Smart Meter Market to Reach US$ 37.2 Billion by 2030 at 9.5% CAGR; North America Holds 30%; Key Players: Landis+Gyr, Itron, Honeywell, Siemens, Kamstrup, Iskraemeco, Elster, ABB, Sensus, Schneider Electric

Market Overview

The global smart meter market reached US$ 22.6 billion in 2022 and is projected to grow to US$ 37.2 billion by 2030, registering a CAGR of 9.5% during 2024-2031. Smart meters are advanced devices that allow consumers to monitor their electricity, gas, or water usage in real time. By providing accurate and instant consumption data, these meters empower users to make informed decisions, reduce energy wastage, and adopt energy-efficient practices.

Get a Free Sample PDF Of This Report (Get Higher Priority for Corporate Email ID):-https://www.datamintelligence.com/download-sample/smart-meter-market?Juli
(Single User Report: USD 4350 & One Year Database Subscription: USD 12K)

Recent Developments:

✅ January 2026 - Europe: A major utility in Germany completed a large‐scale rollout of next‐generation smart electricity and gas meters equipped with advanced communication modules to support real‐time load balancing and dynamic pricing programs.

✅ November 2025 - North America: A leading smart meter manufacturer launched a cloud‐connected smart metering platform with enhanced analytics, enabling utilities to detect outages faster and provide consumers with personalized energy‐saving advice.

✅ September 2025 - Asia‐Pacific: A consortium of power utilities in India partnered with technology vendors to deploy IoT‐enabled smart water and energy meters across multiple cities to improve resource management and reduce losses.

Mergers & Acquisitions:

✅ November 2025 - North America: A major utility technology company acquired a smart metering and grid analytics startup to enhance its portfolio with AI‐driven energy usage forecasting and demand response capabilities, strengthening its position in the utility solutions market.

✅ August 2025 - Europe: A leading smart meter manufacturer completed the acquisition of a communication module provider specializing in secure IoT connectivity, enabling enhanced two‐way communication and interoperability across AMI (Advanced Metering Infrastructure) deployments.

✅ June 2025 - Asia‐Pacific: A global electronics conglomerate acquired a metering hardware and firmware developer to accelerate production of integrated smart electricity and water meters tailored for emerging markets.

Buy Now & Unlock 360° Market Intelligence:-https://www.datamintelligence.com/buy-now-page?report=smart-meter-market?Juli

Key Players:
Landis+Gyr, Itron, Honeywell International, Siemens AG, Kamstrup, Iskraemeco, Elster Group, ABB, Sensus, and Schneider Electric.

Market Segmentation:

By Product: Smart electric meters dominate the market with around 55% share, driven by the widespread deployment in electricity grids for residential, commercial, and industrial users. Smart water meters hold approximately 25%, as utilities focus on efficient water management and leak detection. Smart gas meters account for roughly 20%, supported by regulatory mandates and energy efficiency initiatives in gas distribution networks.

By Technology: Advanced Metering Infrastructure (AMI) leads with around 60% share, offering two-way communication, real-time data collection, and integration with IoT platforms. Automated Meter Reading (AMR) devices account for 40%, providing one-way data collection solutions with lower installation costs, commonly adopted in legacy systems or cost-sensitive regions.

By Communication: Radio frequency (RF) communication dominates with 50%, due to its reliability, scalability, and cost-effectiveness. Cellular communication holds about 30%, preferred for remote or hard-to-reach areas. Power line communication (PLC) / power supply system-based communication represents 20%, used in areas where wireless connectivity is limited.

By Component: Hardware accounts for approximately 65% of the market, including the metering devices, sensors, and transceivers. Software contributes around 35%, including meter data management (MDM), analytics, and utility management platforms.

By End-User: The residential segment holds the largest share at 50%, driven by smart home initiatives and government subsidies. Commercial users account for 30%, adopting smart meters for energy efficiency and cost reduction. Industrial end-users represent about 20%, using smart meters for large-scale monitoring, energy optimization, and regulatory compliance.

