Table of Content

1 INTRODUCTION 12
1.1 MARKET DEFINITION 12
1.2 STAKEHOLDERS 12
2 EXECUTIVE SUMMARY 13
3 MARKET OVERVIEW 18
3.1 INTRODUCTION 18
3.2 MARKET DYNAMICS 18
3.2.1 DRIVERS 19
3.2.1.1 Government focus on modernizing grid infrastructure 19
3.2.1.2 Greater emphasis on cutting energy bills by monitoring real-time consumption 21
3.2.1.3 Dynamic electricity pricing 21
3.2.1.4 High adoption of preventive measures against grid blackouts
and utility system failures 21
3.2.1.5 Increased need to monitor energy consumption to achieve
carbon neutrality 22
3.2.2 RESTRAINTS 22
3.2.2.1 High setup and operational costs, coupled with interoperability issues 22
3.2.2.2 Concerns related to consumer acceptance and ROI delays 23
3.2.3 OPPORTUNITIES 23
3.2.3.1 Pressing need to reduce non-revenue water losses 23
3.2.3.2 Focus of governments worldwide on reducing aggregate
technical and commercial losses in power grids 24
3.2.3.3 Integration of AI and ML technologies into smart meters 25
3.2.3.4 Rising adoption of electric and hybrid vehicles 25
3.2.3.5 Increasing focus of developing countries on improving
water distribution networks 26
3.2.4 CHALLENGES 27
3.2.4.1 Requirement for highly skilled professionals, coupled with data privacy and security concerns 27
3.2.4.2 Complexities in building reliable connections between smart meters and smart grid devices 28
3.3 TRENDS/DISRUPTIONS IMPACTING CUSTOMER BUSINESS 28
3.4 VALUE CHAIN ANALYSIS 29
3.5 ECOSYSTEM ANALYSIS 31
3.6 TECHNOLOGY ANALYSIS 32
3.6.1 KEY TECHNOLOGIES 32
3.6.1.1 Advanced metering infrastructure (AMI) 32
3.6.1.2 Virtual time of use (VTOU) 33
3.6.2 COMPLEMENTARY TECHNOLOGIES 33
3.6.2.1 Home energy management systems (HEMS) 33
3.6.3 ADJACENT TECHNOLOGIES 33
3.6.3.1 Smart grid 33
3.6.3.2 Cybersecurity solutions for smart meters 33
3.7 PATENT ANALYSIS 33
3.8 KEY CONFERENCES AND EVENTS, 2025 35
3.9 PORTER’S FIVE FORCES ANALYSIS 36
3.9.1 THREAT OF SUBSTITUTES 37
3.9.2 BARGAINING POWER OF SUPPLIERS 38
3.9.3 BARGAINING POWER OF BUYERS 38
3.9.4 THREAT OF NEW ENTRANTS 38
3.9.5 INTENSITY OF COMPETITIVE RIVALRY 38
3.10 IMPACT OF GEN AI/AI ON SMART METER MARKET 39
3.10.1 ADOPTION OF GEN AI/AI FOR SMART METER APPLICATIONS 39
3.10.2 IMPACT OF GEN AI/AI ON SMART METER SUPPLY CHAIN, BY REGION 39
4 COMPETITIVE LANDSCAPE 41
4.1 OVERVIEW 41
4.2 KEY PLAYER STRATEGIES/RIGHT TO WIN, 2020–2025 41
4.3 MARKET SHARE ANALYSIS, 2023 43
4.4 REVENUE ANALYSIS, 2019–2023 45
4.5 COMPANY VALUATION AND FINANCIAL METRICS, 2025 46
4.6 PRODUCT COMPARISON 47
4.7 COMPANY EVALUATION MATRIX: KEY PLAYERS, 2023 47
4.7.1 STARS 47
4.7.2 EMERGING LEADERS 47
4.7.3 PERVASIVE PLAYERS 48
4.7.4 PARTICIPANTS 48
4.7.5 COMPANY FOOTPRINT: KEY PLAYERS, 2023 49
4.7.5.1 Company footprint 49
4.7.5.2 Region footprint 51
4.7.5.3 Type footprint 52
4.7.5.4 Technology footprint 53
