Smart Electric Meter Market

Market Definition

A smart electric meter is an advanced device that monitors and records real-time electricity consumption, transmitting data to utilities and consumers through digital communication networks for efficient energy management, accurate billing, and remote monitoring. 

The report offers a thorough assessment of the main factors driving market expansion, along with detailed regional analysis and the competitive landscape influencing industry dynamics.

Smart Electric Meter Market Overview

The global smart electric meter market size was valued at USD 27.72 billion in 2024 and is projected to grow from USD 29.90 billion in 2025 to USD 51.67 billion by 2032, exhibiting a CAGR of 8.05% during the forecast period. 

Market growth is attributed to the increasing consumer demand for real-time energy usage insights, prompting utilities to install smart electric meters. 

This growing need for transparency and cost savings is supporting utilities in implementing smart electric metering technologies. The integration of renewable energy sources into power grids is creating a stronger need for advanced electric metering solutions.

Major companies operating in the smart electric meter industry are Genus, Itron Inc, Honeywell International Inc, Landis+Gyr, Hubbell, Havells Pvt Ltd, ABB, Adya, Schneider Electric, Kamstrup, Adani Electricity, Commonwealth Edison Company, Holley Technology Ltd, Siemens, and Wasion Holdings International.

The global emphasis on energy efficiency and conservation is propelling market expansion. Smart meters deliver real-time insights into energy usage, empowering consumers to optimize consumption and minimize waste. 

They enable utilities to implement demand response programs and identify inefficiencies, fostering sustainable energy practices. This focus on efficient resource use fosters the adoption of smart meters across the residential, commercial, and industrial sectors.

• According to the International Energy Agency (IEA), global investment in energy efficiency reached approximately USD 660 billion in 2024, a substantial portion of this investment supports the deployment of digital technologies such as smart meters.

Key Highlights:

1. The smart electric meter market size was recorded at USD 27.72 billion in 2024.
2. The market is projected to grow at a CAGR of 8.05% from 2025 to 2032.
3. Asia Pacific held a market share of 35.03% in 2024, with a valuation of USD 9.71 billion.
4. The advanced metering infrastructure segment garnered USD 17.19 billion in revenue in 2024.
5. The residential segment is expected to reach USD 21.56 billion by 2032.
6. North America is anticipated to grow at a CAGR of 8.55% through the projection period.

Market Driver

Rise of Distributed Energy Resources (DERs)

The rise of distributed energy resources (DERs) such as solar panels and wind turbines is fueling the expansion of the market. These decentralized energy sources create complex grid dynamics, requiring smart meters to monitor and manage real-time energy flows. 

By enabling precise tracking of generation and consumption, smart meters ensure grid stability, optimize energy distribution, and support integration of renewables. This facilitates efficient energy management, reduces reliance on centralized power and enhances the resilience of modern energy systems.

• According to the International Renewable Energy Agency (IRENA), global renewable power capacity reached 4,448 gigawatts (GW) by 2024, with significant contributions from distributed energy resources.

Market Challenge

High Initial Installation Costs

High initial installation costs present a significant challenge to the expansion of the smart electric meter market, particularly for utilities operating with limited budgets.

These expenses include meters, communication networks, data management systems, and installation labor. Additionally, long payback periods and uncertainty uncertain return on investment may hinder widespread adoption.

To address this challenge, companies are adopting flexible business models and technological innovations. They are offering smart meters through leasing or meter-as-a-service (MaaS) models, allowing utilities to spread costs over time. 

Additionally, the development of low-cost modular meter designs aims to make deployment more affordable. Additionally, they are focusing on local manufacturing and component sourcing to reduce production and logistics expenses.

Market Trend

Adoption of IoT and AI in Metering Systems

The adoption of IoT and AI in metering systems is transforming utility operations by enabling more efficient electricity distribution and precise consumption monitoring. By embedding IoT sensors and leveraging AI-driven analytics, smart electric meters are enabling real-time data collection, predictive maintenance, and faster outage detection. 

These technologies enhance operational efficiency, reduce manual intervention, and support more informed decision-making. 

As power grids grow more complex with the integration of distributed energy resources, the use of IoT and AI is becoming crucial for maintaining grid reliability, optimizing energy demand, and enhancing consumer engagement through smarter, data-driven insights.

• In May 2024, OAKMETER launched its next-generation smart electric meter equipped with advanced metering infrastructure (AMI), IoT connectivity, and real-time analytics to enhance grid efficiency and user engagement. The meter enables two-way communication, frequent data transmission, and outage alerts. Moreover, it streamlines utility operations and empowers users with greater visibility into their energy consumption.

