Smart Meters Market Size | Share and Trends 2024 to 2034

Smart Meters Market Size and Growth 2024 to 2034

The smart meters market size accounted for USD 32.57 billion in 2024 and is expected to reach around USD 79.97 billion by 2034, expanding at a CAGR of 9.4% from 2024 to 2034.

Smart Meters Market Key Takeaways

• Asia Pacific led the global market with the highest market share of 34% in 2023.
• By product, the electricity meters segment has held the largest market share in 2023.
• By end use, the water supply segment captured the biggest revenue share in 2023.

Asia Pacific Smart Meters Market Size and Growth 2024 to 2034

The Asia Pacific smart meters market size was estimated at USD 10.12 billion in 2023 and is predicted to be worth around USD 27.19 billion by 2034, at a CAGR of 9.6% from 2024 to 2034.

Asia-Pacific dominated the smart meters market in 2023. China dominated the smart meters market in Asia-Pacific region. The growing infrastructural investments are driving the growth of smart meters market in the region. According to the Groupe Speciale Mobile Association, China is investing heavily in infrastructure to build a new 40,000-kilometer gas pipeline that will connect 470 million people. In addition, the market players are adopting unique strategies for the smart meters market growth. At January 2019, Tokyo Gas, the Industrial Technology Research Institute, and TEPCO Power Grid teamed up to execute a demonstration project in Shalun Green Energy Science City’s area D to build a next generation metering platform.

Europe, on the other hand, is expected to develop at the fastest rate during the forecast period. The UK, Spain, France, and Italy dominate the smart meters market in Europe region. The growing installations of smart electric meters are driving the demand for smart meters in the region. The growth of smart meters market in Europe is being propelled by the existence of major market players, growing adoption of innovative technologies, and increasing acceptance of renewable energy sources.

Smart Meters Market Growth Factors

There are different types of smart meters available in the market. Those are smart electricity meters, water meters, and gas meters. The growing demand for smart electricity meters is driving the growth of global smart meters market. As per the research published by the Institute for Electric Innovation, the U.S. electric providers installed around 98 million smart electricity meters in 2019, reaching more than 70% of the U.S. residential end users as of January 2020. By the end of 2020, the total number of installed smart energy meters will have risen to 107 million.

The major market players operating in smart meters market are adopting unique strategies for the growth and development of global smart meters market. Genesis will provide energy security to its New Zealand customers in 2019 through a partnership with Chirpy Chirpyplus, Australia’s newest online community for over 55s. In order to expand its market reach and position in New Zealand, IntelliHUB completed the acquisition of Mercury’s smart metering subsidiary Metrix for $270 million in 2019. Metrix will bring the total number of individually controlled and contracted meters on the Intellihub to about 2 million.

Another factor propelling the expansion of global smart meters market is growing government initiatives for the market growth. So, under the government of India’s Smart Meter National Program, India’s state-owned Energy Efficiency Services Limited proposed the implementation of about 1 million smart meters across the country in February 2020. Over the next few years, Energy Efficiency Services Limited aims to deploy 250 million smart meters. Such initiatives and activities are supporting the expansion of global smart meters market.

The smart meters are highly adopted by developing and developed countries for the purpose of commercial, residential, and industrial. It is expected that 148 million smart meters are going to be installed all around the world in the upcoming years. On the other hand, the factors such as growing costs for maintenance and installation are a major challenge for the growth of global smart meters market. However, the growing demand for energy and power is providing lucrative opportunities for the expansion of global smart meters market. In addition, the growing investments by the government for infrastructural projects are driving the growth of global smart meters market over the forecast period.

Market Scope 

Product Insights

The electricity meters segment dominated the smart meters market in 2023. The rapid urbanization is paving way for the growth of smart electricity meters segment. The growing initiatives for smart cities are also driving the growth of the segment. As per the British Petroleum, global power production reached 27004.7 terawatt hours in 2019. Energy consumption is predicted to rise in the near future, as per the U.S. Energy Information Administration, worldwide energy consumption is expected to rise by about 50% between 2018 and 2050, with Asia continuing to be the largest consumer. Thus, the smart electricity meters segment is growing at a rapid pace.

The smart gas meters segment is expected to witness strong growth during the forecast period. The installation and implementation of smart gas meters is fueled by an increase in demand for data. In 2019, residential sector in the UK paid an average of 655 pounds for gas, as per the Department of Business, Energy, and Industrial Strategy. Gas is used in the homes of approximately 23.5 million people for heat and electricity. The natural gas consumption in the UK reached 78.8 billion cubic meters in 2019, as per the British Petroleum. All these figures shows that the smart gas meters segment is growing at fastest rate.

End Use Insights

The residential segment dominated the smart meters market in 2023. The demand for smart meters is growing in residential sector due to the growing energy consumption. The residential areas use consumer electronics on a large scale. As a result, the demand for smart meters is growing at a rapid pace for residential end users.

The industrial segment is projected to witness strong growth during the forecast period. The rapid industrialization is driving the growth of global smart meters market. The expansion of manufacturing and construction sectors is boosting the demand for smart meters for industrial end users.

Smart Meters Market Companies

• Holley Metering Limited
• Neptune Technology Group Inc.
• Honeywell International Inc.
• Siemens AG
• Kaifa Technology
• Suntront Technology
• Wasion Group
• Aichi Tokei Denkei
• Badger Meter
• Sensus

Recent Developments

• Itron Inc. a provider of latest energy and water management solutions for cities and utilities, declared the launch of Itron Smart Pay for cities and utilities in North America in November 2021.
• Honeywell declared in January 2020 that it would incorporate Verizon’s LTE Managed Connectivity service into smart meters and other devices in order to achieve the smart grid’s next iteration. Honeywell can now offer a wireless network platform to its clients as part of its smart energy services, hardware, and software as a result of this collaboration with internet of things devices in a secure and dependable manner.
• Landis+Gyr released Revelo electric meters with sophisticated grid sensing technology in January 2020.
• The Japanese Ministry of Economy, Trade, and Industry reach a contract with Sojitz Corporation in November 2020. The contract provides for the expansion of energy infrastructure across Asian regions as well as the implementation of a distributed smart infrastructure.
• In January 2021, Landis+Gyr paid $2 million for a 3% equity stake in Sense Labs Inc. Sense creates and sells electronic devices for evaluating electricity usage in homes in the U.S. as well as the software that goes with them. 

Segments Covered in the Report

By Product

• Electricity Meter
• Gas Meter
• Water Meter

By End Use

• Residential 
• Commercial
• Industrial

By Component

• Hardware
• Software

By Technology

• AMI
• AMR

By Communication

•  RF
• PLC
• Cellular

By Geography

• North America
• U.S.
• Canada
• Europe
• U.K.
• Germany
• France
• Asia-Pacific
• China
• India
• Japan
• South Korea
• Malaysia
• Philippines
• Latin America
• Brazil
• Rest of Latin America
• Middle East & Africa (MEA)
• GCC
• North Africa
• South Africa
• Rest of the Middle East & Africa