4.7.5.5 Component footprint 54
4.7.5.6 End user footprint 55
4.8 COMPANY EVALUATION MATRIX: STARTUPS/SMES, 2023 56
4.8.1 PROGRESSIVE COMPANIES 56
4.8.2 RESPONSIVE COMPANIES 56
4.8.3 DYNAMIC COMPANIES 56
4.8.4 STARTING BLOCKS 56
4.8.5 COMPETITIVE BENCHMARKING: STARTUPS/SMES, 2023 58
4.8.5.1 Detailed list of key startups/SMEs 58
4.8.5.2 Competitive benchmarking of key startups/SMEs 58
4.9 COMPETITIVE SCENARIO 59
4.9.1 PRODUCT LAUNCHES 59
4.9.2 DEALS 60
4.9.3 EXPANSIONS 61
4.9.4 OTHER DEVELOPMENTS 61
5 COMPANY PROFILES 63
5.1 KEY PLAYERS 63
5.1.1 LANDIS+GYR 63
5.1.1.1 Business overview 63
5.1.1.2 Products/Services/Solutions offered 64
5.1.1.3 Recent developments 66
5.1.1.3.1 Product launches 66
5.1.1.3.2 Deals 66
5.1.1.3.3 Other developments 67
5.1.1.4 MnM view 69
5.1.1.4.1 Key strengths/Right to win 69
5.1.1.4.2 Strategic choices 69
5.1.1.4.3 Weaknesses/Competitive threats 69
5.1.2 ITRON INC. 70
5.1.2.1 Business overview 70
5.1.2.2 Products/Services/Solutions offered 71
5.1.2.3 Recent developments 75
5.1.2.3.1 Product launches 75
5.1.2.3.2 Deals 76
5.1.2.3.3 Other developments 77
5.1.2.4 MnM view 78
5.1.2.4.1 Key strengths/Right to win 78
5.1.2.4.2 Strategic choices 78
5.1.2.4.3 Weaknesses/Competitive threats 78
5.1.3 SIEMENS 79
5.1.3.1 Business overview 79
5.1.3.2 Products/Services/Solutions offered 80
5.1.3.3 Recent developments 83
5.1.3.3.1 Deals 83
5.1.3.4 MnM view 84
5.1.3.4.1 Key strengths/Right to win 84
5.1.3.4.2 Strategic choices 84
5.1.3.4.3 Weaknesses/Competitive threats 84
5.1.4 OSAKI ELECTRIC CO., LTD. (EDMI) 85
5.1.4.1 Business overview 85
5.1.4.2 Products/Services/Solutions offered 85
5.1.4.3 Recent developments 91
5.1.4.3.1 Product launches 91
5.1.4.3.2 Other developments 91
5.1.4.4 MnM view 92
5.1.4.4.1 Key strengths/Right to win 92
5.1.4.4.2 Strategic choices 92
5.1.4.4.3 Weaknesses/Competitive threats 92
5.1.5 SAGEMCOM 93
5.1.5.1 Business overview 93
5.1.5.2 Products/Services/Solutions offered 93
5.1.5.3 Recent developments 96
5.1.5.3.1 Product launches 96
5.1.5.3.2 Deals 96
5.1.5.3.3 Other developments 97
5.1.5.4 MnM view 97
5.1.5.4.1 Key strengths/Right to win 97
5.1.5.4.2 Strategic choices 97
5.1.5.4.3 Weaknesses/Competitive threats 97
5.1.6 SCHNEIDER ELECTRIC 98
5.1.6.1 Business overview 98
5.1.6.2 Products/Services/Solutions offered 99
5.1.6.3 Recent developments 100
5.1.6.3.1 Deals 100
5.1.6.3.2 Other developments 101
5.1.6.4 MnM view 102
5.1.6.4.1 Key strengths/Right to win 102
5.1.6.4.2 Strategic choices 102
5.1.6.4.3 Weaknesses/Competitive threats 102
5.1.7 WASION GROUP 103
5.1.7.1 Business overview 103
5.1.7.2 Products/Services/Solutions offered 104
5.1.7.3 Recent developments 105
5.1.7.3.1 Deals 105
5.1.7.4 MnM view 106
5.1.7.4.1 Key strengths/Right to win 106
5.1.7.4.2 Strategic choices 106
5.1.7.4.3 Weaknesses/Competitive threats 106
?
