- Summary
- Table Of Content
- Methodology
Smart Electricity Meter Market Size:
Smart Electricity Meter Market size is estimated to reach over USD 25,308.04 Million by 2032 from a value of USD 13,358.52 Million in 2024 and is projected to grow by USD 14,225.49 Million in 2025, growing at a CAGR of 9.1% from 2025 to 2032.
Smart Electricity Meter Market Scope & Overview:
Smart electricity meter refers to an advanced meter that is designed for recording electricity consumption in real-time and further communicating that information to both consumers and utility companies over a secure network. Moreover, smart electric meters offer a range of benefits such as real-time monitoring of electricity consumption, two-way communication, remote management, accurate billing, billing optimization, increased cost-savings, and others. The aforementioned benefits of smart electric meters are key determinants for increasing its utilization in residential, commercial, and industrial sectors.
Smart Electricity Meter Market Dynamics - (DRO) :
Key Drivers:
Rising installation of smart metering infrastructure is propelling the smart electricity meter market growth
The rising installation of smart metering infrastructure is among the primary factors driving the market. Smart metering infrastructure is automated and enables on-demand real-time interrogations with metering endpoints. Moreover, smart metering infrastructure offers various benefits including reduced costs for meter reading and billing, faster outage response, optimized energy usage, real-time monitoring, and others. The aforementioned benefits of smart metering infrastructure are key determinants for increasing its installation in residential, commercial, and industrial spaces.
- For instance, according to the U.S. Energy Information Administration, the electric utilities in the United States had approximately 119 million advanced (smart) metering infrastructure (AMI) installations in 2022, accounting for around 72% of total electric meters installations. In addition, residential segment accounted for approximately 88% of the total AMI installations.
Hence, the rising installation of smart metering infrastructure is proliferating the smart electricity meter market size.
Key Restraints:
High initial investment associated with the installation of advanced (smart) metering infrastructure is restraining the smart electricity meter market
The integration of advanced (smart) metering infrastructure is often associated with high initial costs, which is a prime factor restricting the market. For instance, according to the U.S. Department of Energy, the per-meter deployment cost of advanced metering infrastructure typically ranges from USD 130 to USD 1,895 per meter, depending upon the type of installation.
Likewise, advanced metering with customer-site costs typically ranges from USD 1,000 or more, which is relatively higher in comparison to traditional metering infrastructure. Hence, the high initial investment associated with the implementation of smart metering infrastructure is hindering the smart electricity meter market expansion.
Future Opportunities :
Rising residential construction is expected to drive the smart electricity meter market opportunities
The rise in residential construction is expected to provide lucrative aspect for market growth. Smart electricity meters are mainly integrated in residential sector for delivering automated net metering for electricity consumption, facilitating pre-paid metering, monitoring power quality, and enabling easy access to critical utility information for enhanced visibility. Moreover, the integration of smart electric meters in residential spaces provide various benefits such as real-time energy monitoring, usage pattern analysis, improved billing accuracy, enhanced control over energy consumption pattern, and others.
- For instance, according to the United States Census Bureau, the total number of new residential units sold in the United States reached up to 184 thousand units during the second quarter of 2023, witnessing an increase of 14.2% in comparison to 161 thousand units in second quarter of 2022.
Hence, as per the analysis, the rising residential construction is anticipated to increase the adoption of smart electric meters for delivering automated net metering for electricity consumption, monitoring power quality, and enabling easy access to critical utility information for enhanced visibility. The above factors are further projected to boost the smart electricity meter market opportunities during the forecast period.
Smart Electricity Meter Market Segmental Analysis :
By Type:
Based on type, the market is segmented into single phase electric meter and three phase electric meter.
Trends in the type:
- Increasing trend in adoption of single phase electric meters in residential settings, due to its ease of installation, simple operation, and relatively lower costs.
- There is a rising trend towards utilization of three phase electric meters in commercial and industrial settings, attributing to its high power capacity, enhanced measurement accuracy, and balanced load monitoring.
The single phase electric meter segment accounted for a largest revenue share in the total smart electricity meter market share in 2024.
- Single phase electric meters refer to a type of smart electric meters that are primarily designed for residential and light commercial applications, wherein the electricity is supplied through a single-phase system.
- Single phase electric meters usually involves a two-wire system that changes the supply voltage of the power simultaneously.
- Moreover, single phase electric meters offers several benefits including ease of installation, simple operation, real-time monitoring, relatively lower costs, and others.
- For instance, Holley Technology Ltd. offers DDSD285-S16 model of single phase electricity smart meter. The single phase electricity meter is designed for application in smart grids. The single phase meter is capable of accurately measuring power consumption information and detecting power quality parameters in real time.
