Overview
Global Smart Meter Market reached US$ 22.6 billion in 2022 and is expected to reach US$ 37.2 billion by 2030, growing with a CAGR of 9.5% during the forecast period 2023-2030.
Consumers are installing smart meters in their homes and office to monitor their energy usage more accurately and in real-time, this empowers them to take decisions about their energy consumption and leads to greater awareness and motivation to reduce their energy reduces and adopt energy-efficient practices.
Government organizes various response programs using smart meters, as these programs encourage consumers to reduce energy consumption during peak hours by offering incentives and the program also guides how to balance the energy grid and prevention from overloads. Many countries set energy efficiency targets and regulations that encourage consumers for the deployment of smart meters.
North America is expected to hold a share of around 1/4th of the global market during the forecast period 2023-2030. In North America, countries like U.S. and Canada smart meter enables to monitor the energy consumption and empowers consumers to manage their energy usage. By adopting smart meters it enhances reliability and resilience of the power grid system. It has the ability to track energy resources and costs in real-time which enhances consumer engagement in energy management systems.
Internet of Things technology has enhanced the capabilities of smart meters in North America. Advanced communication protocols, data analytics and cloud computing enable smart meters to transmit and process real-time data efficiently and this technology evolution not only improves grid management but also lays the foundation for innovative energy services and applications.
For instance, on 11 April 2023, Aetheros, a provider of IoT operating systems entered U.S. smart meter market with its scalable and open-edge intelligence solution and this technology aims to facilitate the deployment of smart meters by enabling distributed intelligence at the edge of the network. By introducing its IoT operating system to U.S. market, Aetheros seeks to enhance the capabilities of smart meters and contribute to the advancement of IoT-driven energy management solutions.
Dynamics
Government Initiatives Boost the Market
Governments across the world introduced various regulatory mandates that require utilities that deploy smart meters to consumers. In October 2018, Indore’s smart city development limited issued a tender for 30,000 smart meters that are installed under Indore smart city projects, these developments in nations boost the growth of the market.
For instance, on 31 May 2023, Government planned to replace all traditional electricity meters across the nation with smart meters, this process started in April 2019 and initiatives were taken by the Ministry of Power for improving the financial health of companies and also make hassle-free bill payments. State governments have also begun installing smart meters under the NDA smart cities missions.
Governments run public awareness campaigns to educate consumers about the benefits of smart meters and encourage their adoption and these campaigns help overcome consumer resistance and promote acceptance. Government allocates funds for development of smart meter technology, these encourages the development of more advanced and cost-effective smart meters.
For instance, on 8 March 2023, the government of Andhra Pradesh plans to install around 18 lakh smart meters on farm electric motors within a year. The initiative, which involves an expenditure of INR 4,000 crore for procuring the necessary materials, aims to combat power theft and offer multiple benefits. The state will adhere to guidelines issued by the Central Government and Central Electricity Authority while implementing this project.
Advancements in Technology Drive the Market
The deployment of advanced metering infrastructure technology involves the integration of smart meters with communication networks, data management systems and analytics tools. This integration enhances the capabilities of smart meters, enabling utilities to gather and analyse data more efficiently, this technology boosts the growth of the market.
For instance, 0n 25 August 2023, Bharti Airtel collaborates with secure meters and is set to deploy Narrow Band Internet of Things (NB-IoT) smart meters in around 1.3 million homes in Bihar, India and this initiative makes Airtel the first company in India to introduce NB-IoT smart meters with a fall-back option that works on both 2G and 4G networks, ensuring uninterrupted data transfer and real-time connectivity.
Collaboration Between Private Companies Drives the Market
Energy and technology companies are collaborating as they technical know-how to develop innovative smart meters solutions, this collaboration ensures the smart meters are equipped with their advanced features such as gathering real-time data, remote monitoring and these integrations enhances the functionality of the smart meters.
For instance, on 18 May 2023, GridX and Sense collaborates with Energy Impact Partners and announced a partnership to leverage smart meter data to provide meaningful benefits for consumers and the energy grid. The integrated solution aims to offer customers real-time insights and control over their energy usage and costs.
Manufacturing and Massive Data Generation
Different manufacturers might design smart meters with varying communication protocols, making it challenging to ensure seamless interoperability within the grid and this can complicate integration efforts and hinder the development of standardized systems. As the massive amount of data is generated by smart meters and it requires advanced data management systems.
For instance, on 14 June 2023, according to a report from the National Audit Office that around four million first-generation SMETS 1 smart meters were still in operation in early May, which is over four months after the government’s target to upgrade them. The report also highlights that nearly a tenth of all smart meter devices do not function properly and about a third of users have encountered issues after installation.
Hacking Posed to Raise Issue
Smart meters collect detailed information about energy usage, potentially raising privacy concerns for consumers. The data collected will reveal personal details and occupancy patterns, so here data can be attacked by hackers, energy theft and even disruptions of the potential electricity grids, these factors downfall the growth of the market.
The connectivity of smart meters introduces cybersecurity vulnerabilities. If not properly secured, these devices could be targets for hacking, potentially leading to unauthorized access to consumer data, energy theft or even disruptions to the electricity grid. The data being collected by smart meters is exploited if accessed by malicious users.