5.1.8 BADGER METER, INC. 107
5.1.8.1 Business overview 107
5.1.8.2 Products/Services/Solutions offered 108
5.1.8.3 Recent developments 112
5.1.8.3.1 Product launches 112
5.1.8.3.2 Deals 112
5.1.9 SENSUS (XYLEM) 114
5.1.9.1 Business overview 114
5.1.9.2 Products/Services/Solutions offered 115
5.1.9.3 Recent developments 122
5.1.9.3.1 Product launches 122
5.1.9.3.2 Deals 122
5.1.9.3.3 Other developments 123
5.1.10 HONEYWELL INTERNATIONAL INC. 124
5.1.10.1 Business overview 124
5.1.10.2 Products/Services/Solutions offered 125
5.1.10.3 Recent developments 126
5.1.10.3.1 Product launches 126
5.1.11 LARSEN & TOUBRO LIMITED 127
5.1.11.1 Business overview 127
5.1.11.2 Products/Services/Solutions offered 128
5.1.12 KAMSTRUP A/S 130
5.1.12.1 Business overview 130
5.1.12.2 Products/Services/Solutions offered 130
5.1.12.3 Recent developments 132
5.1.12.3.1 Product launches 132
5.1.12.3.2 Deals 133
5.1.12.3.3 Expansions 133
5.1.12.3.4 Other developments 134
5.1.13 GENUS 135
5.1.13.1 Business overview 135
5.1.13.2 Products/Services/Solutions offered 136
5.1.13.3 Recent developments 137
5.1.13.3.1 Product launches 137
5.1.13.3.2 Deals 137
5.1.13.3.3 Other developments 137
5.1.14 MINSAIT 138
5.1.14.1 Business overview 138
5.1.14.2 Products/Services/Solutions offered 138
5.1.14.3 Recent developments 139
5.1.14.3.1 Deals 139
?
5.1.15 ACLARA 140
5.1.15.1 Business overview 140
5.1.15.2 Products/Services/Solutions offered 140
5.1.15.3 Recent developments 141
5.1.15.3.1 Product launches 141
5.1.15.3.2 Deals 141
5.1.15.3.3 Other developments 142
5.2 OTHER PLAYERS 143
5.2.1 JIANGSU LINYANG ELECTRONICS 143
5.2.2 HEXING ELECTRICAL CO. LTD. 144
5.2.3 NETWORKED ENERGY SERVICES 145
5.2.4 PIETRO FIORENTINI S.P.A. 146
5.2.5 SECURE METERS LTD. 147
5.2.6 WEGOT UTILITY SOLUTIONS PVT LTD. 148
5.2.7 AXIOMA METERING 148
5.2.8 DRIZZLEX, INC. 149
5.2.9 CONSERVATION LABS, INC. 149
5.2.10 BOVE TECHNOLOGY 150
6 APPENDIX 151
6.1 RESEARCH METHODOLOGY 151
6.1.1 RESEARCH DATA 151
6.1.1.1 Secondary data 152
6.1.1.2 Primary data 153
6.1.2 RESEARCH ASSUMPTIONS 154
6.1.3 RISK ANALYSIS 154
6.2 COMPANY EVALUATION MATRIX: METHODOLOGY 154
