Smart Meter Market Summary

The global smart meter market size was estimated at USD 27.70 billion in 2024 and is projected to reach USD 49.60 billion by 2030, growing at a CAGR of 9.9% from 2025 to 2030. The industry’s growth is primarily fueled by the rising adoption of renewable energy sources, combined with the worldwide emphasis on energy efficiency and decarbonization initiatives. Governments, utilities, and energy providers are increasingly aligning with global sustainability targets, creating significant demand for smart meters as a means of monitoring, managing, and optimizing electricity consumption in both residential and commercial sectors.

Utilities across the globe are deploying smart meters to support better integration of renewable energy sources such as solar, wind, and hydropower into electricity grids. These devices are also effective in minimizing non-technical losses, enhancing grid reliability, and improving resilience against demand fluctuations. The transition aligns with government mandates to ensure a cleaner energy mix, while technological advancements in smart metering systems continue to further accelerate industry expansion.

The adoption of advanced metering infrastructure (AMI) is an emerging trend in the market. AMI provides two-way communication between consumers and utility providers, enabling real-time monitoring, advanced analytics, and dynamic load balancing. This system supports predictive maintenance, accurate billing, and more efficient demand response management. With the integration of IoT and artificial intelligence, AMI enhances the ability of utilities to process vast amounts of energy data, detect anomalies, and forecast usage patterns. For consumers, it provides greater control over energy consumption and cost management.

Key Market Trends & Insights

  • Regionally, Asia Pacific held the largest share of the smart meter market in 2024, accounting for 37.0% of the total revenue. Strong government initiatives, rapid urbanization, and investments in renewable integration have fueled this dominance, particularly in countries like China, India, and Japan.
  • In North America, the U.S. smart meter market led with a substantial 78% share in 2024, highlighting the country’s advanced grid modernization programs and significant investments in smart grid technology.
  • From a component perspective, the hardware segment dominated the market in 2024, holding 76% of the total share. This reflects the high demand for physical devices such as smart electric meters and communication modules, which form the backbone of metering infrastructure.
  • By type, the smart electric meter segment led the global market in 2024, supported by widespread installation in residential, commercial, and industrial applications.
  • By technology, the AMR (Automated Meter Reading) segment accounted for a 50% market share in 2024. AMR systems remain popular due to their cost-effectiveness and efficiency in enabling one-way communication for automated consumption data collection.

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Market Size & Forecast

  • 2024 Market Size: USD 27.70 Billion
  • 2030 Projected Market Size: USD 49.60 Billion
  • CAGR (2025-2030): 9.9%
  • Asia Pacific: Largest market in 2024

Key Companies & Market Share Insights

Key players operating in the smart meter market are undertaking various initiatives to strengthen their presence and increase the reach of their products and services. Strategies such as expansion activities and partnerships are key in propelling the market growth.

Key Players

  • Siemens AG
  • Honeywell International Inc.
  • ABB Group
  • Larsen & Toubro
  • Sensus Technologies Private Limited
  • Sagemcom SAS
  • Shenzhen Kaifa Technology Co. Ltd.
  • Itron Inc.
  • Landis+Gyr Limited
  • Wasion Holdings Limited

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Conclusion

The smart meter market is entering a strong growth phase, driven by renewable energy integration, grid modernization, and government-led sustainability mandates. Asia Pacific and North America are key growth regions, reflecting large-scale investments and regulatory support. Hardware remains the most dominant component, while smart electric meters and AMR technology continue to account for significant shares. The adoption of AMI and integration with IoT and AI will further transform energy management, providing real-time insights, improving efficiency, and empowering consumers. Over the coming years, smart meters will be central to achieving energy efficiency, resilience, and the global transition to clean energy.