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Global Smart Meter Market to Grow at a CAGR of 8.8% During 2024-2032, Aided by the Increasing Use of Smart Meters in Smart Grids

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Smart Meter Market

Global Smart Meter Market Size, Share, Trends, Forecast: By Product: Electricity Meter, Gas Meter, Water Meter; By End Use: Residential, Commercial, Industrial; Regional Analysis; Market Dynamics: SWOT Analysis, Porter’s Five Forces Analysis, Key Indicators for Demand, Key Indicators for Price; Competitive Landscape; 2024-2032

Global Smart Meter Market Outlook

The global smart meter market stood at a value of around USD 29.50 billion in 2023. The market is further expected to grow at a CAGR of 8.8% in the forecast period of 2024-2032 to attain a value of around USD 63.01 billion by 2032.

 

Global Smart Meter Market

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Rising Demand for Electricity Meters to Curb Electricity Bill and Control its Consumption to Bolster the Smart Meter Industry Growth

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 Accounts for a Significant Share in the Market

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: Market Segmentation

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.

 

Global Smart Meter Market by Segment

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Based on product, the market is divided into:

  • Electricity Meter
  • Gas Meter
  • Water Meter

On the basis of end use, the industry is segmented into:

  • Residential
  • Commercial
  • Industrial

The regional markets for the product include North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

 

Global Smart Meter Market by Region

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Rapid Technological Advancements Boosting the Growth of the Smart Meter Industry

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.

 

Key Industry Players in the Global Smart Meter Market

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:

  • Honeywell International Inc.
  • Schneider Electric SE
  • Itron Inc. 
  • SIEMENS AG
  • Badger Meter, Inc. 
  • Sensus (Xylem)
  • Landis+Gyr AG
  • Others

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.

 

Key Highlights of the Report

REPORT FEATURES DETAILS
Base Year 2023
Historical Period 2018-2023
Forecast Period 2024-2032
Scope of the Report

Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:

  • Product
  • End Use
  • Region
Breakup by Product
  • Electricity Meter
  • Gas Meter
  • Water Meter
Breakup by End Use
  • Residential
  • Commercial
  • Industrial
Breakup by Region
  • North America
    • United States of America 
    • Canada
  • Europe
    • United Kingdom
    • Germany
    • France
    • Italy
    • Others
  • Asia Pacific
    • China
    • Japan
    • India
    • ASEAN
    • Australia
    • Others
  • Latin America
    • Brazil
    • Argentina
    • Mexico
    • Others
  • Middle East and Africa
    • Saudi Arabia
    • United Arab Emirates
    • Nigeria
    • South Africa
    • Others
Market Dynamics
  • SWOT Analysis
  • Porter's Five Forces Analysis
  • Key Indicators for Demand
  • Key Indicators for Price
Competitive Landscape
  • Market Structure
  • Company Profiles
    • Company Overview
    • Product Portfolio
    • Demographic Reach and Achievements
    • Certifications
Companies Covered
  • Honeywell International Inc.
  • Schneider Electric SE
  • Itron Inc. 
  • SIEMENS AG
  • Badger Meter, Inc. 
  • Sensus (Xylem)
  • Landis+Gyr AG
  • Others
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.

 

*While we strive to always give you current and accurate information, the numbers depicted on the website are indicative and may differ from the actual numbers in the main report. At Expert Market Research, we aim to bring you the latest insights and trends in the market. Using our analyses and forecasts, stakeholders can understand the market dynamics, navigate challenges, and capitalize on opportunities to make data-driven strategic decisions.

