The global smart meter market size was US$ 18.1 billion in 2021. The global smart meter market is forecast to grow to US$ 28.9 billion by 2030 by growing at a compound annual growth rate (CAGR) of 6.9% during the forecast period from 2022 to 2030.

Factors Influencing the Market

The growing number of projects related to smart cities are forecast to drive the growth of the global smart meter market. In addition, increasing investments in smart meter projects will escalate the market growth during the study period.

Growing urbanization and the development of communication networks will contribute to market growth.

The increasing number of launches and strategic partnerships will offer ample growth opportunities for the smart meter market. For instance, Landis+Gyr introduced Revelo electric meters with advanced grid sensing technology in January 2020. Furthermore, Itron also unveiled a 4G LTE smart meter solution that provides low latency, broad territory coverage, and network longevity benefits.

Favorable government policies and incentives pertaining to the development of smart meters will contribute to the growth of the market. On the contrary, difficulties in the installation may limit the growth of the market.

The growing number of investments from the private and government bodies and laws, such as the American Recovery and Reinvestment Act (ARRA), will contribute to the smart meter market growth.

COVID-19 Impact Analysis

The global smart meter market was negatively affected by the COVID-19 pandemic. Due to the wake of the pandemic, various firms were forced to restructure their strategies to survive in the market. COVID-19 affected various economies, which ultimately affected production and consumption of smart meters. Moreover, government focus on the development of smart cities declined and shifted to the healthcare segment. As a result, the global smart meter market witnessed significant disruptions due to the pandemic.

Regional Analysis

North America is forecast to dominate the smart meters market in terms of revenue. It is owing to the increasing focus on lowering carbon emissions from utility operations. In addition, favorable government policies and significant initiatives towards smart cities will contribute to market growth. Moreover, Asia Pacific is forecast to register a significant growth rate due to favorable initiatives by government bodies.

Competitors in the Market

Schneider Electric SA
Landis+Gyr Limited
Itron Incorporated
Siemens AG
Wasion Group Limited
Badger Meter Incorporated
Sensus (Xylem)
Honeywell International Incorporated
Larsen & Toubro Limited
Kamstrup
Elster Group GmbH
ICSA India Limited
General Electric Company
Neptune Technology Group Incorporated
Other Prominent Players
Market Segmentation

The global smart meters market segmentation focuses on Meter, Communication, Component, Technology, End-Use, and Region.

Based on Meter Type

Electric Meter
Gas Meter
Water Meter
Based on Communication Type

RF (Radio Frequency)
PLC (Power Line Carrier)
Cellular
Based on Component

Hardware
Software
Service
Managed Service
Professional Service
Based on Technology

AMI (Advanced Metering Infrastructure)
AMR (Auto Meter Reading)
Based on End-Use Industry

Residential
Commercial
Industrial
Based on Region

North America
The U.S.
Canada
Mexico
Europe
Western Europe
The UK
Germany
France
Italy
Spain
Rest of Western Europe
Eastern Europe
Poland
Russia
Rest of Eastern Europe
Asia Pacific
China
India
Japan
Australia & New Zealand
ASEAN
Rest of Asia Pacific
Middle East & Africa (MEA)
UAE
Saudi Arabia
South Africa
Rest of MEA
South America
Brazil
Argentina
Rest of South America