Smart Meters Market Research Report Information By Type (Electric Meters, Gas Meters and Water Meters), By Technology (Automatic Meter Reading (AMR) and Advanced Metering Infrastructure (AMI)), By Component (Hardware [Power System, Microcontroller, Communication Interface], Software [Customer Information System (CIS), Meter Data Management System (MDMS), Metering and Billing Software]), By Communication (Radiofrequency, Power Line Communication, Cellular), By Application (Residential, Commercial and Industrial) and By Region –Market Forecas

Global Smart Meters Market Overview:

Smart Meters Market Size was valued at USD 20.1 Billion in 2022. The Smart Meters market industry is projected to grow from USD 21.74 Billion in 2023 to USD 40.85 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 8.20% during the forecast period (2024 - 2032). Supportive Government initiatives and Growing Investment in Smart Grid Projects are the key market drivers enhancing the market growth.

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Smart Meters Market Trends

• 
  

  Increasing demand for energy is driving the market growth

  
  

Market CAGR for smart meters is being driven by the rising demand of energy among people. The smart electric meter, which detects consumer energy consumption, is crucial in the industrial, residential, manufacturing, and commercial sectors. With the help of smart meters, the electric power sector is advancing its shift to cleaner energy sources. Electric firms will be able to improve the electricity grid's functionality and resilience as well as help obtain better visibility into system operations, preventing outages.

Additionally, the smart electric meter is anticipated to be driven by the strategic relationship that leading market vendors have formed with communication technology providers to enhance their offerings and position. TATA Power DDL and Siemens have improved the energy distribution network in their service area by utilizing technology. Digital technology have boosted their operational effectiveness and productivity and helped them to provide a more dependable and efficient power supply for their clients. They can now monitor important energy distribution processes in real-time. Both emerging and developed nations have embraced smart metres extensively for use in commercial, residential, and industrial settings. In the future years, 148 million smart meters are anticipated to be deployed throughout the world.

Market expansion potential for smart electricity meters is anticipated to result from increased investor interest in the digitalization of electrical systems and initiatives to upgrade grid infrastructure. The market can expand due to an increase in electricity demand from the business and residential sectors. The market for smart meters is constrained by the expensive initial installment fee that consumers must pay, data privacy concerns, and the large capital expenditure required by utilities to install smart meters in place of regular meters. However, during the course of the forecast period, autonomous meter reading with real-time use monitoring and bill production are anticipated to drive market expansion. Smart meter rollouts in developing nations are anticipated to present attractive prospects for market players over the forecast period.

For instance, Japan is making significant investments in the installation of smart electric meters in order to maintain reasonable energy rates. Additionally, it is concentrating on resolving the energy supply safety vulnerabilities that the Fukushima Daiichi disaster's environmental catastrophe and widespread blackouts exposed. Thus, lead to drive the Smart Meters market revenue.

Smart Meters Market Segment Insights:

Smart Meters Type Insights

The Smart Meters market segmentation, based on type includes Electric Meters, Gas Meters and Water Meters. One of the essential demands of the modern world is electricity, and major nations have set goals to install 100% smart meters nationwide. Due to the expanding population and urbanization, which will further increase the demand for electricity worldwide, thus the electric meters smart meter sector has dominated the market in recent years. This trend is expected to continue during the projection period.

Smart Meters Technology Insights

The Smart Meters market segmentation, based on Technology, Automatic Meter Reading (AMR) and Advanced Metering Infrastructure (AMI). The advanced metering infrastructure (AMI) category held the market. Advanced metering infrastructure and automatic meter reading are distinguished by their two-way communication capabilities. With utilities favoring their installation, this will undoubtedly be significant in the years to come. Accuracy, cost savings, and communication simplicity in the event of a malfunction are further operational benefits.

Figure1: Smart Meters Market, by Technology, 2024 & 2032 (USD Billion)

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Smart Meters Application Insights

The Smart Meters market segmentation, based on application, residential, commercial and industrial. Residential category account for the majority of the market for smart meters because they use the most water and electricity. Governments are also taking a number of measures to distribute liquefied petroleum gas (LPG) to homes via pipelines, which will promote the expansion of the residential market. Urbanization, which has fueled market expansion in the commercial and industrial sectors as well, is another driver driving residential sector growth. The development of new small-scale industries and the building of commercial buildings have fueled installations.

Smart Meters Regional Insights

By region, the study provides the market insights into North America, Europe, Asia-Pacific and Rest of the World. The Asia-Pacific Smart Meters market area will dominate this market, owing to an increase in the number of people in need for energy supply at all levels. In addition, the growing number of establishing more factories or work places in industrial sector will boost market growth in this region.

Further, the major countries studied in the market report are The US, Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.