1    Preface
2    Report Coverage – Key Segmentation and Scope
3    Report Description
    3.1    Market Definition and Outlook
    3.2    Properties and Applications
    3.3    Market Analysis
    3.4    Key Players
4    Key Assumptions
5    Executive Summary
    5.1    Overview
    5.2    Key Drivers
    5.3    Key Developments
    5.4    Competitive Structure
    5.5    Key Industrial Trends
6    Snapshot
    6.1    Global
    6.2    Regional
7    Opportunities and Challenges in the market
8    Global Smart Meter Market Analysis
    8.1    Key Industry Highlights
    8.2    Global Smart Meter Historical Market (2018-2023) 
    8.3    Global Smart Meter Market Forecast (2024-2032)
    8.4    Global Smart Meter Market by Product
        8.4.1    Electricity Meter
            8.4.1.1    Historical Trend (2018-2023)
            8.4.1.2    Forecast Trend (2024-2032)
        8.4.2    Gas Meter
            8.4.2.1    Historical Trend (2018-2023)
            8.4.2.2    Forecast Trend (2024-2032)
        8.4.3    Water Meter
            8.4.3.1    Historical Trend (2018-2023)
            8.4.3.2    Forecast Trend (2024-2032)
    8.5    Global Smart Meter Market by End Use
        8.5.1    Residential
            8.5.1.1    Historical Trend (2018-2023)
            8.5.1.2    Forecast Trend (2024-2032)
        8.5.2    Commercial
            8.5.2.1    Historical Trend (2018-2023)
            8.5.2.2    Forecast Trend (2024-2032)
        8.5.3    Industrial
            8.5.3.1    Historical Trend (2018-2023)
            8.5.3.2    Forecast Trend (2024-2032)
    8.6    Global Smart Meter Market by Region
        8.6.1    North America
            8.6.1.1    Historical Trend (2018-2023) 
            8.6.1.2    Forecast Trend (2024-2032)
        8.6.2    Europe
            8.6.2.1    Historical Trend (2018-2023) 
            8.6.2.2    Forecast Trend (2024-2032)
        8.6.3    Asia Pacific
            8.6.3.1    Historical Trend (2018-2023) 
            8.6.3.2    Forecast Trend (2024-2032)
        8.6.4    Latin America
            8.6.4.1    Historical Trend (2018-2023) 
            8.6.4.2    Forecast Trend (2024-2032)
        8.6.5    Middle East and Africa
            8.6.5.1    Historical Trend (2018-2023) 
            8.6.5.2    Forecast Trend (2024-2032) 
9    North America Smart Meter Market Analysis
    9.1    United States of America 
        9.1.1    Historical Trend (2018-2023) 
        9.1.2    Forecast Trend (2024-2032)
    9.2    Canada
        9.2.1    Historical Trend (2018-2023) 
        9.2.2    Forecast Trend (2024-2032)
10    Europe Smart Meter  Market Analysis
    10.1    United Kingdom
        10.1.1    Historical Trend (2018-2023) 
        10.1.2    Forecast Trend (2024-2032)
    10.2    Germany
        10.2.1    Historical Trend (2018-2023) 
        10.2.2    Forecast Trend (2024-2032)
    10.3    France
        10.3.1    Historical Trend (2018-2023) 
        10.3.2    Forecast Trend (2024-2032)
    10.4    Italy
        10.4.1    Historical Trend (2018-2023) 
        10.4.2    Forecast Trend (2024-2032)
    10.5    Others
11    Asia Pacific Smart Meter Market Analysis
    11.1    China
        11.1.1    Historical Trend (2018-2023) 
        11.1.2    Forecast Trend (2024-2032)
    11.2    Japan
        11.2.1    Historical Trend (2018-2023) 
        11.2.2    Forecast Trend (2024-2032)
    11.3    India
        11.3.1    Historical Trend (2018-2023) 
        11.3.2    Forecast Trend (2024-2032)
    11.4    ASEAN
        11.4.1    Historical Trend (2018-2023) 
        11.4.2    Forecast Trend (2024-2032)
    11.5    Australia
        11.5.1    Historical Trend (2018-2023) 
        11.5.2    Forecast Trend (2024-2032)
    11.6    Others
12    Latin America Smart Meter Market Analysis
    12.1    Brazil
        12.1.1    Historical Trend (2018-2023) 
        12.1.2    Forecast Trend (2024-2032)
    12.2    Argentina
        12.2.1    Historical Trend (2018-2023) 
        12.2.2    Forecast Trend (2024-2032)
    12.3    Mexico
        12.3.1    Historical Trend (2018-2023) 
        12.3.2    Forecast Trend (2024-2032)
    12.4    Others
13    Middle East and Africa Smart Meter Market Analysis
    13.1    Saudi Arabia
        13.1.1    Historical Trend (2018-2023) 
        13.1.2    Forecast Trend (2024-2032)
    13.2    United Arab Emirates
        13.2.1    Historical Trend (2018-2023) 
        13.2.2    Forecast Trend (2024-2032)
    13.3    Nigeria
        13.3.1    Historical Trend (2018-2023) 
        13.3.2    Forecast Trend (2024-2032)
    13.4    South Africa
        13.4.1    Historical Trend (2018-2023) 
        13.4.2    Forecast Trend (2024-2032)
    13.5    Others
14    Market Dynamics
    14.1    SWOT Analysis
        14.1.1    Strengths
        14.1.2    Weaknesses
        14.1.3    Opportunities
        14.1.4    Threats
    14.2    Porter’s Five Forces Analysis
        14.2.1    Supplier’s Power
        14.2.2    Buyer’s Power
        14.2.3    Threat of New Entrants
        14.2.4    Degree of Rivalry
        14.2.5    Threat of Substitutes
    14.3    Key Indicators for Demand
    14.4    Key Indicators for Price
15    Value Chain Analysis
16    Competitive Landscape
    16.1    Market Structure
    16.2    Company Profiles
        16.2.1    Honeywell International Inc.
            16.2.1.1    Company Overview
            16.2.1.2    Product Portfolio
            16.2.1.3    Demographic Reach and Achievements
            16.2.1.4    Certifications
        16.2.2    Schneider Electric SE
            16.2.2.1    Company Overview
            16.2.2.2    Product Portfolio
            16.2.2.3    Demographic Reach and Achievements
            16.2.2.4    Certifications
        16.2.3    Itron Inc. 
            16.2.3.1    Company Overview
            16.2.3.2    Product Portfolio
            16.2.3.3    Demographic Reach and Achievements
            16.2.3.4    Certifications
        16.2.4    SIEMENS AG
            16.2.4.1    Company Overview
            16.2.4.2    Product Portfolio
            16.2.4.3    Demographic Reach and Achievements
            16.2.4.4    Certifications
        16.2.5    Badger Meter, Inc. 
            16.2.5.1    Company Overview
            16.2.5.2    Product Portfolio
            16.2.5.3    Demographic Reach and Achievements
            16.2.5.4    Certifications
        16.2.6    Sensus (Xylem)
            16.2.6.1    Company Overview
            16.2.6.2    Product Portfolio
            16.2.6.3    Demographic Reach and Achievements
            16.2.6.4    Certifications
        16.2.7    Landis+Gyr AG
            16.2.7.1    Company Overview
            16.2.7.2    Product Portfolio
            16.2.7.3    Demographic Reach and Achievements
            16.2.7.4    Certifications
        16.2.8    Others
17    Key Trends and Developments in the Market
 

