Press release
Global Smart Electric Meter Market Size projected to Reach USD 48.6 Billion by 2033 | CAGR of 6.6%.
The global smart electric meter market was valued at USD 27.4 Billion in 2024 and is anticipated to reach USD 48.6 Billion by 2033, growing at a CAGR of 6.6% during the forecast period 2025-2033. The market's growth is driven by increasing investments in smart grid infrastructure, government initiatives for energy efficiency, urbanization, renewable energy integration, and advancements in IoT-enabled technologies for real-time energy management.
Study Assumption Years
• Base Year: 2024
• Historical Years: 2019-2024
• Forecast Period: 2025-2033
Smart Electric Meter Market Key Takeaways
• The global smart electric meter market size reached USD 27.4 Billion in 2024.
• The market is expected to exhibit a CAGR of 6.6% during 2025-2033.
• Asia Pacific dominates the market with a share of over 40.9% in 2024.
• Advanced Metering Infrastructure (AMI) holds about 57.8% of the market share by type.
• Single phase meters lead the market phase segment with 62.3% market share.
• The residential segment accounts for approximately 86.7% of the market by end user.
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Market Growth Factors
The global smart electric meter market is fueled by rapid investments in smart grid infrastructure and increasing government initiatives aimed at improving energy efficiency. Utilities are deploying smart meters to reduce energy loss, enhance operational efficiencies, and facilitate the seamless integration of renewable energy sources. Urbanization trends and the need for precise energy consumption data promoting dynamic pricing models are also vital contributors. According to the United Nations, 68% of the global population is expected to live in urban areas by 2050, which intensifies the demand for smart meters across all user segments.
Regulatory mandates across residential, commercial, and industrial sectors compel the deployment of smart electric meters worldwide. Financial incentives including grants and tax breaks further accelerate market expansion. For instance, India's Revamped Distribution Sector Scheme (RDSS) targets improved operational efficiency and financial sustainability for distribution companies by mandating smart meter rollouts, with goals such as reducing aggregate technical and commercial (AT&C) losses to 12-15% and achieving zero average cost of supply and revenue gap by 2024-25.
Technological advancements also propel market growth, with the incorporation of IoT and machine learning technologies enabling real-time monitoring, predictive maintenance, and data analytics to optimize energy management. Key industry developments include platform deployments optimizing high-frequency smart meter data and wireless communication partnerships expanding the connectivity of meters. These innovations support greater consumer transparency, billing accuracy, and operational cost reduction, driving widespread adoption globally.
Market Segmentation
By Type:
• Advanced Metering Infrastructure (AMI): Dominates with around 57.8% market share in 2024. AMI provides real-time data collection, two-way communication, remote monitoring, and enhances grid reliability by quickly detecting outages.
• Automatic Meter Reading (AMR): Present but without specific share detailed in the source.
By Phase:
• Single Phase: Leads with approximately 62.3% market share in 2024. Commonly installed in residential buildings; simpler operation and maintenance.
• Three Phase: Used mainly in commercial and industrial sites with higher power demands, ensuring balanced power distribution and efficiency.
By End User:
• Residential: Holds about 86.7% of the market share in 2024. Growth driven by demand for real-time energy consumption information and efficiency gains in the automated billing process.
• Commercial and Industrial: Present as market segments but without detailed shares.
Regional Insights
Asia Pacific is the dominant region in the smart electric meter market with over 40.9% market share in 2024. The region benefits from rising investments in smart meter infrastructures, supportive government initiatives such as India's Smart Meter National Program targeting 250 million installations by 2025, and expanding IoT ecosystems. China leads large-scale installations, while India is rapidly expanding deployments. The region's strong industrial sector and urbanization trends further propel market growth.
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Recent Developments & News
• December 2024: Australia's National Electricity Market (NEM) finalized rules for a nationwide smart meter rollout targeting full coverage by 2030 to enhance energy efficiency and grid management.
• December 2024: EQT Active Core Infrastructure fund and GIC agreed to jointly acquire a majority stake in Calisen Group, a leading UK smart metering company.
• May 2024: Oakter introduced Oakmeter, a smart energy meter with real-time data and IoT capabilities.
• March 2024: Maharashtra State Electricity Distribution Company Limited deployed prepaid smart electricity meters in Nagpur under the revamped RDSS.
• January 2024: Adani Energy Solutions Limited merged with Esyasoft Holdings to implement smart metering projects in India and other countries.
Key Players
• ABB Ltd.
• Aclara Technologies LLC (Hubbell Incorporated)
• Genus Power Infrastructures Ltd.
• Holley Technology Ltd.
• Honeywell International Inc.
• Iskraemeco Group
• Itron Inc.
• Jiangsu Linyang Energy Co. Ltd.
• Landis+Gyr
• Microchip Technology Inc.
• Schneider Electric SE
• Wasion Group
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About Us
IMARC Group is a global management consulting firm that helps the world's most ambitious changemakers to create a lasting impact. The company provide a comprehensive suite of market entry and expansion services. IMARC offerings include thorough market assessment, feasibility studies, company incorporation assistance, factory setup support, regulatory approvals and licensing navigation, branding, marketing and sales strategies, competitive landscape and benchmarking analyses, pricing and cost research, and procurement research.
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