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 size was valued at USD 27.4 Billion in 2024 and is projected to reach USD 48.6 Billion by 2033, growing at a CAGR of 6.6%. The growth is driven by rising investments in smart grid infrastructure, government initiatives on energy efficiency, increasing urbanization, regulatory mandates, 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 grow at a CAGR of 6.6% during 2025-2033.
• The forecast period for the market is from 2025 to 2033.
• Asia Pacific dominates the market with over 40.9% share in 2024.
• The residential segment leads with approximately 86.7% market share by end user in 2024.
• Advanced Metering Infrastructure (AMI) accounts for around 57.8% market share by type in 2024.
• Single phase meters lead the market with around 62.3% share by phase in 2024.
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Market Growth Factors
The global smart electric meter market is expanding rapidly due to increasing investments in smart grid infrastructure and various government initiatives to improve energy efficiency. Utilities are adopting smart meters to enhance operational efficiencies, reduce energy loss, and facilitate seamless integration of renewable energy sources into grids. Rising urbanization and advanced metering technologies are enabling more precise energy consumption data collection, fostering dynamic pricing models and improved energy management. The United Nations projects that 68% of the global population will live in urban areas by 2050, further fueling smart meter demand.
Government regulations mandating smart meter installation in residential, commercial, and industrial sectors are pivotal in driving market growth. For example, India has sanctioned 222 million smart meters as of December 2022 under the National Smart Grid Mission, with supportive financial incentives such as grants and tax breaks accelerating adoption. Initiatives like India's Revamped Distribution Sector Scheme (RDSS) aim to reduce Aggregate Technical and Commercial (AT&C) losses to 12-15% and close the cost of supply and revenue realization gap by 2024-25. Public-private partnerships for smart meter rollouts, and pilot programs in Europe, exemplify increasing regulatory and institutional support worldwide.
Technological innovations such as the integration of machine learning algorithms and IoT in smart meters are significantly enhancing capabilities and reliability. Developments include predictive maintenance, real-time data analytics, and adaptive usage pattern recognition. Wireless communication technologies have made deployment more manageable and cost-effective, as seen in the partnership between Bharti Airtel and IntelliSmart Infrastructure in India to connect 20 million smart meters via IoT. Additionally, comprehensive energy management platforms like Vector Technology Solutions' Diverge optimize data from smart meters, supporting renewable energy management and expanding market potential.
Market Segmentation
Analysis by Type:
• Advanced Metering Infrastructure (AMI): Holds approximately 57.8% market share in 2024, offering real-time data collection, reducing billing errors, enabling two-way communication for remote monitoring, and improving grid reliability by faster outage detection.
• Automatic Meter Reading (AMR): Included as a type but with no specific data on market share or description found in the source.
Analysis by Phase:
• Single Phase: Leads with about 62.3% market share in 2024, mainly installed in residential buildings; simpler operation and maintenance.
• Three Phase: Used predominantly in commercial and industrial sites due to higher power demands, enabling efficient and balanced power distribution.
Analysis by End User:
• Residential: Dominates with approximately 86.7% market share in 2024 due to demand for real-time electricity usage information and efficient automated billing.
• Commercial: Mentioned as a segment but no specific data provided.
• Industrial: Mentioned as a segment but no specific data provided.
Regional Insights
Asia Pacific commands the largest market share of over 40.9% in 2024, driven by significant investments in smart grid infrastructure, government initiatives toward energy efficiency, rising urbanization, and advancements in IoT-enabled technologies. Countries like China, India, Japan, and Australia lead installations through national programs and partnerships. The region benefits from a robust IoT ecosystem and growing industrial demand, supporting continued growth through 2033.
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Recent Developments & News
• December 2024: Australia's National Electricity Market finalized rules for a nationwide smart meter rollout aiming at full installation in households and small businesses by 2030 to boost energy efficiency and grid management.
• December 2024: EQT Active Core Infrastructure fund and GIC jointly agreed to purchase a majority stake in Calisen Group, a major UK independent smart metering firm.
• May 2024: Oakter launched Oakmeter, a smart energy meter with real-time data and IoT functionality.
• March 2024: Maharashtra State Electricity Distribution Company deployed prepaid smart meters in Nagpur under the RDSS.
• January 2024: Adani Energy Solutions Limited merged with Esyasoft Holdings to form a joint venture for 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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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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