- According to the smart electricity meter market analysis, the rising advancements associated with single phase smart electric meters are driving the smart electricity meter market trends.
The three phase electric meter segment is anticipated to register a significant CAGR growth during the forecast period.
- Three phase electric meters are designed for measuring electricity consumption in three-phase systems, which primarily involves three conductor wires and a neutral wire.
- Moreover, three phase electric meters provide a broad range of benefits including high power capacity, enhanced measurement accuracy, balanced load monitoring, and others.
- Additionally, three phase electric meters is mainly used in commercial and industrial, setups that require a higher level of power supply.
- For instance, Genus Power Infrastructures Ltd. offers SAKSHAM-345 model of three phase smart electric meter in its product portfolio. The three phase electric meter features a built-in RF/cellular replaceable communication mode and on-demand two way communication.
- Thus, increasing advancements related to three phase smart electric meters are anticipated to propel the market during the forecast period.
By Communication Technology:
Based on communication technology, the market is segmented into power line communication (PLC), radio frequency (RF), cellular, and others.
Trends in the communication technology:
- Rising trend towards adoption of radio frequency (RF) communication technology due to its ease of installation, scalability, and flexibility.
- Increasing integration of PLC technology, attributing to its ability to provide a seamless, efficient, and cost-effective solution for data transmission in smart electric meters
The radio frequency (RF) segment accounted for a significant revenue in the overall market in 2024.
- Radio frequency (RF) communication utilizes wireless radio signals for transmitting data between smart meters and utility companies.
- Radio frequency (RF) communication technology often involves a dedicated RF network, and it is commonly adopted due to its ease of installation, scalability, and flexibility.
- For instance, Genus Power Infrastructures Ltd. offers SAKSHAM-125/145 model of smart electric meter in its product offerings, which includes a built-in RF communication modem. The smart electric meters feature plug and play deployment along with RTC time synchronisation.
- Therefore, increasing advancements associated with RF technology-based smart electric meters are driving the smart electricity meter market growth.
The power line communication (PLC) segment is anticipated to register a significant CAGR growth during the forecast period.
- Power line communication (PLC) technology utilizes the existing electrical wiring for transmitting data signals along with electrical power. PLC technology enables communication between smart meters and utility companies without requiring separate communication infrastructure.
- Moreover, PLC technology is primarily used in smart electric meters to facilitate data transmission, automatic meter reading, two way communication, and others.
- Additionally, PLC provides a seamless, efficient, and cost-effective solution for data transmission in smart electric meters, which are among the primary determinants for increasing its integration in smart metering.
- Hence, the rising integration of PLC technology in smart electric meters is anticipated to boost the smart electricity meter market size during the forecast period.
By End-Use:
Based on the end-use, the market is segmented into residential, commercial, and industrial.
Trends in the end-use:
- Factors including the favorable government initiatives for development of smart homes and rising adoption of smart metering solutions are key trends driving the residential segment.
- The commercial sector has witnessed a significant increase in utilization of smart electric meters, attributing to its several benefits including accurate invoicing, improved energy management, and others.
Residential segment accounted for the largest revenue share of 67.87% in the overall smart electricity meter market share in 2024.
- Smart electricity meters are mainly integrated in residential sector for delivering automated net metering for electricity consumption, facilitating pre-paid metering, monitoring power quality, and enabling easy access to critical utility information for enhanced visibility.
- Moreover, the integration of smart electric meters in residential spaces provide various benefits such as real-time energy monitoring, usage pattern analysis, improved billing accuracy, enhanced control over energy consumption pattern, and others.
- For instance, according to the European Construction Industry Federation, the total number of building permits for residential construction in France reached up to 489,811 units in 2022, representing a growth of 3.83% as compared to 471,749 units in 2021.
- According to the analysis, the rising residential development is driving the adoption of smart electric meters for delivering automated net metering for electricity consumption and monitoring power quality, in turn propelling the market.
Commercial segment is anticipated to register a substantial CAGR growth during the forecast period.
- Smart electric meters are often used in commercial sector to facilitate automated meter reading, real-time energy consumption monitoring, demand management, detailed analytics, and others.
- Moreover, the rising installation of advanced (smart) metering infrastructure in commercial sector is further increasing the adoption of smart electric meters.
- For instance, according to the U.S. Energy Information Administration, the total number of commercial advanced metering installations in the United States reached up to 13,908,481 installations, accounting for around 69% of total electric meters installations.
- Therefore, the increasing installation of smart metering infrastructure in commercial spaces is projected to drive the market during the forecast period.
Regional Analysis:
The regions covered are North America, Europe, Asia Pacific, the Middle East and Africa, and Latin America.