6.3 AUTHOR DETAILS 157



List of Figures

FIGURE 1 ADVANCED METERING INFRASTRUCTURE (AMI) SEGMENT TO
HOLD LARGER SHARE OF SMART METER MARKET IN 2024 14
FIGURE 2 ELECTRIC SEGMENT TO DOMINATE SMART METER MARKET
DURING FORECAST PERIOD 15
FIGURE 3 CELLULAR SEGMENT TO EXHIBIT HIGHEST CAGR IN
SMART METER MARKET FROM 2024 TO 2030 15
FIGURE 4 HARDWARE SEGMENT TO HOLD LARGER MARKET SHARE IN 2030 16
FIGURE 5 RESIDENTIAL SEGMENT TO CAPTURE LARGEST SHARE OF
SMART METER MARKET IN 2024 16
FIGURE 6 ASIA PACIFIC ACCOUNTED FOR LARGEST SHARE OF
SMART METER MARKET IN 2023 17
FIGURE 7 SMART METER MARKET: DRIVERS, RESTRAINTS OPPORTUNITIES, AND CHALLENGES 18
FIGURE 8 GLOBAL INVESTMENT IN DIGITAL INFRASTRUCTURE OF
TRANSMISSION AND DISTRIBUTION ELECTRICITY GRIDS, 2015–2022 20
FIGURE 9 RISING SHARE OF DIGITAL GRID INFRASTRUCTURE IN
GLOBAL GRID INVESTMENT, 2015–2022 20
FIGURE 10 GLOBAL ELECTRIC VEHICLE STOCKS, 2018–2023 (MILLION UNITS) 26
FIGURE 11 TRENDS/DISRUPTIONS INFLUENCING CUSTOMER BUSINESS 29
FIGURE 12 VALUE CHAIN ANALYSIS 29
FIGURE 13 STAKEHOLDERS IN SMART METER ECOSYSTEM 32
FIGURE 14 PATENTS APPLIED AND GRANTED, 2015–2024 34
FIGURE 15 PORTER’S FIVE FORCES ANALYSIS 37
FIGURE 16 IMPACT OF GEN AI/AI ON SMART METER SUPPLY CHAIN, BY REGION 40
FIGURE 17 MARKET SHARE ANALYSIS OF COMPANIES OFFERING SMART METERS, 2023 44
FIGURE 18 SMART METER MARKET: REVENUE ANALYSIS OF FIVE KEY PLAYERS, 2019–2023 45
FIGURE 19 COMPANY VALUATION, 2025 46
FIGURE 20 FINANCIAL METRICS (EV/EBITDA), 2025 46
FIGURE 21 PRODUCT COMPARISON 47
FIGURE 22 SMART METER MARKET: COMPANY EVALUATION MATRIX (KEY PLAYERS), 2023 48
FIGURE 23 SMART METER MARKET: MARKET FOOTPRINT 49
FIGURE 24 SMART METER MARKET: COMPANY FOOTPRINT 50
FIGURE 25 SMART METER MARKET: COMPANY EVALUATION MATRIX (STARTUPS/SMES), 2023 57
FIGURE 26 LANDIS+GYR: COMPANY SNAPSHOT 64
FIGURE 27 ITRON INC.: COMPANY SNAPSHOT 71
FIGURE 28 SIEMENS: COMPANY SNAPSHOT 80
FIGURE 29 SCHNEIDER ELECTRIC: COMPANY SNAPSHOT 99
FIGURE 30 WASION GROUP: COMPANY SNAPSHOT 104
FIGURE 31 BADGER METER, INC.: COMPANY SNAPSHOT 108
FIGURE 32 XYLEM: COMPANY SNAPSHOT 115
FIGURE 33 HONEYWELL INTERNATIONAL INC.: COMPANY SNAPSHOT 125
