Smart Meter Market Report 2024

The smart meter market size has grown strongly in recent years. It will grow from $24.34 billion in 2023 to $26.65 billion in 2024 at a compound annual growth rate (CAGR) of 9.5%. The growth observed in the historic period can be attributed to several factors, increased mandates promoting energy efficiency and grid modernization, a growing focus among consumers and utilities on energy conservation and cost reduction, greater integration of renewable energy sources, rising awareness and demand for transparency in energy consumption, and decreased costs associated with manual meter reading.

The smart meter market size is expected to see strong growth in the next few years. It will grow to $38.51 billion in 2028 at a compound annual growth rate (CAGR) of 9.6%. The growth in the forecast period will be driven by enhanced analytics facilitating predictive maintenance and efficiency improvements, expansion in developing regions and urban areas, the increasing need for metering solutions to support electric vehicle (EV) adoption, growing demand for comprehensive energy monitoring and optimization, and government policies that promote energy efficiency initiatives. Key trends anticipated during this period include the adoption of Internet of Things (IoT) and artificial intelligence (AI) technologies, deeper integration with smart grid systems, the expansion of advanced metering infrastructure (AMI) for better data collection and analytics, robust cybersecurity measures to safeguard smart meter data, and the development of tools and platforms enabling consumers to monitor and manage their energy usage in real-time.

The smart meter market is poised for growth due to the increasing adoption of renewable energy sources, which are derived from natural resources replenished on a human timescale such as sunlight, wind, rain, tides, waves, and geothermal heat. This adoption is driven by rising environmental awareness, government incentives, technological advancements lowering renewable energy system costs, and the imperative for energy security and sustainability. Smart meters play a crucial role in efficiently integrating and managing renewable energy sources by providing real-time data on energy consumption and production. For instance, as of January 2024, the U.S. Energy Information Administration reported that solar power generation in the U.S. reached 63 billion kilowatt-hours (kWh) in 2023 and is projected to increase by 75% to 286 billion kWh by 2025. This trend underscores how the increasing adoption of renewable energy will propel the smart meter market's expansion.

Key players in the smart meter market are innovating with advanced metering infrastructure and data analytics, such as smart meters equipped with grid-edge capabilities. These advancements aim to boost energy efficiency, enhance grid reliability, and provide detailed insights into energy consumption patterns. A smart meter with grid-edge capabilities serves as a sophisticated tool that monitors energy usage, offering real-time data and insights directly from the power grid's edge. This capability significantly improves the monitoring and management of electricity distribution. For instance, in December 2023, Xylem, a US-based industrial machinery manufacturer, introduced the Stratus IQ+ electricity meter. This device integrates grid-edge capabilities to provide comprehensive data, including details on EV charging, to utility companies. Its advanced processor and data features enable thorough system diagnostics and a deeper understanding of customer electricity usage patterns. Moreover, the meter supports the EV market by employing edge computing algorithms to detect battery EV charging activities, assisting utilities in optimizing capacity planning and managing off-peak programs more effectively.

In July 2024, Ancala, a UK-based infrastructure investment management company, completed the acquisition of Solandeo GmbH for an undisclosed sum. This strategic move positions Ancala to secure funding and financial stability to address increasing demand driven by Germany's impending national smart meter rollout mandate, which supports efforts to achieve climate neutrality by 2045. Solandeo GmbH, based in Germany, specializes in manufacturing smart meters and is involved in renewable energy semiconductor production.

Major companies operating in the smart meter market are Siemens AG, Honeywell International Inc, ABB Group, Larsen & Toubro, Sensus Technologies Private Limited, Sagemcom SAS, Shenzhen Kaifa Technology Co. Ltd., Itron Inc., Landis Gyr Limited, Wasion Holdings Limited, Osaki Electric Co. Ltd., Hexing Electrical Co.Ltd., Badger Meter Inc, Pietro Fiorentini Db India Private Limited, Aclara Technologies LLC, Kamstrup Metering Solutions Pvt. Ltd., Neptune Technology Group Inc., Genus Power Infrastructures Ltd., Iskraemeco Group, Jiangsu Linyang Energy Co. Ltd., Secure Meters Ltd, Suntront Tech Co. Ltd, EDMI Limited, Networked Energy Services Corporation, Holley Metering Limited.

Asia-Pacific was the largest region in the smart meter market in 2023. Europe is expected to be the fastest-growing region in the forecast period. The regions covered in the smart meter market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The countries covered in the smart meter market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

A smart meter is a sophisticated device designed to digitally measure and log the consumption of electricity, gas, or water in real time. It securely transmits this data to utility companies for purposes of billing and monitoring. Smart meters enable precise monitoring of energy usage, promoting efficient energy management and accurate billing.

There are several types of smart meters, smart electric meters, which record electricity usage at intervals of one hour or less and transmit data to utilities for monitoring and billing. These meters utilize various technologies such as advanced metering infrastructure (AMI) and automatic meter reading (AMR), incorporating components such as hardware and software. They employ communication methods such as radio frequency (RF), power line communication (PLC), and cellular technology, catering to residential, commercial, and industrial applications.

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

The smart meter market consists of sales of electricity meters, gas meters, water meters, and related communication and data management systems. 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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