List of Key Figures and Tables

1.    Global Smart Meter Market: Key Industry Highlights, 2018 and 2032
2.    Global Smart Meter Historical Market: Breakup by Product (USD Billion), 2018-2023
3.    Global Smart Meter Market Forecast: Breakup by Product (USD Billion), 2024-2032
4.    Global Smart Meter Historical Market: Breakup by End Use (USD Billion), 2018-2023
5.    Global Smart Meter Market Forecast: Breakup by End Use (USD Billion), 2024-2032
6.    Global Smart Meter Historical Market: Breakup by Region (USD Billion), 2018-2023
7.    Global Smart Meter Market Forecast: Breakup by Region (USD Billion), 2024-2032
8.    North America Smart Meter Historical Market: Breakup by Country (USD Billion), 2018-2023
9.    North America Smart Meter Market Forecast: Breakup by Country (USD Billion), 2024-2032
10.    Europe Smart Meter Historical Market: Breakup by Country (USD Billion), 2018-2023
11.    Europe Smart Meter Market Forecast: Breakup by Country (USD Billion), 2024-2032
12.    Asia Pacific Smart Meter Historical Market: Breakup by Country (USD Billion), 2018-2023
13.    Asia Pacific Smart Meter Market Forecast: Breakup by Country (USD Billion), 2024-2032
14.    Latin America Smart Meter Historical Market: Breakup by Country (USD Billion), 2018-2023
15.    Latin America Smart Meter Market Forecast: Breakup by Country (USD Billion), 2024-2032
16.    Middle East and Africa Smart Meter Historical Market: Breakup by Country (USD Billion), 2018-2023
17.    Middle East and Africa Smart Meter Market Forecast: Breakup by Country (USD Billion), 2024-2032
18.    Global Smart Meter Market Structure

Key Questions Answered in the Report

What was the global smart meter market size in 2023?

In 2023, the global smart meter market attained a volume of nearly USD 29.50 billion.

What is the growth rate of the market?

The market is estimated to witness a healthy growth at a CAGR of 8.8% in the forecast period of 2024-2032.

What is the forecast outlook of the market for 2024-2032?

The market is estimated to witness a healthy growth in the forecast period of 2024-2032 to reach USD 63.01 billion by 2032.

What are the major market drivers?

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.

What are the key trends of the market?

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.

What are the major regional markets of smart meters, according to the EMR report?

The major regions in the market are North America, Latin America, the Middle East and Africa, Europe, and the Asia Pacific.

What are the leading types in the market?

Electricity meter, gas meter, water meter are the leading types in the market.

What are the significant end uses of smart meters?

The significant end uses of smart meters are residential, commercial, and industrial.

Who are the key market players, according to the report?

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.

Analyst Review

The global smart meter market attained a value of USD 29.50 billion in 2023, driven by as the growing need for monitoring electricity and the stringent government policies towards curbing the wastage of water. Aided by the technological advancements in the communication network infrastructure which will lead to the manufacturing of advanced level of smart meters, the market is expected to witness a further growth in the forecast period of 2024-2032, growing at a CAGR of 8.8%. The market is projected to reach USD 63.01 billion by 2032.

EMR’s meticulous research methodology delves deep into the market, covering the macro and micro aspects of the industry. Based on product, the market is divided into electricity meter, gas meter, water meter. The product finds end-uses in residential, commercial, and industrial sectors. The major regional markets for smart meter are North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa. The key players in the above market include Honeywell International Inc., Schneider Electric SE, Itron Inc., SIEMENS AG, Badger Meter, Inc., Sensus (Xylem), and Landis+Gyr AG, among others.

EMR’s research methodology uses a combination of cutting-edge analytical tools and the expertise of their highly accomplished team, thus, providing their customers with market insights that are accurate, actionable, and help them remain ahead of their competition.

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