Figure2: Smart Meters Market Share By Region 2022 (Usd Billion)

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Europe Smart Meters market accounts for the second-largest market share due to the increasing adoption of renewable source of energy. Further, the German Smart Meters market held the largest market share, and the UK Smart Meters market was the fastest growing market in the European region

The North American Smart Meters Market is expected to grow at the fastest CAGR from 2023 to 2032. This is due to increasing replacement of the existing electric meters along with the roll-outs of the new smart meters planned in huge number. Moreover, China’s Smart Meters Market held the largest market share, and the Indian Smart Meters market was the fastest-growing market in the North American region.

Smart Meters Key Market Players & Competitive Insights

Leading market players are investing heavily in research and development in order to expand their product lines, which will help the Smart Meters market, grow even more. Market participants are also undertaking a variety of strategic activities to expand their footprint, with important market developments including new product launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. To expand and survive in a more competitive and rising market climate, Smart Meters industry must offer cost-effective items.

Manufacturing locally to minimize operational costs is one of the key business tactics used by manufacturers in the Smart Meters industry to benefit clients and increase the market sector. In recent years, the Smart Meters industry has offered some of the most significant advantages to manage power consistency. Major players in the Smart Meters market, including Siemens AG. (Germany), Schneider Electric (France), Landis+Gyr (Switzerland), Aclara Technologies LLC (U.S.), Xylem Inc. (US), Badger Meter Inc. (US), Itron Inc. (US).

Itron Inc. is a provider of technology and services. It provides tools for monitoring, controlling, and analyzing energy, gas, and water use. Metering systems, conventional meters, and next-generation smart metering goods and services are among the company's solutions. Itron also offers consultancy services, software-as-a-service, managed services, technical support, licensing of hardware technology, and meter data management and analytics software for the residential, commercial, and industrial markets. Itron offers both direct sales of its goods and services as well as indirect sales through a network of partners, sales agents, and distributors. It provides services to utilities in North America, Europe, the Middle East, Africa, Latin America, and the Asia-Pacific area for electricity, gas, and water. The US city of Liberty Lake is where Itron is based. In June 2021, Itron Inc.'s ISAIM 2.0 interface software for Itron Enterprise Edition's (IEE) Meter Data Management System (MDMS) has received SAP certification. Utilities benefit from the integration by having cheaper project implementation costs and a lower total cost of ownership.

Kamstrup A/S creates solutions for energy metering systems. The company makes meters for water, electricity, heating, and cooling. Volume converters, remote reading, inspection systems and gas pressure regulators are further products made by Kamstrup. In August 2021, Kamstrup's new electricity meter enhances its smart metering system. By adding a meter platform that is just based on cellular IoT to go along with the current OMNIPOWER RF mesh-based meter platform, the company expands its portfolio with the release of the new OMNIA e-meter.

Key Companies in the Smart Meters market include

• Siemens AG. (Germany)


• Schneider Electric (France)


• Landis+Gyr (Switzerland)


• Aclara Technologies LLC (U.S.)


• Xylem Inc. (US)


• Badger Meter Inc. (US)


• Itron Inc. (US)


• Honeywell International Inc. (US)


• EDMI (Singapore)


• DIEHL Metering (Germany)


• Apator Group (Poland)


• Kamstrup A/S (Denmark)


• Zenner (Germany)

Smart Meters Industry Developments

November 2022: Itron, Inc. has collaborated with a range of technological pioneers, consultants, service providers, and channel partners to help utilities and cities achieve their goals of connecting with customers and accelerating the modernization of energy, water, and smart solutions available in international markets.

September 2022: EDMI has developed its brand MIRA which are communications agnostic, offering end-to-end visibility and control based on industry standard protocols like as DLMS, IDIS, and LWM2M over a wide range of bearer services including 4G, NB-IoT, RF Mesh.

November 2022: Landis+Gyr has expanded its portfolio in Smart Metering, Grid Edge Intelligence and Smart Infrastructure fields and will be exhibiting the latest hardware and software solutions for electricity, heat, gas, and water metering.

Smart Meters Market Segmentation

Smart Meters Type Outlook

• Electric Meters


• Gas Meters


• Water Meters

Smart Meters Technology Outlook

• Automatic Meter Reading (AMR)


• Advanced Metering Infrastructure(AMI)

Smart Meters Application Outlook

• Residential


• Commercial


• Industrial

Smart Meters Regional Outlook

• 
  North America
  
  
  
  • US
  
  
  • Canada
  
  
  
  


• 
  Europe
  
  
  
  • Germany
  
  
  • France
  
  
  • UK
  
  
  • Italy
  
  
  • Spain
  
  
  • Rest of Europe
  
  
  
  


• 
  Asia-Pacific
  
  
  
  • China
  
  
  • Japan
  
  
  • India
  
  
  • Australia
  
  
  • South Korea
  
  
  • Australia
  
  
  • Rest of Asia-Pacific
  
  
  
  


• 
  Rest of the World
  
  
  
  • Middle East
  
  
  • Africa
  
  
  • Latin America