FIGURE 34 LARSEN & TOUBRO LIMITED: COMPANY SNAPSHOT 128
FIGURE 35 GENUS: COMPANY SNAPSHOT 135
FIGURE 36 SMART METER MARKET: RESEARCH DESIGN 152

List of Tables

TABLE 1 SMART METER MARKET SNAPSHOT 13
TABLE 2 INDIA’S WATER TREATMENT PROJECTS NEARING COMPLETION 27
TABLE 3 ROLE OF COMPANIES IN SMART METER ECOSYSTEM 31
TABLE 4 LIST OF KEY PATENTS, 2021–2023 34
TABLE 5 LIST OF KEY CONFERENCES AND EVENTS, 2025 35
TABLE 6 PORTER’S FIVE FORCES ANALYSIS 36
TABLE 7 SMART METER MARKET: OVERVIEW OF STRATEGIES ADOPTED
BY KEY PLAYERS, JANUARY 2020–JANUARY 2025 41
TABLE 8 SMART METER MARKET: DEGREE OF COMPETITION, 2023 43
TABLE 9 SMART MARKET: REGION FOOTPRINT 51
TABLE 10 SMART METER MARKET: TYPE FOOTPRINT 52
TABLE 11 SMART METER MARKET: TECHNOLOGY FOOTPRINT 53
TABLE 12 SMART METER MARKET: COMPONENT FOOTPRINT 54
TABLE 13 SMART METER MARKET: END USER FOOTPRINT 55
TABLE 14 SMART METER MARKET: DETAILED LIST OF KEY STARTUPS/SMES 58
TABLE 15 SMART METER MARKET: COMPETITIVE BENCHMARKING OF KEY STARTUPS/SMES 58
TABLE 16 SMART METER MARKET: PRODUCT LAUNCHES, JANUARY 2020–JANUARY 2025 59
TABLE 17 SMART METER MARKET: DEALS, JANUARY 2020–JANUARY 2025 60
TABLE 18 SMART METER MARKET: EXPANSIONS, JANUARY 2020–JANUARY 2025 61
TABLE 19 SMART METER MARKET: OTHER DEVELOPMENTS, JANUARY 2020–JANUARY 2025 61
TABLE 20 LANDIS+GYR: COMPANY OVERVIEW 63
TABLE 21 LANDIS+GYR: PRODUCTS/SERVICES/SOLUTIONS OFFERED 64
TABLE 22 LANDIS+GYR: PRODUCT LAUNCHES 66
TABLE 23 LANDIS+GYR: DEALS 66
TABLE 24 LANDIS+GYR: OTHER DEVELOPMENTS 67
TABLE 25 ITRON INC.: COMPANY OVERVIEW 70
TABLE 26 ITRON INC.: PRODUCTS/SERVICES/SOLUTIONS OFFERED 71
TABLE 27 ITRON INC.: PRODUCT LAUNCHES 75
TABLE 28 ITRON INC.: DEALS 76
TABLE 29 ITRON INC.: OTHER DEVELOPMENTS 77
TABLE 30 SIEMENS: COMPANY OVERVIEW 79
TABLE 31 SIEMENS: PRODUCTS/SERVICES/SOLUTIONS OFFERED 80
TABLE 32 SIEMENS: DEALS 83
TABLE 33 OSAKI ELECTRIC CO., LTD.: COMPANY OVERVIEW 85
TABLE 34 OSAKI ELECTRIC CO., LTD.: PRODUCTS/SERVICES/SOLUTIONS OFFERED 85
TABLE 35 OSAKI ELECTRIC CO., LTD.: PRODUCT LAUNCHES 91
TABLE 36 OSAKI ELECTRIC CO., LTD.: OTHER DEVELOPMENTS 91
TABLE 37 SAGEMCOM: COMPANY OVERVIEW 93
