Smart Electric Meter Market Growth Analysis Report - Market Size, Share, Forecast Trends and Outlook (2025-2034)

The global smart electric meter market reached a value of USD 6.20 billion in 2024. The market is further assessed to grow at a CAGR of 1.60% during 2025-2034 to reach a value of USD 7.26 billion by 2034.

Asia-Pacific to Lead the Smart Electric Meter Market

Europe and Asia-Pacific collectively held a significant share of the smart electric meter market share. The Asia-Pacific is the largest and the fastest-growing region. China accounts for about nearly half of the global market. This is the main reason for the Asia-Pacific to be the largest market. India is a vast economy with electric consumption on the rise. There is also various government initiative that the Indian government will undertake. India’s robust economy and untapped market and multiple advantages of the smart electric meter will cause it to grow at a high rate. India’s growth will be the primary reason for the Asia-Pacific to be the fastest-growing region.

Shifting focus toward the adoption of energy efficient technologies coupled with increasing investments toward replacement of conventional systems with IoT based metering technology will augment the regional industry growth. Moreover, ongoing government incentives and subsidies toward the integration of smart systems across the grid infrastructure will fuel the product demand. Europe market will witness an upsurge during the forecast period due to rising regulatory inclination toward the adoption of policies and standards to effectively address energy theft and power outages.

Smart Electric Meter: Industry Definition and Segments

A smart electric meter is an electronic device that records the consumption of electrical energy and communicates the information to the electricity supplier for monitoring and billing on monthly or daily basis depending on requirement. The preciseness in terms of reading and eliminating manual involvement to note readings and produce electricity is the major advantage of smart electric meter.

Smart electric meter can be divided on the basis of type into the following

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

The industry can be classified on the basis of phase into:

• Single Phase
• Three Phase

On the basis of communication type, the industry can be divided into:

• Power Line Communication
• Radio Frequency
• Cellular

The industry finds its end uses in the following

• Residential
• Commercial
• Industrial

Market Breakup by Region

• North America
• Europe
• Asia-Pacific
• Latin America
• Middle East and Africa

Smart Grid Industry to Boost the Global Smart Electric Meter Industry

The essential driver increasing growth in the global smart electric market is growing in the smart grid market. To provide secure and efficient energy management on a regional level, utility providers are progressively focusing on the extensive deployment of smart grid systems. Growing focus on energy-efficient products and services, rising initiatives to solve energy need problems by smart electric meters by various governments, losses like fraud, costs, and theft involved in the manual collection are minimized with the use of the smart electric meter.

The smart electricity meter is an essential element of the smart grid system, which can offer bi-directional communication with data collection points, thus the smart grid market will directly affect the smart electric meter market. Increasing power consumption across residential establishments including apartments and multistorey buildings along with expanding commercial sector will drive the segment growth. Rapid expansion of distributed generation technology coupled with the advancement of microgrid networks will further spur the market growth trends.

Key Industry Players in the Global Smart Electric Meter Market

The report gives a detailed analysis of the following key players in the global smart electric meter market, covering their competitive landscape, capacity, and latest developments like mergers, acquisitions, and investments, expansions of capacity, and plant turnarounds:

• Aclara Technologies LLC
• Honeywell International, Inc.
• Itron, Inc.
• Kamstrup A/S
• Landis+Gyr AG
• Sagemcom Broadband SAS
• Schneider Electric SE
• Wasion Holdings Limited
• Xylem, Inc
• Others

The comprehensive report provides an in-depth assessment of the market based on the Porter's five forces model along with giving a SWOT analysis.