Segment Analysis
The global smart meter market is segmented based on product, technology, communication, component, end-user and region.
The Accuracy of Smart Electricity Drives the Segment’s Growth
The smart electricity segment holds a major share of around 1/3rd of the global smart meter market. Smart electricity meters offer a more accurate result that how much energy is consumed when compared to other traditional meters, these smart electricity meters help to reduce electricity bills, error and disputes and they also provide data on their energy usage patterns and helps consumers to make decisions about their energy consumption.
For instance, on 5 September 2022, Delving Research and Development, a company based in Coimbatore, developed smart electricity meters known as Delsmart IoT meters and these meters will be installed in Madhya Pradesh in part of the pilot project. The project aims to install around 100 meters by December, focusing on service connections and transformers covered under a single feeder in Madhya Pradesh.
Geographical Penetration
Governments Plans in Asia-Pacific Boosts the Market
Asia-Pacific is among the growing regions in the global smart meters market covering more than 1/3rd of the market. Countries like China, South Korea and India set ambitious goal energy efficiency and sustainability targets. Smart meters help to manage the demand effectively which enables time-to-time usage of pricing and response programs.
Aging electricity grids require modern techniques to handle the complexity of energy resources and renewable integrations. Governments are implementing regulations and policies that mandate the deployment of smart meters to enhance energy management, reduce losses and achieve carbon reduction goals, this aligns with regional initiatives that promote energy efficiency and energy consumption.
For instance, on 28 April 2023, IntelliSmart Infrastructure Pvt. Ltd. secured a significant contract to install 6.7 million prepaid smart meters in 14 districts of Uttar Pradesh, which fall under the jurisdiction of Pashchimanchal Vidyut Vitran Nigam Limited and this achievement marks the largest competitively bid smart metering project awarded under the Revamped Distribution Sector Scheme in India.

Competitive Landscape
The major global players include Landis+Gyr, Itron, Honeywell International, Siemens AG, Kamstrup, Iskraemeco, Elster Group, ABB, Sensus and Schneider Electric.