Asia Pacific region was valued at USD 3,540.13 Million in 2024. Moreover, it is projected to grow by USD 3,780.54 Million in 2025 and reach over USD 6,934.40 Million by 2032. Out of this, China accounted for the maximum revenue share of 35.4%. As per the smart electricity meter market analysis, the adoption of smart electric meters in the Asia-Pacific region is primarily driven by rising development of residential and commercial sectors among others. Additionally, the rising adoption of smart electric meters in residential and commercial sectors due to its real-time monitoring, automated metering, and scalability is further accelerating the smart electricity meter market expansion.
- For instance, according to the Building and Construction Authority of Singapore, the total construction demand including residential and commercial construction in Singapore is reached between USD 24 billion to USD 29 billion by the end of 2024. The above factors are further driving the adoption of smart electric meters in residential and commercial spaces, in turn propelling the market in the Asia-Pacific region.
North America is estimated to reach over USD 8,885.65 Million by 2032 from a value of USD 4,691.30 Million in 2024 and is projected to grow by USD 4,995.66 Million in 2025.
In North America, the growth of smart electricity meter industry is driven by rising investments in residential, commercial and industrial construction along with increasing installation of smart metering infrastructure among others. Similarly, the rising investments in development of smart metering infrastructure are further contributing to the smart electricity meter market demand.
- For instance, according to the U.S. Energy Information Administration, the total number of advanced metering installations in industrial sector in the United States reached up to 574,726 installations in 2022. The above factors are projected to drive the smart electricity meter market trends in North America during the forecast period.
The regional analysis depicts that the presence of favorable government measures for facilitating the development of smart electricity grids is driving the smart electricity meter market demand in Europe. Furthermore, as per the market analysis, the market demand in Latin America, Middle East, and African regions is expected to grow at a considerable rate due to factors such as rising pace of urbanization and increasing adoption of smart electric meters in residential and commercial sectors among others.
Top Key Players and Market Share Insights:
The global smart electricity meter market is highly competitive with major players providing products to the national and international markets. Key players are adopting several strategies in research and development (R&D), product innovation, and end-user launches to hold a strong position in the smart electricity meter market. Key players in the smart electricity meter industry include-
- ABB (Switzerland)
- Genus Power Infrastructures Ltd. (India)
- Schneider Electric (France)
- Wasion Holdings International (China)
- Hubbell Incorporated (U.S)
- Microchip Technology Inc. (U.S)
- Holley Technology Ltd. (China)
- Honeywell International Inc. (U.S)
- Iskraemeco Group (Slovenia)
- Itron Inc. (U.S)
- Landis+Gyr (Switzerland)
Recent Industry Developments :
Product Launch:
- In December 2023, Xylem launched its new Sensus Stratus IQ+ model of smart electric meter for residential application. The smart residential meter offers improved communication and faster delivery of data.
Mergers & Acquisitions:
- In October 2024, Kaynes Technology acquired India-based electricity meter business from Iskraemeco Group. Iskraemeco India is projected to serve the Indian market under Kaynes Technology’s ownership, with specific focus on supply, operation, and maintenance of smart electric meters.
Smart Electricity Meter Market Report Insights :
| Report Attributes | Report Details |
| Study Timeline | 2019-2032 |
| Market Size in 2032 | USD 25,308.04 Million |
| CAGR (2025-2032) | 9.1% |
| By Type |
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| By Communication Technology |
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| By End-Use |
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| By Region |
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| Key Players |
|
| North America | U.S. Canada Mexico |
| Europe | U.K. Germany France Spain Italy Russia Benelux Rest of Europe |
| APAC | China South Korea Japan India Australia ASEAN Rest of Asia-Pacific |
| Middle East and Africa | GCC Turkey South Africa Rest of MEA |
| LATAM | Brazil Argentina Chile Rest of LATAM |
| Report Coverage |
|
Key Questions Answered in the Report
How big is the smart electricity meter market? +
The smart electricity meter market was valued at USD 13,358.52 Million in 2024 and is projected to grow to USD 25,308.04 Million by 2032.
Which is the fastest-growing region in the smart electricity meter market? +
Asia-Pacific is the region experiencing the most rapid growth in the smart electricity meter market.
What specific segmentation details are covered in the smart electricity meters report? +
The smart electricity meters report includes specific segmentation details for type, communication technology, end-use, and region.
Who are the major players in the smart electricity meter market? +
The key participants in the smart electricity meter market are ABB (Switzerland), Genus Power Infrastructures Ltd. (India), Holley Technology Ltd. (China), Honeywell International Inc. (U.S), Iskraemeco Group (Slovenia), Itron Inc. (U.S), Landis+Gyr (Switzerland), Microchip Technology Inc. (U.S), Schneider Electric (France), Wasion Holdings International (China), and Hubbell Incorporated (U.S).
