The global smart meter market stood at a value of around USD 29.50 Billion in 2024. The market is further expected to grow at a CAGR of 8.80% in the forecast period of 2025-2034 to attain a value of around USD 68.57 Billion by 2034.
Base Year
Historical Period
Forecast Period
Compound Annual Growth Rate
8.8%
Value in USD Billion
2025-2034
Smart Meter Market Outlook
*this image is indicative*
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Based on product, electricity meters accounted for a significant share and are likely to witness a considerable growth over the forecast period. This can be attributed to the rising demand for electricity, along with the growing need to monitor and curb the electricity bills. The high electricity prices are a matter of concern in emerging economies. Therefore, in these regions, electricity meters help the masses to adjust their habits in order to lower their electricity bills. The product also encourages efficient use of power resources and provides responsive data for balancing electric loads while reducing blackouts.
Meanwhile, the water meter segment is anticipated to occupy a significant share in the market, owing to the low initial costs and simple in-line maintenance. It prevents the wastage of water and can help detect leakage. For instance, if no water is on, but the meter still records, then there might be a leak somewhere. Furthermore, the favourable government policies both in developed and developing economies to conserve water and prevent its wastage are expected to further propel the market growth in the forecast period.
The Asia Pacific is anticipated to occupy a significant share in the market, owing to the rapid development of infrastructure, with India and China being two of the largest electricity consuming countries in the world. Over the forecast period, the rising urbanisation is expected to provide a further impetus to the market growth. Furthermore, the development of nuclear power and hydro power plants in China is likely to propel the demand for smart meters.
Smart meter is an electronic device that can measure gas, water, or electricity consumption. Being an automatic Internet-capable device, it uses a secure network to send the energy information to supplier. Smart meters can efficiently transfer the information to the consumer for greater clarity of consumption behaviour, and electricity suppliers for system monitoring and customer billing.
Based on product, the market is divided into:
On the basis of end use, the industry is segmented into:
Market Breakup by Region
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The global smart meter industry is driven by the rapid technological advancements and the thriving residential and commercial sector. The rising standards of living in emerging economies is likely to propel the demand for smart devices to measure electricity, gas, and water consumption, thereby, propelling the smart meter industry growth. In residential and commercial complexes, smart meter can help the consumers monitor electricity consumption and adjust their habits in order to reduce electricity bills, which is further resulting in its increased utilisation. Furthermore, the stringent government regulations across the continents to minimise the wastage of water and electricity, coupled with the rising environmental concern, are likely to support the adoption of smart meters over the forecast period.
The report gives a detailed analysis of the following key players in the global smart meter market, covering their competitive landscape, capacity, and latest developments like mergers, acquisitions, and investments, expansions of capacity, and plant turnarounds:
The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model along with giving a SWOT analysis.
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In 2024, the global smart meter market attained a volume of nearly USD 29.50 Billion.
The market is estimated to witness a healthy growth at a CAGR of 8.80% in the forecast period of 2025-2034.
The market is estimated to witness a healthy growth in the forecast period of 2025-2034 to reach USD 68.57 Billion by 2034.
The major drivers of the market include the growing need for monitoring electricity, increasing applications of smart meter in residential and commercial sectors, and the stringent policies of various governments towards curbing the wastage of water and electricity.
The key trends guiding the growth of the market include new product launches by manufacturers to incorporate advanced features, rising gas and water consumption, growing technological advancements, rising electricity prices, and the increasing environmental consciousness.
The major regions in the market are North America, Latin America, the Middle East and Africa, Europe, and the Asia Pacific.
Electricity meter, gas meter, water meter are the leading types in the market.
The significant end uses of smart meters are residential, commercial, and industrial.
The key players in the global smart meter market are Honeywell International Inc., Schneider Electric SE, Itron Inc., SIEMENS AG, Badger Meter, Inc., Sensus (Xylem), and Landis+Gyr AG, among others.
Explore our key highlights of the report and gain a concise overview of key findings, trends, and actionable insights that will empower your strategic decisions.
| REPORT FEATURES | DETAILS |
| Base Year | 2024 |
| Historical Period | 2018-2024 |
| Forecast Period | 2025-2034 |
| Scope of the Report |
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
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| Breakup by Product |
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| Breakup by End Use |
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| Breakup by Region |
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| Market Dynamics |
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| Competitive Landscape |
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| Companies Covered |
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| Report Price and Purchase Option | Explore our purchase options that are best suited to your resources and industry needs. |
| Delivery Format | Delivered as an attached PDF and Excel through email, with an option of receiving an editable PPT, according to the purchase option. |
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