Smart Electric Meter Global Market Report 2024

A smart electric meter is an electronic device designed to record information such as electric energy consumption, voltage levels, current, and power factor. Unlike analog meters, smart electric meters capture data more frequently and transmit this information to a central database for purposes like billing, troubleshooting, and other diagnostic activities. Advanced smart electric meters with integrated data processing and built-in two-way communication capabilities can instantly capture and transmit energy data, particularly in commercial and industrial settings.

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 size has grown strongly in recent years. It will grow from $21.38 billion in 2023 to $22.98 billion in 2024 at a compound annual growth rate (CAGR) of 7.5%. The growth observed during the historic period can be attributed to various factors, including regulatory mandates, initiatives for grid modernization, efforts to enhance energy efficiency, aging infrastructure necessitating upgrades, and increased awareness among consumers about energy-related concerns.

The smart electric meter market size is expected to see strong growth in the next few years. It will grow to $31.64 billion in 2028 at a compound annual growth rate (CAGR) of 8.3%. The anticipated growth in the forecast period can be attributed to several factors, including the integration of renewable energy sources, the rise of distributed energy resources (DERs), the expansion of electric vehicle charging infrastructure, the implementation of demand response programs, and the adoption of edge computing in the energy sector. Major trends in the forecast period include the widespread use of advanced metering infrastructure (AMI), the implementation of time-of-use tariffs, the proliferation of grid-interactive devices, the integration of the Internet of Things (IoT) in energy systems, and the utilization of energy data analytics.

The smart electric meter market is poised for growth due to the increasing global demand for power. Factors such as population growth, urbanization, rising net capital income, and increased industrial activities, both in developed and developing economies, contribute to a surge in power demand worldwide. This escalating demand is expected to drive the adoption of smart meters, as governments and utility service providers invest in advanced metering infrastructure and technologies for efficient and error-free automated utility operations. According to the International Energy Agency (IEA) report in 2021, worldwide electricity demand is projected to grow by 2.4% in 2022, following a 6% increase in consumption the previous year. Thus, the rising power demand is anticipated to boost 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.

Technological advancement emerges as a prominent trend in the smart electric meter market, with a focus on developing innovative products featuring advanced communication technologies. Companies in the smart electric meters sector are investing in products like smart electricity meters to enhance operational capabilities and efficiency. For example, in February 2021, Meghalaya Energy Corporation Limited (MeECL), an India-based power utility company, introduced smart electricity meters, allowing customers to monitor and manage their power usage efficiently. This technology eliminates the need for manual readings, contributing to reduced operating expenses and increased billing efficiency.

Major players in the smart electric meter market are directing their efforts toward innovative products, such as smart monitoring energy meters, to enhance customer services and drive market revenues. Smart monitoring energy meters provide real-time data on energy consumption, facilitating efficient energy management and conservation. In February 2021, Honeywell International Inc., a US-based company specializing in smart electric meters, launched e-mon class 6000 smart monitoring energy meters. These meters are designed for monitoring and measuring electrical energy usage in commercial and industrial applications, featuring user-friendly interfaces, integrated cybersecurity, and an app-guided installation and troubleshooting process.

In September 2021, Landis+Gyr, a Switzerland-based provider of smart metering, grid intelligence, and smart infrastructure technology, acquired Luna Elektrik Elektronik Sanayi ve Ticaret for an undisclosed amount. This strategic acquisition aims to expand Landis+Gyr's product portfolio in smart meters and strengthen its global business presence. Luna Elektrik Elektronik Sanayi ve Ticaret is a Turkey-based provider of smart metering devices for water, heat, and electricity.

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 2023. 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.

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.


This product will be delivered within 3-5 business days.