Global Smart Electric Meter Market 2025–2034

Reports Description

Efficient cost-savings delivered by the Smart Electric Meters boost the market’s growth.

According to Custom Market Insights (CMI), The Global Smart Electric Meter Market size was estimated at USD 25 Billion in 2021 and is expected to reach USD 28.35 billion in 2022 and is expected to hit around USD 55.2 Billion by 2030, poised to grow at a compound annual growth rate (CAGR) of 10.75% from 2022 to 2030. 

The report examines the Smart Electric Meter market’s drivers and restraints and their impact analysis. Also, the report mentions global opportunities prevailing in the Smart Electric Meter market.

Smart Electric Meter Market: Overview

Electric firms no longer need to manually collect readings since smart electricity meters transmit real-time power usage information of a consumer’s energy consumption every hour or less to electricity suppliers. As a result, customers who use smart electricity meters have greater control over their electricity consumption and the capacity to obtain accurate real-time data on their energy usage. Additionally, intelligent electricity meters allow customers to select the ideal tariff plan based on their energy usage. Global Smart Electric Meters offer benefits, including managed energy use, strong security against electricity theft, and controlled energy use. For implementing intelligent electric meters, numerous government mandates and investment incentives have been passed in various nations worldwide.

Smart Electric Meter Market: COVID–19 Impact Analysis

The COVID-19 outbreak has disrupted financial and commodity markets all over the world. With over one-third of the world’s population staying indoors during the lockdown, the energy sector was also severely impacted, and demand fell precipitously. Planning for a clean and resilient recovery is necessary while the world simultaneously manages the complexity of climate change and the ongoing pandemic. Energy and utility (E&U) firms and customers have access to exciting new options due to smart metering, which is also expected to contribute significantly to the expansion of the low-carbon energy industry. 

The manufacturing of smart meters has been put on hold owing to the pandemic, and because of lockdowns, all shipments are blocked, delaying the installation of smart energy meters. Due to the increased urbanization of these developing nations, there is a significant increase in the demand for intelligent and economic grids. The epidemic brought self-control, a sense of self-care, and social withdrawal, which created an opportunity for the market for smart electric meters. Because smart electric meters don’t need manual access to read the reading, there is a vast market opportunity for them.

Smart Electric Meter Market: Growth Drivers

Efficient cost-saving

End users can adjust their usage following the electricity tariff rates by using intelligent electric meters to help them monitor their data on electricity consumption. Smart electric meters are clever devices that monitor electrical consumption and remotely connect and disconnect meters, detecting faults, reporting, and analyzing the daily electricity consumption in units. Monitoring voltage and power quality, as well as gathering and storing real-time data in the central system, are other functions that smart meters can help with. As a result, clients may check their energy usage statistics whenever they want and take the necessary actions to reduce their energy expenditures. These enable a decrease in power use during peak hours as consumers may monitor, compute, and analyze their usage to lower energy use during peak hours and effectively manage energy expenditures. Governments and end users have been drawn to the many advantages that intelligent electric meters offer over conventional meters, which has accelerated the deployment of these meters over time.

Rising demand for smart grids

In many underdeveloped nations, a smart grid is just beginning to be implemented. The purpose of this smart grid deployment is to measure the electricity demand. It is anticipated that the necessary sophisticated infrastructure, including innovative electric meters, will be developed.

Smart Electric Meter Market: Segmentation Analysis

The Smart Electric Meter market is segmented into technology and phase in our research scope. Due to its wide range of applications across different residential, industrial, utility, and commercial structures, three-phase intelligent meters are expected to increase at a high CAGR through 2030. These devices are widely used in various business settings, such as healthcare, hospitality, education, and logistics. Industrial growth would be favorably influenced by ongoing investments in the expansion of energy-intensive industries and attractive government incentives & schemes for grid infrastructure enhancement. These devices also provide excellent connectivity and high-security features like tamper detection.

Report Scope

Key Insights: 

• As per the analysis shared by our research analyst, the Smart Electric Meter market is estimated to grow annually at a CAGR of around 10.75% over the forecast period (2025-2034).
• In terms of revenue, the Smart Electric Meter market size was valued at around USD 25 billion in 2021 and is projected to reach USD 55.2 billion by 2030. Due to a variety of driving factors, the market is predicted to rise at a significant rate.
• The Smart Electric Meter market research offers a comprehensive analysis of the present market and projections through 2020–2030 to help find possibilities to profit from the existing market.
• The study includes data on the significant market drivers, challenges, and opportunities and their effects.
• The study elaborates on the SWOT analysis and Porter’s Five Forces model.
• The market study’s value chain analysis gives a comprehensive picture of the stakeholder’s responsibilities.

 Recent Development

• 2020: Revelo electric meters were introduced by Landis+Gyr. Advanced grid sensing technology is used by these meters.
• 2020: The 4G LTE intelligent metering solution from Itron was released. 4G LTE technology offers extensive geographic coverage, low latency, and long-lasting networks.

Regional Landscape

Due primarily to China and other emerging nations like India, the Asia-Pacific region currently holds a dominant position in the global smart electric meter market. As a result of these nations’ high population densities and growing interest in renewable energy sources, the Asia-Pacific region is expected to expand significantly throughout the forecast period. In addition, due to efforts by nations like Canada and the US to transition to electronic billing systems and offer some tax relief on electricity bills, the North American region is also expected to experience significant growth.

Competitive Landscape

Itron is one of the top manufacturers of standard meters, digital meters, smart meters, data-gathering systems, and utility software. Its intelligent metering systems utilize automated meter reading (AMR) technologies and advanced metering infrastructure (AMI) technologies to monitor electricity, water, and gas usage. The company offers its solutions through its three business segments—electricity, gas, and water. Contracts & agreements and introducing new products are the company’s two main strategies.

Prominent Players:

• Landis+Gyr (Toshiba Corporation)
• Schneider Electric
• Wasion Group Holdings
• Honeywell International Inc.
• Itron Inc.
• Siemens
• Iskraemeco
• Jiangsu Linyang Energy Co. Ltd
• Microchip Technology
• Aclara

The global Smart Electric Meter market is segmented as follows:

By Technology

• AMI
  • RF
  • PLC
  • Cellular
• AMR

By Phase

• Single Phase
• Three Phase

By End-Users

• Industrial
• Commercial
• Residential

On the basis of Geography

North America

• U.S.
• Canada
• Mexico
• Rest of North America

Europe

• Germany
• France
• U.K.
• Italy
• Spain
• Rest of Europe

Asia Pacific

• China
• Japan
• India
• New Zealand
• Australia
• South Korea
• Rest of Asia Pacific

The Middle East & Africa

• Saudi Arabia
• UAE
• Egypt
• Kuwait
• South Africa
• Rest of the Middle East & Africa

Latin America

• Brazil
• Argentina
• Rest of Latin America