Energy Meters Market Report 2024

This Energy Meters market 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 energy meters market size has grown strongly in recent years. It will grow from $18.11 billion in 2023 to $19.71 billion in 2024 at a compound annual growth rate (CAGR) of 8.9%.The growth observed during the historic period can be attributed to the expansion of electric vehicles, the rise of renewable energy sources, the increasing need for monitoring energy consumption, the digitalization of the energy sector, and the growing demand for electricity.

The energy meters market size is expected to see strong growth in the next few years. It will grow to $27.82 billion in 2028 at a compound annual growth rate (CAGR) of 9%. The anticipated growth during the forecast period can be attributed to increasing consumer awareness of energy conservation, rising industrialization, escalating energy costs, growing urbanization, and heightened environmental concerns. Key trends expected in this period include technological advancements, the implementation of smart grid technology, the adoption of smart meters, the integration of the Internet of Things (IoT), and the utilization of data analytics.

The increasing demand for renewable energy sources is projected to drive the growth of the energy meters market in the coming years. Renewable energy sources refer to energy resources that are naturally replenished and can be consistently renewed over time, including solar, wind, hydroelectric, geothermal, and biomass. The rising interest in renewable energy is largely due to concerns about climate change, the desire for energy independence, and the decreasing costs associated with renewable technologies. Energy meters play a crucial role in renewable energy by providing real-time information on energy production and consumption, enabling users to optimize their energy usage and better integrate renewable technologies. For example, in July 2024, GreenMatch, a UK-based online service that compares green energy quotes and solutions, reported that renewable energy sources accounted for about 13.1% of total primary energy consumption in the U.S. and approximately 21.5% of utility-scale electricity generation in 2022. Furthermore, by 2023, wind and solar energy are expected to contribute 16% to overall electricity generation, up from 14% in 2022. Consequently, the growing demand for renewable energy sources is spurring the growth of the energy meters market.

Key players in the energy meters sector are focusing on developing advanced grid-edge technologies, such as smart electricity meters, to improve energy management, enhance efficiency, and facilitate the integration of renewable energy sources. A smart electricity meter is a digital device that tracks energy consumption in real-time and transmits this information to both the utility provider and the consumer. For instance, in December 2023, Xylem Inc., a U.S.-based water technology company, introduced the Stratus IQ+ electricity meter, an advanced smart meter designed to improve utility management and meet the changing needs of the electric vehicle (EV) market. The Stratus IQ+ allows electric utilities to collect comprehensive system diagnostics and customer electricity usage data, which aids in the better management of distribution systems. It provides near-real-time monitoring of energy consumption, enabling immediate data recording and transmission.

In June 2024, Ancala, a UK-based investment management firm, acquired Solandeo for an undisclosed sum. This acquisition provides new capital and funding stability to the business, enabling it to address the rapidly increasing demand. This move is in response to a recent mandate from the German government for the nationwide rollout of smart meters for both commercial and residential customers starting in 2025. Solandeo is a German company that specializes in energy meters.

Major companies operating in the energy meters market are ABB Ltd., Honeywell International Inc., Larsen & Toubro Limited, Danfoss A/S, Chint Group Corporation, Fluke Corporation, Xylem Inc., Yokogawa Electric Corporation, Schneider Electric SE, Rockwell Automation Inc., Rittal GmbH & Co. KG, Itron Inc., Jiangsu Linyang Electronics Co. Ltd., HPL Electric & Power Ltd., Circutor S.A., Kamstrup A/S, Accuenergy Inc., Iskraemeco d.d., Trinity Energy Systems Private Limited, Holley Metering Limited, Eastron Electronic Co. Ltd., Secure Meters Limited, Eppeltone Engineers Private Limited.

Asia-Pacific was the largest region in the energy meters market in 2023. Middle East and Africa (MEA) is expected to be the fastest-growing region in the forecast period. The regions covered in the energy meters marker report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

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

Energy meters, also known as electricity or electric meters, are devices designed to measure the amount of electrical energy consumed by residential, commercial, or industrial units. They record electricity usage in kilowatt-hours (kWh), enabling utility companies to bill customers based on their consumption. Energy meters ensure accurate billing, facilitate monitoring of energy efficiency, and aid in managing electrical loads across various environments.

The primary types of energy meters include electromechanical meters and electronic meters. Electromechanical meters, commonly referred to as analog meters, measure energy consumption through mechanical components such as gears and dials. These meters are used for household appliances, power substations, and electric vehicle chargers, serving a variety of end-users, including those in commercial, residential, and industrial sectors.

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

The energy meters market consists of sales of single-phase energy meters, three-phase energy meters, prepaid meters, DIN rail meters and submetering devices. 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.