Growing investment in smart grid projects and supportive government initiatives are major factors that are expected to boost the growth of the global smart meters market at a CAGR of 8.2% during the forecast period of 2024 to 2032

Market Research Future (MRFR) has published a cooked research report on the “Global Smart Meters Market” that contains the information from 2023 to 2032. The smart meters market is expected to register a CAGR of 8.2% during the forecast period.

Key Findings of the Study

• The global smart meters market is expected to reach USD 40.85 Billion by 2032 at a CAGR of 8.2% during the forecast period.


• Asia-Pacific accounted for the largest market share of 8.82% in 2020, with a market value of USD 6,994.2 million.


• Based on type, the gas meter segment is expected to register a CAGR of 9.01% during the forecast period.


• Based on technology, the automatic meter reading (AMR) segment dominated the market with a share of 68.99% in 2020.


• Based on application, the commercial segment is anticipated to register a CAGR of 59% during the forecast period.


• Some of the key players operating in the smart meters market are Schneider Electric (France), Siemens AG (Germany), LANDIS+GYR (Switzerland), Xylem (US), Honeywell International Inc. (US), Aclara Technologies LLC (US), Badger Meter, Inc. (US), Itron, Inc. (US), EDMI Limited (Australia), Apator SA. (Poland), Diehl Stiftung & Co. KG (Germany), ZENNER International GmbH & Co. KG (Germany), and Kamstrup (Denmark).

Browse In-depth Details [Table of Content, List of Figures, List of Tables] of Smart Meters Market Research Report

Smart Meters Market Highlights

The global smart meters market is expected to register a CAGR of 8.2% during the forecast period and is expected to hit USD 40.85 Billion by 2032.

Smart meters are next-generation meters for both gas and electricity. They are a replacement for standard meters that use technology created decades ago and require households to track their own readings and submit them to suppliers if they want accurate bills. Smart meters deployment has enabled the implementation of a Home Energy Management System (HEMS) or Building Energy Management System (BEMS) that allows visualization of the electric power usage in individual homes or entire buildings.​ Factors such as the growing investment in smart grid projects, supportive government initiatives, and demand/needs for efficient energy usage are expected to drive the market growth during the forecast period. Scope in the developing nations and technological developments are also expected to bring growth opportunities to the market. However, high initial capital investment is expected to hinder the growth of the market.

Smart Meters Market Segment Analysis

The global smart meters market is mainly segmented into type, tecnology, and application. On the basis of type, the market has been sub-segmented into electric meter, gas meter, and water meter. On the basis of technology, the market has been segmented into advanced metering infrastructure (AMI) and automatic meter reading (AMR). On the basis of application, the smart meters market has been segmented into residential, commercial, and industrial.

Smart Meters Market

Regional Analysis

The global smart meters market has been segmented on the basis of region into North America, Europe, Asia-Pacific, Rest of the World. The North American market is further divided into the US and Canada. The European market has been segmented into Germany, France, UK, Italy, Spain, and Rest of Europe. The market in Asia-Pacific has been segmented into China, India, Japan, and Rest of Asia-Pacific. The Rest of the World smart meters market includes South America and Middle East & Africa.

Asia-Pacific comprises China, Japan, India, South Korea, and the Rest of Asia-Pacific. The increasing smart cities projects in countries like India, China, Japan, and others drive the market's growth. Also, the demand for energy in the region is very high because of the growing population and improvement in the lifestyle in this region. This leads to an increase in investment in T&D (Transmission & Distribution), which increases the demand of the market. Further, the growing electricity theft rates in the countries such as India and Japan have been addressed to overcome the issue by installing smart meters. Moreover, the presence of players such as Landis+ Gyr, EDMI, and other local firms is involved in a partnership with domestic and international metering vendors, thereby offering the potential for the smart meters market.

The Rest of the world includes the Middle East & Africa and South America. This region is at an early stage of adoption of smart meters, as most of the countries in this region are not fully developed. The electricity meters are mainly adopted in this region, followed by gas and water meters. The rising use of technology across different end users is expected to form opportunities for the growth of the smart meters market.

MRFR recognizes the following companies as the key players in the global smart meters market— Schneider Electric (France), Siemens AG (Germany), LANDIS+GYR (Switzerland), Xylem (US), Honeywell International Inc. (US), Aclara Technologies LLC (US), Badger Meter, Inc. (US), Itron, Inc. (US), EDMI Limited (Australia), Apator SA. (Poland), Diehl Stiftung & Co. KG (Germany), ZENNER International GmbH & Co. KG (Germany), and Kamstrup (Denmark).