Smart Meters Market Updates

Smart Meters Market size was valued at USD 22.86 Billion in 2023 and is poised to grow from USD 25.17 Billion in 2024 to USD 54.33 Billion by 2032, growing at a CAGR of 10.1% during the forecast period (2025-2032).

The prominent players operating in the market are constantly adopting various growth strategies in order to stay afloat in the market. Product launches, innovations, mergers, and acquisitions, collaborations and partnerships, and intensive R&D are some of the growth strategies that are adopted by these key players to thrive in the competitive market. The key market players are also constantly focused on R&D in order to supply industries with the most efficient and cost-effective solutions. 'Itron, Inc.', 'Landis+Gyr AG', 'Schneider Electric SE', 'Siemens AG', 'Honeywell International Inc.', 'Kamstrup A/S', 'Sensus USA Inc.', 'Aclara Technologies LLC', 'Holley Technology Ltd.', 'Jiangsu Linyang Electronics Co., Ltd.', 'Wasion Group Holdings Ltd.', 'Iskraemeco d.d.', 'Elster Group GmbH', 'EDMI Limited', 'Toshiba Corporation', 'Echelon Corporation', 'ABB Ltd.', 'Silver Spring Networks, Inc.', 'Trilliant Holdings, Inc.', 'Landis+Gyr Inc.'

Due to rising electricity demand from more people who have access to rural electrification, prices per unit of electricity have grown globally. The meter offers electric companies several benefits, including the elimination of monthly manual readings, immediate system monitoring, lowering electricity costs based on demand, providing real-time data to prevent power failures, and others. Along with the benefits it offers to electric companies, the meter also offers customers certain perks, such as thorough feedback on their energy usage and the ability to manage their monthly costs. It lessens the frequency of power outages and system breakdowns.

The need for smart gadgets has been fueled by rapid advancements in cloud computing, analytics, and electronics. The market for smart meters is expanding as a result of governments' increased investments in smart cities. The market for smart grids has been pushed by the expansion of remote power grid monitoring and control, which also drives up demand for meters. India started its "Smart City Mission" effort in 2015 to change the appearance of its cities. The programme received USD 28.31 billion in total investments in 2020, of which 5,331 projects totaling USD 24.31 billion were put up for bid. As of 2020, 2,122 projects totaling 4.83 billion dollars had been finished out of 4,540 projects with work orders.

Based on the region, the market is categorized into North America, Europe, Asia-Pacific, South America, and MEA. The Asia Pacific accounted for the largest market share and is expected to remain the leader in Smart Meters in the coming years. The regional growth of the market is attributed to the growing deployment of smart meters to reduce unexplained electricity losses and introduce tariff plans based on client usage; the Asia Pacific now owns the greatest market share in the global industry. In the Asia Pacific and worldwide, China has the smartest meters installed. The usage of smart electricity meters is expanding as a result of the abolition of manual meter readings and improved direct interaction between the electric company and end users. Asia Pacific will rule this market during the projection period thanks to the significant smart meter roll-outs planned in South Korea, Japan, India, and Australia.