What Does The Market Size Analysis Reveal About The Growth Of The Smart Electric Meter Market?
The smart electric meter market has seen a substantial growth in recent years, expanding from a market size of $22.46 billion in 2024 to $23.87 billion in 2025, recording a robust compound annual growth rate (CAGR) of 6.3%. This growth in the historic period has largely been driven by regulatory mandates, grid modernization, energy efficiency initiatives, aging infrastructure, and increased consumer awareness. Projected to continue at a swift pace, the smart electric meter market size is anticipated to hit $35.21 billion in 2029, with a CAGR of 10.2%. This impending growth can be attributed to various factors such as renewable energy integration, distributed energy resources, electric vehicle charging, demand response programs, and the advent of edge computing. Also, advancements in advanced metering infrastructure (AMI), time-of-use tariffs, grid-interactive devices, IoT integration, and energy data analytics are expected to shape the market trends in the forecast period.
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What Are The Key Drivers Propelling The Growth Of The smart Electric Meter Market?
The smart electric meter market is being significantly driven by the accelerating power demand worldwide. Rapid progress in socio-economic factors like population growth, urbanization, net income capital, and industrial activities in both developed and emerging economies have led to a substantial surge in global demand for power. This increasing power demand is expected to fuel the usage of smart meters as government bodies and utility service providers globally are investing in advanced metering infrastructure and technologies for seamless and error-free utility operations. In addition, global electricity demand is projected to grow at a significantly higher rate of 3% annually from 2023 to 2025, surpassing the growth rate seen in 2022. Therefore, the increase in power demand is set to stimulate the demand for smart electric meters in the forecast period.
Which Are The Major Segments Within The Global Smart Electric Meter Market?
The smart electric meter market covered in this report is segmented as follows –
1) By Type: Advanced Metering Infrastructure, Auto Meter Reading
2) By Phase: Single, Three
3) By Communication Technology: Power Line Communication, Radio Frequency, Cellular
4) By Application: Residential, Commercial, Utility
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Who Are The Major Players In The Smart Electric Meter Market?
Major players in the smart electric meter market include Itron Inc., Landis+Gyr Group AG, Schneider Electric SE, Siemens AG, Honeywell International Inc., Aclara Technologies LLC, EDMI Limited, Enel S.p.A., Kamstrup A/S, Sensus Inc., Wasion International Ltd., ABB Ltd., Sagemcom Ltd., Microchip Technology Inc., General Electric Company, Holley Technology Ltd., Elster Group SE, Iskraemeco D.D., Jiangsu Linyang Energy Co. Ltd., Hexing Electrical Co. Ltd., Networked Energy Services Corporation, Pietro Fiorentini s.p.a., Secure Meters Limited, B METERS Srl, Jabil Inc., Diehl Stiftung & Co. KG, ZENNER Aquamet India Pvt. Ltd., Badger Meter Inc., Mueller Systems LLC, Neptune Technology Group Inc., Tata Power Delhi Distribution Company.
How Are Emerging Trends Shaping The Smart Electric Meter Market Landscape?
Major companies operating in the smart electric meter market are focusing on developing innovative initiatives, such as grid-edge capabilities. New smart meters analyze data from the edge of the power grid that aids in improving energy distribution and management. An example is the launch of a new smart meter by Xylem, a global water technology company. This smart meter provides real-time data on energy consumption, including EV charging patterns, incorporating advanced technologies like IoT, grid-edge computing and real-time data analytics for improved energy efficiency. The meter also enables two-way communication with utility servers, which offers real-time monitoring, grid optimization, and outage detection.
Which Region is Projected To Hold The Dominant Share In The smart Electric Meter Market?
Asia-Pacific was the largest region in the smart electric meter market in 2024. North America, however, is expected to be the fastest-growing region in the forecast period. The regions covered in this analysis are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
What Does The Smart Electric Meter Market Report 2025 Offer?
A smart electric meter is a digital device that closely monitors and records electricity usage in real-time, supplying detailed data to both consumers and utility companies. These devices allow for more accurate billing, remote monitoring, and better energy management, often integrating with smart home systems to optimize energy consumption. The Smart Electric Meter Market research report from The Business Research Company offers insights into global market size, growth rate, regional shares, competitor analysis, detailed segments, trends, and opportunities.
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