Smart Meter Market is expected to reach US$ 49.24 Billion by 2031

Smart Meter Market Forecast to 2031: Key Insights

According to our latest study on "Smart Meter Market – Global and Regional Share, Trend, and Growth Opportunity Analysis – by Type, Technology, End User, and Geography," the market was valued at US$ 26.21 billion in 2024 and is expected to reach US$ 49.24 billion by 2031. The smart meter market is estimated to record a CAGR of 9.8% from 2025 to 2031. The rising smart grid initiatives are expected to drive the smart meter market size. A smart grid is an advanced electricity network that leverages digital and other cutting-edge technologies to monitor and manage the flow of electricity from a variety of generation sources. These networks are designed to match supply with fluctuating demand from end users while optimizing overall system performance.

The North America smart meter market size is experiencing robust growth, driven by a strategic initiative to ensure energy efficiency, enable real-time consumption monitoring, lower operational costs, and facilitate the integration of renewable energy sources. These advanced metering systems provide consumers with granular usage insights while equipping utilities with the tools to better manage demand, improve grid reliability, and support long-term sustainability goals. As of March 2024, municipalities across Mexico, currently grappling with significant challenges such as water scarcity and system losses, stand to benefit from a large-scale smart water meter deployment. This initiative is being driven by a strategic partnership between WaterMeter Corp, WND Mexico, and UnaBiz, aimed at transforming water measurement and management practices in Mexico and beyond. The project targets the installation of 1 million smart meters over a 10-year timeline.

Smart Meter Market

The California Public Utilities Commission (CPUC) approved the deployment of smart meters by the state’s investor-owned utilities, replacing traditional meters to enhance consumer energy management. These advanced meters provide real-time, time-of-use data, allowing customers to better understand and optimize their energy consumption patterns. The initiative aims to promote more informed and efficient energy use across the state. According to the US Energy Information Administration, as of 2022, US electric utilities had deployed ~119 million advanced metering infrastructure (AMI) systems, representing around 72% of all electric meter installations nationwide. Residential customers made up the majority of this deployment, accounting for roughly 88% of total AMI installations. Additionally, about 73% of all residential electric meters had been upgraded to AMI technology, underscoring the sector's continued shift toward smarter, data-driven energy management.

Various players across the region are in grid modernization. For example, in May 2024, SaskPower announced a planned capital investment of US$ 1.6 billion in Saskatchewan’s electricity infrastructure for the 2024–2025 fiscal year. The funding will support grid maintenance and modernization, new generation capacity, expansion initiatives, and continued deployment of smart meters, among other strategic projects. This investment marks a US$ 433 million increase over the previous fiscal year, reflecting the utility's commitment to enhancing system reliability and meeting future energy demands. Thus, such factors enable North America to hold a significant smart meter market share. 

Rising Smart Grid Initiatives to Drive Global Smart Meter Market Growth

The growth of the smart meters market is closely tied to the global acceleration of smart grid initiatives, which are reshaping electricity infrastructure to meet modern energy demands. Smart meters play a central role in this transformation. They serve as a critical interface between utilities and consumers, enabling real-time data collection, demand response, and improved load forecasting. As such, they are indispensable for enabling many of the key functionalities of a smart grid. Most of the technologies supporting this evolution, including smart metering infrastructure, have reached a high level of maturity. As a result, investment trends in smart grids and associated technologies now serve as a strong indicator of market expansion.

Significant public and private investments are accelerating smart grid and smart meter deployment worldwide. For example, on October 18, 2024, the US Department of Energy announced nearly US$ 2 billion in funding for 38 projects aimed at enhancing the US power grid’s resilience against extreme weather, lowering energy costs for communities, and increasing capacity to handle rising demand from manufacturing, data centers, and electrification. Notably, 14 of these projects were selected under the Grid Resilience Utility and Industry Grants. A year earlier, the Department announced up to US$ 3.46 billion through the Grid Resilience and Innovation Partnerships (GRIP) Program for 58 projects in 44 states, further underscoring the national commitment to grid modernization. Thus, the rising smart grid initiatives fuel the smart meter market growth.

Global Smart Meter Market: Segmental Overview

Based on end user, the market is segmented into residential, commercial, and industrial. The residential segment held the largest smart meter market share in 2024. Smart meters have become a critical component of contemporary residential energy management, delivering significant advantages to both consumers and utility providers. Smart meters have become a vital element of modern residential energy management by providing real-time monitoring and precise measurement of electricity, water, and gas consumption. Unlike traditional meters, smart meters transmit usage data directly to utility providers, enabling more efficient billing processes and eliminating the need for manual readings. This technology empowers homeowners to gain detailed insights into their energy consumption patterns, supporting informed decisions to reduce usage and lower utility expenses. Additionally, it enables demand response initiatives, allowing utilities to better manage load during peak periods and encourage energy conservation. When integrated with home automation systems, smart meters can optimize appliance usage and facilitate the incorporation of renewable energy sources such as solar panels.

Smart Meter Market Analysis: Competitive Landscape and Key Developments

The global smart meter market report emphasizes the key factors driving the market and prominent players' developments. Landis+Gyr; Schneider Electric; Itron, Inc.; Xylem (Sensus); Sagemcom; Hubbell; ZENNER International GmbH & Co. KG; Honeywell International; BOVE Technology; and Siemens AG are among the prominent players profiled in the global smart meter market report. The market players focus on new product launches, expansion and diversification, and acquisition strategies, which allow them to access prevailing business opportunities.

• In March 2024, Utilidata, an industry-leading AI-powered technology company, announced that Aclara, a division of leading utility and electrical solutions provider Hubbell Incorporated, will be the first company to embed Utilidata’s distributed AI platform, Karman, in a smart meter to enable a connected grid that delivers clean and reliable energy. Built on a custom module that leverages the NVIDIA Jetson platform for artificial intelligence, Karman captures and analyzes robust, high-quality data to improve grid operations and manage distributed energy resources (DERs).
• In August 2024, Landis+Gyr, a leading provider of energy management solutions, will provide in excess of 400,000 residential E360 and E450 smart meters along with its leading GridStream head end system software solution to unlock the full potential of smart grid technology and support Cyprus on its energy efficiency journey. As part of a countrywide rollout to modernize the electricity distribution network, the Electricity Authority of Cyprus (EAC) is likely to roll out 400,000 smart meters in the coming 3 years. The next phase of the rollout will include an additional 200.000 smart metering devices to ensure full coverage of the EAC customer base. The EAC has awarded this strategic project to the Cyprus Telecommunications Authority (Cyta), which is partnering with Landis+Gyr as a technology and solutions provider.
  
  

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