Speak to Our Analyst and Get Customization in the report as per your requirements:-https://www.datamintelligence.com/customize/smart-meter-market?Juli
(Single User Report: USD 4350 & One Year Database Subscription: USD 12K)

Regional Insights:

North America holds a significant share of around 30%, driven by the United States and Canada, where government initiatives and utility programs promote advanced metering infrastructure (AMI) deployment. Utilities are investing heavily in smart electric meters to optimize grid management, reduce energy theft, and improve billing accuracy.

Europe accounts for approximately 25% of the market, supported by stringent energy efficiency regulations in countries like Germany, the UK, France, and Italy. Smart meter rollout programs, such as the EU's mandate for electricity smart meters, and the growing adoption of renewable energy integration are key growth drivers.

Asia-Pacific is witnessing the fastest growth, with a regional share of 28%, fueled by rising urbanization, increasing electricity and water demand, and government initiatives in countries like China, India, Japan, and South Korea. Rapid industrialization, smart city projects, and investments in smart grids are driving smart meter adoption, especially for electricity and water metering.

Market Dynamics:

Drivers:
Government Initiatives Boost Adoption:
Governments worldwide are mandating smart meter deployment and funding large-scale programs to modernize grids. For instance, India has initiated national and state-level projects to replace conventional electricity meters with smart meters, aiming to reduce power theft, improve billing efficiency, and enhance grid management. Public awareness campaigns further encourage adoption by educating consumers on the benefits of real-time monitoring and energy efficiency.

Technological Advancements:
Integration of Advanced Metering Infrastructure (AMI) with communication networks, analytics platforms, and IoT devices enhances meter capabilities. For example, NB-IoT smart meters deployed by Bharti Airtel in India ensure real-time connectivity and uninterrupted data transfer even on 2G/4G networks, supporting efficient energy management and analytics.

Collaborations Between Private Companies:
Energy and technology companies are partnering to leverage smart meter data for improved consumer insights and grid optimization. Collaborations, like the one between GridX and Sense with Energy Impact Partners, provide real-time energy usage monitoring, cost management, and better integration with grid operations, driving market growth.

Restraints/Challenges:
Data Management and Interoperability Issues:
Different manufacturers use varying communication protocols, making grid integration complex. Massive data generation requires advanced management systems. Reports have shown that many first-generation smart meters (SMETS 1) were malfunctioning, indicating challenges in maintenance and system standardization.

Cybersecurity and Privacy Concerns:
Smart meters collect detailed consumer energy usage data, raising privacy and security risks. Unauthorized access could lead to hacking, energy theft, or even disruptions to electricity grids. Ensuring robust cybersecurity measures is critical but can slow adoption and increase costs.

Opportunities:
The combination of government support, technological innovation, and private-sector collaboration presents a strong opportunity for growth. Enhancing cybersecurity protocols, improving interoperability, and expanding real-time analytics will further strengthen the market and enable utilities and consumers to optimize energy use efficiently.

📌 Request for 2 Days FREE Trial Access: https://www.datamintelligence.com/reports-subscription

☛ Power your decisions with real-time competitor tracking, strategic forecasts, and global investment insights all in one place.

✅ Competitive Landscape

✅ Sustainability Impact Analysis

✅ KOL / Stakeholder Insights

✅ Unmet Needs & Positioning, Pricing & Market Access Snapshots

✅ Market Volatility & Emerging Risks Analysis

✅ Quarterly Industry Report Updated

✅ Live Market & Pricing Trends

✅ Import-Export Data Monitoring

☛ Have a look at our Subscription Dashboard: https://www.youtube.com/watch?v=x5oEiqEqTWg?Juli

Contact Us -
Company Name: DataM Intelligence
Contact Person: Sai Kiran
Email: Sai.k@datamintelligence.com
Phone: +1 877 441 4866
Website: https://www.datamintelligence.com

About Us -
DataM Intelligence is a Market Research and Consulting firm that provides end-to-end business solutions to organizations from Research to Consulting. We, at DataM Intelligence, leverage our top trademark trends, insights and developments to emancipate swift and astute solutions to clients like you. We encompass a multitude of syndicate reports and customized reports with a robust methodology.

Our research database features countless statistics and in-depth analyses across a wide range of 6300+ reports in 40+ domains creating business solutions for more than 200+ companies across 50+ countries; catering to the key business research needs that influence the growth trajectory of our vast clientele.

This release was published on openPR.