utility-collected data to create solutions addressing challenges such as decarbonization and elderly care monitoring. Likewise, according to the Ministry of Power, Government of India, India has reached a major milestone in smart meter adoption, with over 20 million smart consumer meters deployed as of January 2025.
Smart Meter Market Report Scope
Smart Meter Market News and Recent Developments
The smart meter market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. A few of the developments in the smart meter market are listed below:
- Hubbell Incorporated (Delaware), a subsidiary of Hubbell Incorporated (collectively, “Hubbell”), acquired Ventev, a division of Tessco Technologies Incorporated. Located in Timonium, Maryland, Ventev is a leading manufacturer and provider of a complete ecosystem of solutions to power, protect, and connect wireless networks. Ventev’s 20-year history of designing, manufacturing, and delivering wireless solutions for the communications industry is a natural complement to broaden Hubbell’s portfolio of quality electrical and utility products.
(Source: Hubbell, Press Release, February 2025)
- Schneider Electric, the leader in the digital transformation of energy management and automation, announced that its artificial intelligence-powered feature is now live on the Wiser Home app. Recently recognized as the world’s most sustainable company, Schneider Electric continues to lead in smart home energy management with cutting-edge solutions to support homeowners, homebuilders, and electrical installers. Schneider’s new feature is a market first. It provides AI-optimized energy management of two of the biggest power loads in the home water heaters and electric vehicle chargers via a single app, Wiser Home. Wiser Home is Schneider Electric’s home energy management solution that provides energy monitoring, control, and optimization. The new feature, developed entirely in-house by Schneider Electric, optimizes energy bills through automated load management and predictive energy consumption scheduling tailored to users’ lifestyles.
(Source: Schneider Electric, Press Release, September 2024)
Smart Meter Market Report Coverage and Deliverables
The "Smart Meter Market Size and Forecast (2021–2031)" provides a detailed analysis of the market covering the areas mentioned below:
- Smart meter market size and forecast at regional and country levels for all the key market segments covered under the scope
- Smart meter market trends as well as market dynamics such as drivers, restraints, and key opportunities
- Detailed PEST and SWOT analysis
- Smart meter market analysis covering key market trends, regional framework, major players, regulations, and recent market developments
- Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments in the smart meter market
- Detailed company profiles
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
This text is related
to segments covered.
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
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to country scope.
Frequently Asked Questions
The rising smart grid initiatives and expanding smart meter penetration are driving the global demand for smart meters.
The integration of artificial intelligence (AI) and machine learning (ML) is likely to remain a key trend in the market.
Asia Pacific dominated the smart meter market in 2024.
Honeywell International, Schneider Electric, Itron, Xylem, and Siemens AG are among the leading players in the smart meter market.
The smart meter market is expected to reach US$ 49.24 billion by 2031.
The market is expected to register a CAGR of 9.8% during the forecast period.
The List of Companies - Smart Meter Market
- Landis+Gyr
- Schneider Electric
- Itron, Inc.
- Xylem (Sensus)
- Hubell, Sagemcom
- ZENNER International GmbH & Co. KG
- Honeywell International
- BOVE Technology
- Siemens AG
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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