The global smart meter market was valued at USD 23423.4 mn million in 2024 and is expected to grow at a CAGR of 9.3% during the forecast period. The global smart meter market has witnessed growth over the past few years, reshaping the landscape of the utility and energy sectors. Increasing consumer behavior towards more sustainable and efficient energy consumption models, the significance of smart meters has become rising significantly. These advanced devices, equipped with real-time data collection and communication capabilities, have emerged as a linchpin in the modernization of energy infrastructures worldwide.
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Growth Drivers
Rising Government Support and Investments
Rising government support and strategic investments in modernizing the energy infrastructure drive the market during the forecast period. To overcome climate change, energy efficiency, and the pressing need for sustainable solutions, the deployment of smart meters has emerged as a pivotal strategy for efficient energy management.
Governments, recognizing the transformative potential of smart meter technology, have increasingly taken proactive measures to accelerate its adoption. Policymakers and regulatory bodies have been essential in shaping the market landscape by introducing favourable policies, incentives, and frameworks that incentivize utilities and consumers alike. These initiatives often encompass a range of measures, from regulatory mandates requiring utilities to deploy smart meters to financial incentives designed to mitigate the initial capital costs associated with large-scale deployments.
By Technology Analysis
The Advanced Metering Infrastructure (Ami) Segment Acquired Highest Market Share in 2023
Automatic Meter Reading (AMR) is a technology employed to autonomously gather consumption, diagnostic, and status data from gas, electricity, or water metering devices. Subsequently, the AMR transmits this data to a centralized database for purposes such as billing, troubleshooting, and analysis. An automated meter reading device (AMR device) is an add-on that can be retrofitted onto an existing energy meter or water meter, transforming a conventional meter into a smart electricity meter or smart water meter by enabling the transmission of real-time data through a connected network.
The adoption of Automated Meter Reading (AMR) technology is increasing as more utilities recognize its potential to enhance efficiency and elevate customer service. For businesses, AMR technology provides them with control over consumption and billing. Utilities, businesses, and homeowners are discovering the benefits of AMR systems in streamlining operations. The recent advancements in AMR technology and data communication further contribute to its appeal.
Regional Insights
Asia Pacific Region Held the Largest Share of the Global Market in 2023
The smart meter market in the Asia Pacific region has achieved significant valuation and is poised to sustain its dominant position. This region is characterized by widespread implementations of smart electric meters, smart gas meters, and smart water meters, all aimed at fostering sustainable and efficient consumption of electricity, gas, and water respectively. The Asia Pacific region has witnessed a substantial increase in renewable energy production, leading to the establishment of new energy grids and the expansion of transmission and distribution networks. These advancements have propelled the installation of smart meters throughout the region. While natural gas and water meters currently hold a smaller presence compared to electricity meters, their market share is anticipated to grow with the rising adoption of IoT and mobile device management.
Key countries in the region, including China, Japan, and South Korea, have either implemented or are planning large-scale smart meter rollouts. Furthermore, the increasing uptake of renewable energy sources and the demand for more precise and real-time energy data are contributing to market expansion. However, challenges such as the need for more standardization and concerns about cybersecurity may impede market growth.
Some of the major players operating in the global market include:
- ABB
- Hubbell
- Badger Meter
- BMETER
- Diehl
- Honeywell
- Itron, Jabil
- Kamstrup
- Landis+Gyr
- Secure Meters Ltd
- Sensus
- Siemens
- ZENNER
Recent Developments
- November 2023: Honeywell launched a hydrogen-capable gas meter, aligning with the European Green Deal, providing adaptability for hydrogen and natural gas, supporting energy transition, and operational sustainability.
- September 2023: Honeywell collaborated with Quantinuum to integrate quantum computing-hardened encryption keys into smart utility meters, enhancing cybersecurity and protecting critical infrastructure against evolving threats.
- January 2023: Badger Meter, Inc. has acquired Syrinix, Ltd., a UK-based intelligent water monitoring solutions provider, for £15 million, enhancing its smart water capabilities with high-frequency pressure monitoring and leak detection technologies.
Smart Meter Market Report Scope
| Report Attributes | Details |
| Market size value in 2024 | USD 23,554.95 million |
| Revenue forecast in 2032 | USD 48,146.40 million |
| CAGR | 9.3% from 2024– 2032 |
| Base year | 2023 |
| Historical data | 2019 – 2022 |
| Forecast period | 2024 – 2032 |
| Quantitative units | Revenue in USD million and CAGR from 2024 to 2032 |
| Segments covered | By Type, By Technology, By Application, By Region |
| Regional scope | North America, Europe, Asia Pacific, Latin America, Middle East & Africa |
| Customization | Report customization as per your requirements with respect to countries, region, and segmentation. |
We provide our clients the option to personalize the Smart Meter Market report to suit their needs. By customizing the report, you can get data as per your format and definition. Also, the customization option allows you to gain a deeper dive into a specific segment, region, customer, or market competitor.