Smart Meter Market Size, Share, Growth and Forecast to 2031

The smart meter market size is expected to reach US$ 49.24 billion by 2031 from US$ 26.21 billion in 2024. The market is anticipated to register a CAGR of 9.8% during 2025–2031. The integration of artificial intelligence (AI) and machine learning (ML) are likely to bring new smart meter market trends in the coming years.

Smart Meter Market Analysis

Rising smart grid initiatives and expanding smart meter penetration are driving the global demand for smart meters. Also, the rising need to reduce non-revenue water losses is accelerating the smart meter market growth. International efforts are also contributing to the smart meter market growth. For instance, in June 2025, it was reported that, with support from the United Nations, the electricity grid across the central Indonesian islands of Java, Madura, and Bali (home to more than 160 million people) is undergoing significant upgrades. These enhancements aim to improve the grid’s ability to handle the variability of renewable energy sources like solar and wind, demonstrating the global shift toward smarter, more adaptive power infrastructure.

Smart Meter Market Overview

Smart meters are advanced digital devices that accurately measure and record the consumption of utilities such as electricity, gas, or water in real time. Unlike traditional analog meters, which require manual readings and offer limited data, smart meters automatically transmit usage data to utility providers through secure communication networks. This real-time data exchange enables more efficient resource management, accurate billing, and enhanced customer service. Furthermore, smart meters are a critical component of the digital transformation in utility management. They support automation, reduce operational costs, and provide valuable consumption insights that help both providers and consumers make informed decisions. Utilities can use smart meter data for demand forecasting, energy load balancing, and rapid fault detection. At the same time, consumers benefit from detailed usage reports and real-time alerts that encourage energy conservation and cost savings.

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Smart Meter Market: Strategic Insights

Smart Meter Market Drivers and Opportunities

Sustainability and Operational Benefits

The deployment of smart meters represents a strategic opportunity to drive both environmental and economic benefits, particularly in emerging markets. By providing accurate, real-time data on energy consumption, smart meters empower users to monitor and manage their usage more efficiently. This results in reduced energy consumption, lower greenhouse gas emissions, and a smaller carbon footprint, contributing directly to national and international climate goals. In line with the Paris Agreement, Uzbekistan is actively pursuing decarbonization initiatives, supported by a US$ 46.25 million investment from the World Bank aimed at reducing emissions and accessing international carbon markets. Smart meter implementation plays a critical role in this effort, with projected emission reductions of ~60 million tonnes of CO₂ by 2028.

Rising Need to Reduce Non-Revenue Water Losses

Water utilities, primarily composed of domestic providers, are responsible for the safe and efficient delivery of water services within a highly regulated environment across federal, state, and municipal levels. These utilities often operate under constrained budgets, making substantial capital investments difficult. Operational challenges are compounded by rising costs, aging infrastructure, and financial limitations, particularly in managing water consumption and distribution.

Smart Meter Market Report Segmentation Analysis

Key segments that contributed to the derivation of the Smart Meter Market analysis are type, technology, and end user.

• Based on type, the smart meter market is segmented into smart electric meter, smart water meter, and smart gas meter. The smart electric meter segment dominated the market in 2024.
• In terms of technology, the smart meter market is bifurcated into automated meter reading and advanced metering infrastructure. The advanced metering infrastructure segment dominated the market in 2024.
• By end user, the smart meter market is categorized into residential, commercial, and industrial. The residential segment dominated the market in 2024.

Smart Meter Market Share Analysis by Geography

The Smart Meter Market is segmented into five major regions: North America, Europe, Asia Pacific, Middle East & Africa (MEA), and South and Central America. Asia Pacific dominated the market in 2024.

Asia Pacific witnesses a growing demand for smart meters due to rapid urbanization, industrialization, and increasing energy demand. A blend of regulatory, economic, and technological drivers is propelling the adoption and deployment of smart meters across countries in Asia Pacific. Chief among these are government policies, with regulatory mandates focused on modernizing energy infrastructure, enhancing grid efficiency, and advancing sustainability objectives. In many jurisdictions, legislation has been enacted requiring utilities to transition from traditional meters to smart meters within defined timeframes.

China, along with other leading East Asian nations such as Japan, South Korea, and Taiwan, has been at the forefront of smart meter adoption in Asia Pacific, driving large-scale nationwide rollouts as part of their strategic push toward modernized energy management and infrastructure. In 2023, as of October 1, corporate access to electricity usage data from smart meters was granted in Japan, enabling businesses to develop innovative services. This policy facilitates the use of utility-collected data to create solutions addressing challenges such as decarbonization and elderly care monitoring. Likewise, according to the Ministry of Power, Government of India, India has reached a major milestone in smart meter adoption, with over 20 million smart consumer meters deployed as of January 2025.

The regional trends and factors influencing the Smart Meter Market throughout the forecast period have been thoroughly explained by the analysts at The Insight Partners. This section also discusses Smart Meter Market segments and geography across North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America.

Smart Meter Market Report Scope

Smart Meter Market Players Density: Understanding Its Impact on Business Dynamics

The Smart Meter Market is growing rapidly, driven by increasing end-user demand due to factors such as evolving consumer preferences, technological advancements, and greater awareness of the product's benefits. As demand rises, businesses are expanding their offerings, innovating to meet consumer needs, and capitalizing on emerging trends, which further fuels market growth.

Smart Meter Market News and Recent Developments

The smart meter market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. A few of the developments in the smart meter market are listed below:

• Hubbell Incorporated (Delaware), a subsidiary of Hubbell Incorporated (collectively, “Hubbell”), acquired Ventev, a division of Tessco Technologies Incorporated. Located in Timonium, Maryland, Ventev is a leading manufacturer and provider of a complete ecosystem of solutions to power, protect, and connect wireless networks. Ventev’s 20-year history of designing, manufacturing, and delivering wireless solutions for the communications industry is a natural complement to broaden Hubbell’s portfolio of quality electrical and utility products.

(Source: Hubbell, Press Release, February 2025)

• Schneider Electric, the leader in the digital transformation of energy management and automation, announced that its artificial intelligence-powered feature is now live on the Wiser Home app. Recently recognized as the world’s most sustainable company, Schneider Electric continues to lead in smart home energy management with cutting-edge solutions to support homeowners, homebuilders, and electrical installers. Schneider’s new feature is a market first. It provides AI-optimized energy management of two of the biggest power loads in the home water heaters and electric vehicle chargers via a single app, Wiser Home. Wiser Home is Schneider Electric’s home energy management solution that provides energy monitoring, control, and optimization. The new feature, developed entirely in-house by Schneider Electric, optimizes energy bills through automated load management and predictive energy consumption scheduling tailored to users’ lifestyles.

(Source: Schneider Electric, Press Release, September 2024)

Smart Meter Market Report Coverage and Deliverables

The "Smart Meter Market Size and Forecast (2021–2031)" provides a detailed analysis of the market covering the areas mentioned below:

• Smart meter market size and forecast at regional and country levels for all the key market segments covered under the scope
• Smart meter market trends as well as market dynamics such as drivers, restraints, and key opportunities
• Detailed PEST and SWOT analysis
• Smart meter market analysis covering key market trends, regional framework, major players, regulations, and recent market developments
• Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments in the smart meter market
• Detailed company profiles