Smart Meters Market Size, Share, Trends, Growth and Forecast 2032

Smart Meters Market: Industry Perspective

The global Smart Meters Market size was worth around USD 29.54 Billion in 2023 and is predicted to grow to around USD 63.26 Billion by 2032 with a compound annual growth rate (CAGR) of roughly 8.83% between 2024 and 2032.

A smart meter is an electronic device that records consumption and communicates the data to the supplier for billing and monitoring purposes. These meters are of two types, namely advanced metering infrastructure (AMI) and automatic meter reading (AMR). Communication from the meter to the network can be wireless or fixed wired connections.       

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Growing investments in smart home technology is fueling the demand for the smart meters market. In 2022, these investments reached USD 916.7 Million as compared to USD 636.8 Million in 2018. The U.S. is a major attraction for these investments. Further, increasing the adoption of IoT in industries is considered a major driver for the smart meters market over the coming years. In addition to advanced commercial and residential construction activities, the demand for advanced industrial products has benefited for a greater number of utilities converting to smart grids.

All the segments of the smart meters market have been analyzed based on past, present, and future trends. The market is estimated from 2024 to 2032. Based on technology, the global smart meters market is further divided into automatic meter reading (AMR) and advanced metering infrastructure (AMI). The automatic meter reading (AMR) is anticipated to hold a substantial chunk of the smart meters market over the coming years considering the rising demand in the commercial sector. The type segment is bifurcated into electric meters, water meters, and gas meters. The electric meters segment is expected to hold a notable share owing to the rising demand for smart electric meters in the residential sector. The application segment is bifurcated into residential, commercial, and industrial. The industrial segment is estimated to grow at a noteworthy rate over the coming years.

The regional segmentation consists of the past, present, and estimated demand for the Middle East & Africa, North America, Asia Pacific, Latin America, and Europe. The regional segment is further divided into the U.S., Mexico, Canada, UK, Germany, France, China, India, Japan, South Korea, Brazil, and Argentina among others. The North American region is anticipated to hold a considerable share due to the growing adoption of IoT. The U.S. is considered the most lucrative country in terms of generating revenue for the smart meters market. Further, in 2018, the country had about 630 start-ups for smart home technologies. The European region is projected to grow at a substantial rate owing to the presence of market players such as Siemens AG and Schneider Electric.

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Global Smart Meters Market: Segmentation

The study provides a decisive view of the Smart Meters Market by segmenting the market based on by application, by type, by technology and by Region. 

By Application Segment includes Residential, Commercial, Industrial.

By Type Segment includes Electric Meters, Water Meters, Gas Meters.

By Technology Type Segment includes Automatic Meter Reading (AMR) and Advanced Metering Infrastructure (AMI).

Smart Meters Market: Report Scope

Detailed analysis of the major players in the global smart meters market includes their financial overview, business strategies, recent developments, and the product offered by them in the market. Key competitors included in this report are Siemens AG, Schneider Electric, Honeywell International, Inc., Itron, Inc., EDMI Limited, Sensus (Xylem), Toshiba Corporation, Holley Metering, Limited, Badger Meter, Inc., Aclara Technologies, LLC, and Kamstrup A/S among others. Major market players are focusing on expanding their business in developing economies such as China and India. In 2018, Schneider Electric launched smart home solutions in India, including smart meters. The company stated that with smart metering, India can save around USD 20 Billion per year by 2032.

This report segments the global smart meters market as follows:

Global Smart Meters Market: Type Segment Analysis

• Electric Meters
• Water Meters
• Gas Meters

Global Smart Meters Market: Technology Segment Analysis

• Automatic Meter Reading (AMR)
• Advanced Metering Infrastructure (AMI)

Global Smart Meters Market: Application Segment Analysis

• Residential
• Commercial
• Industrial

Global Smart Meters Market: Regional Segment Analysis

• North America
  • The U.S.
• Europe
  • UK
  • France
  • Germany
• Asia Pacific
  • China
  • Japan
  • India
• Latin America
  • Brazil
• The Middle East and Africa