TABLE 38 SAGEMCOM: PRODUCTS/SERVICES/SOLUTIONS OFFERED 93
TABLE 39 SAGEMCOM: PRODUCT LAUNCHES 96
TABLE 40 SAGEMCOM: DEALS 96
TABLE 41 SAGEMCOM: OTHER DEVELOPMENTS 97
TABLE 42 SCHNEIDER ELECTRIC: COMPANY OVERVIEW 98
TABLE 43 SCHNEIDER ELECTRIC: PRODUCTS/SERVICES/SOLUTIONS OFFERED 99
TABLE 44 SCHNEIDER ELECTRIC: DEALS 100
TABLE 45 SCHNEIDER ELECTRIC: OTHER DEVELOPMENTS 101
TABLE 46 WASION GROUP: COMPANY OVERVIEW 103
TABLE 47 WASION GROUP: PRODUCTS/SERVICES/SOLUTIONS OFFERED 104
TABLE 48 WASION GROUP: DEALS 105
TABLE 49 BADGER METER, INC.: COMPANY OVERVIEW 107
TABLE 50 BADGER METER, INC.: PRODUCTS/SERVICES/SOLUTIONS OFFERED 108
TABLE 51 BADGER METER, INC.: PRODUCT LAUNCHES 112
TABLE 52 BADGER METER, INC.: DEALS 112
TABLE 53 SENSUS (XYLEM): COMPANY OVERVIEW 114
TABLE 54 SENSUS (XYLEM): PRODUCTS/SERVICES/SOLUTIONS OFFERED 115
TABLE 55 SENSUS (XYLEM): PRODUCT LAUNCHES 122
TABLE 56 SENSUS (XYLEM): DEALS 122
TABLE 57 SENSUS (XYLEM): OTHER DEVELOPMENTS 123
TABLE 58 HONEYWELL INTERNATIONAL INC.: COMPANY OVERVIEW 124
TABLE 59 HONEYWELL INTERNATIONAL INC.: PRODUCTS/SERVICES/SOLUTIONS OFFERED 125
TABLE 60 HONEYWELL INTERNATIONAL INC.: PRODUCT LAUNCHES 126
TABLE 61 LARSEN & TOUBRO LIMITED: COMPANY OVERVIEW 127
TABLE 62 LARSEN & TOUBRO LIMITED: PRODUCTS/SERVICES/SOLUTIONS OFFERED 128
TABLE 63 KAMSTRUP A/S: COMPANY OVERVIEW 130
TABLE 64 KAMSTRUP A/S: PRODUCTS/SERVICES/SOLUTIONS OFFERED 130
TABLE 65 KAMSTRUP A/S: PRODUCT LAUNCHES 132
TABLE 66 KAMSTRUP A/S: DEALS 133
TABLE 67 KAMSTRUP A/S: EXPANSIONS 133
TABLE 68 KAMSTRUP A/S: OTHER DEVELOPMENTS 134
TABLE 69 GENUS: COMPANY OVERVIEW 135
TABLE 70 GENUS: PRODUCTS/SERVICES/SOLUTIONS OFFERED 136
TABLE 71 GENUS: PRODUCT LAUNCHES 137
TABLE 72 GENUS: DEALS 137
TABLE 73 GENUS: OTHER DEVELOPMENTS 137
TABLE 74 MINSAIT: COMPANY OVERVIEW 138
TABLE 75 MINSAIT: PRODUCTS/SERVICES/SOLUTIONS OFFERED 138
TABLE 76 MINSAIT: DEALS 139
TABLE 77 ACLARA: COMPANY OVERVIEW 140
TABLE 78 ACLARA: PRODUCTS/SERVICES/SOLUTIONS OFFERED 140
TABLE 79 ACLARA: PRODUCT LAUNCHES 141
TABLE 80 ACLARA: DEALS 141
TABLE 81 ACLARA: OTHER DEVELOPMENTS 142
TABLE 82 SMART METER MARKET: RISK ANALYSIS 154