COVID-19 Impact Analysis
The COVID-19 pandemic brought about significant changes in daily routines, including widespread remote work and lockdown measures and these changes had a notable impact on electricity demand patterns due to shifts in activities, such as increased residential energy consumption and altered work schedules.
Consumer spending more time at home during lockdowns and restrictions, there has been a shift in energy consumption patterns. Smart meters provide accurate and real-time data, ensuring that consumers are billed correctly based on their actual usage. The pandemic has increased awareness of the need for energy conservation.
During the pandemic smart water, meters identify leaks in water distribution systems, whether in households or public infrastructure. Detecting leaks early prevents water wastage, reduces water bills and helps maintain the integrity of water infrastructure. In the context of the pandemic, conserving water resources becomes even more critical to ensure proper sanitation and hygiene.
The global supply chain disturbance caused by the pandemic has affected the manufacturing and distribution of smart gas meters. Delays in the production and delivery of meters slow down the adoption of smart gas metering systems in many countries. The economic downturn caused by the pandemic has affected investments in infrastructure projects, including the deployment of smart gas meters.
AI Impact
AI-powered algorithms analyze the vast amount of data collected by smart meters to provide actionable insights, this includes identifying usage patterns, peak demand times, energy wastage and potential areas for efficiency improvements and these insights help consumers and utilities make informed decisions to optimize energy consumption.
For instance, on 2 April 2023, Moro Hub, a subsidiary of Digital DEWA (Dubai Electricity and Water Authority), partnered with Bidgely to enhance customer engagement and promote a clean energy future. The partnership involves the use of smart meter data and Bidgely’s UtilityAI Platform to provide appliance-level consumption insights to customers.
AI-enabled smart meters and communicate with appliances and devices in homes which leads to managing energy consumption in real time. During peak demanding period these devices automatically adjust their energy usage as sensors are connected with the systems and also reduces strains on the grid infrastructure and minimize the overall cost of the system.
For instance, on 11 July 2023, The Xenn AI-based smart meter data-driven energy management app, developed by re.alto, offers Belgian consumers the ability to monitor their energy consumption and control their expenses. The app is powered by re.alto’s Connect platform and was created in response to the introduction of a capacity-based grid tariff.
Russia- Ukraine War Impact
Ukraine’s Regional Gas Company achieved certification for its locally developed smart natural gas meters and these new meters are set to be produced and installed by RGC’s metering centers in the second quarter of 2023. The innovative meters combine a membrane meter with a built-in smart module equipped with a modem, allowing automatic transmission of gas consumption data to the gas distribution company.
Hungary signed agreements with Russia for ensuring its access to Russia energy resources that includes natural gas. The agreements with Russian state energy company Gazprom allows Hungary to import larger quantities of natural gas beyond what was stipulated in a long-term contract. The gas would be delivered through the Turkstream pipeline and the price would be capped at ? 150 per cubic meter.
The war damage to the existing gas infrastructure, including gas pipelines and distribution networks and these factors affect the deployment of smart gas meters, as the damaged infrastructure would need to be repaired or replaced before the meters can be installed. Due to this factor, there is a downfall in the growth of the smart gas meter market.
For instance, on 30 October 2022, Report from the International Energy Agency suggests that the Russian oil and gas sector will experience long-term consequences following the invasion of Ukraine. The report indicates that the fallout from the invasion has disrupted international markets and could weaken Russia energy sector for decades.
By Product


    • Smart Electric Meter
    • Smart Gas Meter
    • Smart Water Meter


By Technology


  • • Advanced Metering Infrastructure
    • Automated Meter Reading device


By Communication


  • • Radio Frequency
    • Power Supply System
    • Cellular


By Component


  • • Hardware
    • Software


By End-User


  • • Residential
    • Commercial
    • Industrial


By Region


  • • North America


o U.S.
o Canada
o Mexico


  • • Europe


o Germany
o UK
o France
o Italy
o Russia
o Rest of Europe


  • • South America


o Brazil
o Argentina
o Rest of South America


  • • Asia-Pacific


o China
o India
o Japan
o Australia
o Rest of Asia-Pacific


  • • Middle East and Africa


Key Developments


  • • On 5 July 2023, Indian smart metering company Genus Power & Infrastructures and Singapore-based GIC, through its affiliate Gem View Investment, formed a joint venture to establish a funding platform for smart meter projects in India.
    • On 28 December 2022, Adani Transmission established a subsidiary named BEST Smart Metering Ltd to handle its smart meter business. Adani Transmission holds 100% equity in BSML, with a total equity of INR 1 lakh divided into 10,000 equity shares of INR 10 each.
    • On 20 April 2023, the Maharashtra State Electricity Distribution Company plans to install smart prepaid meters in Pune and across the state and these meters will have an ’automatic power disconnection facility’ for consumers who fail to pay their electricity bills on time. The smart prepaid meters, costing INR 2,600 each, can be recharged online similar to mobile phones.


Why Purchase the Report?


  • • To visualize the global smart meter market segmentation based on product, technology, communication, component, end-user and region, as well as understand key commercial assets and players.
    • Identify commercial opportunities by analyzing trends and co-development.
    • Excel data sheet with numerous data points of smart meter market-level with all segments.
    • PDF report consists of a comprehensive analysis after exhaustive qualitative interviews and an in-depth study.
    • Product mapping available as Excel consisting of key products of all the major players.


The global smart meter market report would provide approximately 77 tables, 75 figures and 201 pages.
Target Audience 2023


  • • Manufacturers/ Buyers
    • Industry Investors/Investment Bankers
    • Research Professionals
    • Emerging Companies