Smart Meter Market Size, Growth Forecast 2025–2034

The global smart meter market size was reached at around USD 27.75 billion in 2024 and it is projected to hit around USD 71.98 billion by 2034, growing at a CAGR of 10% from 2025 to 2034

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Smart Meter Market Overview

The smart meter market is experiencing strong momentum due to the global shift toward digital energy infrastructure and increasing demand for real-time energy monitoring. Smart meters are advanced devices that record energy consumption in real time and communicate the data to utilities for efficient energy management. These meters are a critical component in building smart grids and facilitating energy conservation, operational efficiency, and consumer awareness.

Smart Meter Market Growth

In 2024, the global smart meter market reached approximately USD 27.75 billion. This growth has been fueled by increasing government initiatives promoting smart grid deployment, as well as rising consumer awareness regarding energy consumption. The integration of IoT and AI technologies in smart metering systems has further enhanced their capabilities, enabling predictive analytics and automated billing systems.

Between 2025 and 2034, the market is expected to grow significantly, reaching USD 71.98 billion at a CAGR of 10%. This expansion will be supported by emerging economies investing in utility infrastructure modernization, stricter energy efficiency regulations, and the growing need for accurate and transparent utility billing. Moreover, the proliferation of electric vehicles and renewable energy installations will necessitate smarter energy management tools, boosting demand for smart meters.

Smart Meter Market Dynamics

Drivers

• Government mandates and regulatory support for smart grid implementation
• Growing need for energy efficiency and accurate billing
• Technological advancements in wireless communication and data analytics

Opportunities

• Expanding infrastructure in emerging markets
• Integration with renewable energy management and smart home systems
• Rise in electric vehicle charging infrastructure

Challenges

• High initial installation and maintenance costs
• Data privacy and cybersecurity concerns
• Interoperability issues across different smart meter systems

Smart Meters Industry News – 2024 Update

Mitsubishi Electric Expands Internationally with Smart Meter System in Taiwan
In June 2024, Mitsubishi Electric announced a strategic collaboration with system integrator Glory Technology Service Inc. and Taiwan’s leading telecom provider, Chunghwa Telecom Co., Ltd., to deliver a headend system to Taiwan Power Company (Taipower). This system will function as the central platform for managing and monitoring smart meters across the network. Marking Mitsubishi Electric’s first deployment of such a system outside Japan, this move highlights the company’s broader push for international expansion. The system has already commenced partial operations, representing a significant milestone in their global smart energy ambitions.

Adani Energy Pursues Major Investment for Smart Meter Rollout in India
In March 2024, Adani Energy announced plans to secure a USD 600 million loan to finance its large-scale smart meter project in India. This ambitious initiative aims to modernize the nation’s power infrastructure by integrating advanced metering technology capable of real-time energy usage tracking and grid management. The project aligns with the Indian government’s broader objective of digitalizing and enhancing the efficiency of the national energy grid.

Smart Meter Market Trends

• Rising integration of smart meters with IoT platforms and cloud-based analytics.
• Increasing rollout of smart electricity, gas, and water meters in residential and commercial sectors.
• Growth in demand for prepaid metering systems and dynamic pricing models.
• Expansion of AMI (Advanced Metering Infrastructure) to support real-time communication and automation.

Read More:https://www.heathcareinsights.com/composite-railing-and-decking-market/

Top Companies in Smart Meter Market

• Itron Inc.
• Siemens AG
• Landis+Gyr Group AG
• Honeywell International Inc.
• Schneider Electric SE
• Sensus (a Xylem brand)
• Aclara Technologies LLC
• EDMI Limited
• Kamstrup A/S
• Badger Meter, Inc.
• Hexing Electrical Co., Ltd.
• Holley Technology Ltd.
• Wasion Group Holdings Limited
• Elster Group (now part of Honeywell)
• Iskraemeco

Smart Meter Market Segments

• By Type: Smart Electricity Meters, Smart Water Meters, Smart Gas Meters
• By Technology: AMI (Advanced Metering Infrastructure), AMR (Automatic Meter Reading)
• By Phase: Single Phase, Three Phase
• By End User: Residential, Commercial, Industrial
• By Region: North America, Europe, Asia Pacific, Latin America, Middle East & Africa

Future Outlook

The smart meter market is poised for robust growth over the next decade, driven by digital transformation in utilities and increasing environmental consciousness. Innovations in data analytics, real-time monitoring, and secure communication will further strengthen the role of smart meters in achieving energy efficiency goals and building resilient, sustainable energy networks.