Smart Electric Meter Market Report Snapshot

Segmentation	Details
By Type	Advanced Metering Infrastructure,  Auto Meter Reading
By Application	Residential, Commercial, Industrial
By Region	North America: U.S., Canada, Mexico
	Europe: France, UK, Spain, Germany, Italy, Russia, Rest of Europe
	Asia-Pacific: China, Japan, India, Australia, ASEAN, South Korea, Rest of Asia-Pacific
	Middle East & Africa: Turkey, U.A.E., Saudi Arabia, South Africa, Rest of Middle East & Africa
	South America: Brazil, Argentina, Rest of South America

Market Segmentation

• By Type (Advanced Metering Infrastructure and Auto Meter Reading): The advanced metering infrastructure segment earned USD 17.19 billion in 2024, owing to the increasing adoption of smart grid technologies and real-time data monitoring.
• By Application (Residential, Commercial, and Industrial): The residential segment held a share of 42.17% in 2024, mainly due to growing consumer demand for energy efficiency and smart home integration.

Smart Electric Meter Market Regional Analysis

Based on region, the global market has been classified into North America, Europe, Asia Pacific, Middle East & Africa, and South America.

The Asia Pacific smart electric meter market accounted for a share of 35.03% in 2024, valued at USD 9.71 billion. This dominance is attributed to strategic investments and growing demand for advanced metering infrastructure. 

Expanding electricity networks in the Asia Pacific region, along with government initiatives to improve grid efficiency, are fueling regional market growth. Major players in the region are securing significant contracts and partnerships to enhance their regional footprint. 

Furthermore, the increasing adoption of smart grid technologies such as advanced metering infrastructure (AMI), demand response systems, and IoT-enabled energy management is bolstering domestic market expansion.

• In June 2025, Wasion Group Limited secured USD 32.4 million in contracts from the State Grid Corporation of China’s 2025 first centralized metering equipment tender. The contracts cover approximately 786,000 smart meters and related transformers, along with 31,000 special transformer data collection terminals.

The North America smart electric meter industry is set to grow at a robust CAGR of 8.55% over the forecast period. This growth is propelled by increasing demand for advanced residential energy management solutions that enable efficient monitoring and control of electricity consumption. 

Rising adoption of home electrification technologies in North America, including solar power systems and energy storage, is highlighting the need for smart meters that can integrate seamlessly with various devices. 

Consumers and utilities are seeking enhanced visibility into energy usage patterns to optimize consumption and reduce the costs of electricity bills and energy expenses. Additionally, supportive government policies and investments in modernizing the grid infrastructure are accelerating regional market growth.

• In January 2025, ABB acquired Lumin, a U.S.-based provider of responsive energy management systems, to expand its residential energy management portfolio in North America. This acquisition strengthens ABB’s capabilities in home electrification, solar, and storage solutions, addressing the growing demand for smart energy management in approximately 48 million U.S. homes.

Regulatory Frameworks

• In the U.S., the Federal Energy Regulatory Commission (FERC) oversees wholesale electric markets and ensures that utilities comply with federal regulations related to smart meter deployment and data security.
• In the UK, the Office of Gas and Electricity Markets (Ofgem) regulates and ensures energy suppliers comply with smart metering obligations, including installation targets and proper operation of smart meters.
• In India, the Central Electricity Authority (CEA) sets national standards for smart meter installation, operation, and cybersecurity. It also oversees the deployment of smart meters as part of India's smart grid initiatives.

Competitive Landscape

Major players in the smart electric meter market are forming strategic collaborations to enhance their technological capabilities and reach. By combining expertise in hardware innovation and advanced metering solutions, these alliances aim to accelerate the development and deployment of intelligent metering systems. 

Companies are focusing on improving grid efficiency, enabling real-time monitoring, and supporting digital energy management. Such partnerships are strengthening product portfolios and supporting players to meet the growing demand for smart, data-driven energy infrastructure across.

• In September 2024, Genus Power Infrastructures Ltd. partnered with Panasonic India to leverage their combined expertise in smart metering solutions. The collaboration focuses on developing advanced smart meters equipped with real-time data transmission, remote monitoring, and energy efficiency analytics..

List of Key Companies in Smart Electric Meter Market:

• Genus
• Itron Inc
• Honeywell International Inc.
• Landis+Gyr
• Hubbell
• Havells Pvt Ltd
• ABB
• Adya
• Schneider Electric
• Kamstrup
• Adani Electricity
• Commonwealth Edison Company
• Holley Technology Ltd
• Siemens
• Wasion Holdings International.

Recent Developments (Product Launch)

• In March 2025, Itron launched its IntelliFLEX solution to enhance grid reliability and optimize distributed energy resource (DER) integration. IntelliFLEX, a modular and scalable grid-edge DERMS, enables real-time visibility, control, and AI-driven optimization of behind-the-meter DERs, enabling utilities to increase capacity by up to 20% and defer infrastructure investments.
• In August 2024, Genus Power Infrastructures Ltd. commenced a smart meter installation project across Uttarakhand, covering Dehradun, Rishikesh, Roorkee, and Haridwar. This initiative aims to enable more efficient power delivery and consumption while empowering consumers with real-time usage tracking.