Smart Electric Meter Market Report 2025

This Smart Electric Meter report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market’s historic and forecast market growth by geography.

The smart electric meter market size has grown strongly in recent years. It will grow from $22.46 billion in 2024 to $23.87 billion in 2025 at a compound annual growth rate (CAGR) of 6.3%. The growth in the historic period can be attributed to regulatory mandates, grid modernization, energy efficiency initiatives, aging infrastructure, consumer awareness.

The smart electric meter market size is expected to see rapid growth in the next few years. It will grow to $35.21 billion in 2029 at a compound annual growth rate (CAGR) of 10.2%. The growth in the forecast period can be attributed to renewable energy integration, distributed energy resources (ders), electric vehicle charging, demand response programs, edge computing. Major trends in the forecast period include advanced metering infrastructure (ami), time-of-use tariffs, grid-interactive devices, iot integration, energy data analytics.

The growing global demand for power is anticipated to propel the smart electric meter market. Rapid advancements in socio-economic factors such as population growth, urbanization, net capital income, and industrial activities in both developed and developing economies have led to a significant surge in power demand worldwide. This increasing need for electricity is expected to enhance the adoption of smart meters, as governments and utility service providers around the globe invest in advanced metering infrastructure and technologies to achieve error-free automated utility operations. For example, in February 2023, a report from the International Energy Agency (IEA), a France-based autonomous intergovernmental organization that provides analysis and data on the global energy sector, noted that global electricity demand rose by nearly 2% in 2022, with the United States showing a notable year-on-year increase of 2.6%. Looking ahead, global electricity demand is projected to grow at a significantly higher rate of 3% annually from 2023 to 2025, surpassing the growth rate observed in 2022. Therefore, the increasing power demand is expected to drive the demand for smart electric meters during the forecast period.

The growth of the smart electric meter market is further fueled by increasing demand in the residential sector. The residential sector, encompassing housing and accommodations for individuals and families, witnesses a rising need for smart electric meters. These meters prove to be valuable tools for consumers and utility providers alike, enhancing efficiency, reducing costs, and promoting energy conservation. For instance, data from the United States Census Bureau in October 2023 indicates a significant increase in privately owned housing units approved by building permits, reaching 1,524,000 on a seasonally adjusted yearly basis, marking a 13.8% rise from the corrected January rate of 1,339,000. Therefore, the growing demand in the residential sector is a key driver for the smart electric meter market.

Leading companies in the smart electric meter market are concentrating on developing innovations, such as grid-edge capabilities. This technology allows smart meters to analyze data from the periphery of the power grid, thereby improving energy distribution and management. For example, in December 2023, Xylem, a global water technology company, introduced a new smart meter designed to provide real-time insights into energy consumption, including electric vehicle (EV) charging patterns. The smart meter leverages advanced technologies like IoT, grid-edge computing, and real-time data analytics to enhance energy efficiency. It facilitates two-way communication with utility servers, enabling real-time monitoring, grid optimization, and outage detection. The meter offers high accuracy, verified in certified laboratories, and incorporates EV charging data to help utilities manage energy demand effectively.

Leading companies in the smart electric meter market are concentrating on developing innovations such as real-time monitoring, which provides instant access to energy usage data. Real-time monitoring involves the continuous observation of processes, systems, or data as they occur, delivering immediate insights and updates. For example, in May 2024, Oakter, an India-based electronics manufacturer, launched the OAKMETER, designed to enhance energy management and consumption efficiency. This smart meter utilizes advanced technologies, including IoT, real-time data analytics, and advanced metering infrastructure for effective energy management. It allows for two-way communication with utility servers, enabling real-time monitoring, tamper detection, and outage identification. The meter is highly accurate, validated in certified laboratories, and employs 4G connectivity for optimized data handling. This innovation enhances operational efficiency, minimizes manual intervention, and reduces costs for both consumers and utilities.

In September 2024, Kaynes Technologies, an India-based manufacturer of appliances, electrical equipment, and electronics, acquired Iskraemeco India Pvt. Ltd. for $5.13 million. This acquisition is intended to strengthen Kaynes' product portfolio and broaden its presence in the global market. Additionally, it will enable the company to utilize Iskraemeco's expertise in smart metering and energy management solutions. Iskraemeco India Pvt. Ltd. is a company based in India that specializes in the development and manufacturing of smart metering solutions.

Major companies operating in the smart electric meter market include Itron Inc., Landis+Gyr Group AG, Schneider Electric SE, Siemens AG, Honeywell International Inc., Aclara Technologies LLC, EDMI Limited, Enel S.p.A., Kamstrup A/S, Sensus Inc., Wasion International Ltd., ABB Ltd., Sagemcom Ltd., Microchip Technology Inc., General Electric Company, Holley Technology Ltd., Elster Group SE, Iskraemeco D.D., Jiangsu Linyang Energy Co. Ltd., Hexing Electrical Co. Ltd., Networked Energy Services Corporation, Pietro Fiorentini s.p.a., Secure Meters Limited, B METERS Srl, Jabil Inc., Diehl Stiftung & Co. KG, ZENNER Aquamet India Pvt. Ltd., Badger Meter Inc., Mueller Systems LLC, Neptune Technology Group Inc., Tata Power Delhi Distribution Company.

Asia-Pacific was the largest region in the smart electric meter market in 2024. North America is expected to be the fastest-growing region in the forecast period. The regions covered in the smart electric meter market analysis report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa. The countries covered in the smart electric meter market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, and USA.

A smart electric meter is a digital device that tracks and records electricity usage in real-time, delivering detailed data to both consumers and utility companies. It enables more accurate billing, remote monitoring, and improved energy management, often integrating with smart home systems to optimize energy consumption.

The main types of smart electric meters include advanced metering infrastructure and auto meter reading. Advanced metering infrastructure refers to an integrated system that includes smart meters, communication networks, and a data management system, allowing for two-way communication between utilities and end-users. Smart electric meters operate on both single and three-phase electrical lines and utilize power line communication, radio frequency, and cellular technologies for communication. These meters find wide applications in residential, commercial, and utility settings.

The smart electric meter market research report is one of a series of new reports that provides smart electric meter market statistics, including smart electric meter industry global market size, regional shares, competitors with a smart electric meter market share, detailed smart electric meter market segments, market trends and opportunities, and any further data you may need to thrive in the smart electric meter industry. This smart electric meter market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

The smart electric meter market consists of sales of three-phase and single-phase electric meters. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.

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