Global Smart Meters Market Projected to Reach USD 50.3 Billion by 2033 - Driven by Rising Need for Energy Efficiency

Global Smart Meters Market Statistics, Outlook and Regional Analysis 2025-2033

The global smart meters market size was valued at USD 26.7 Billion in 2024, and it is expected to reach USD 50.3 Billion by 2033, exhibiting a growth rate (CAGR) of 7.24% from 2025 to 2033.

The global smart meters market is driven by the surging need for more efficient energy management and sustainable solutions. Utilities across the globe are increasingly adopting smart meters to address growing demands for energy and water conservation and to reduce waste. According to the International Energy Agency (IEA), global electricity demand is expected to grow by an average of 3.4% annually through 2026, driven by emerging and developing economies.  Smart meters enable real-time monitoring, helping utilities manage demand, detect outages, and prevent energy theft, which can significantly impact utility revenues.  Besides this, governments are also incentivizing smart meter installations to support their sustainability goals, which is aiding in market expansion.

Concurrently, smart meters play a critical role in integrating renewable energy sources into grids by facilitating two-way communication, which allows consumers to contribute energy back into the grid, a crucial step as global renewable energy capacity expands. The IEA projects that renewables will generate about 50% of global electricity by 2030 and 80% by 2050, driven by solar photovoltaic (PV) and wind. Moreover, developing regions are also experiencing rapid adoption of smart meters. In China, the government’s emphasis on grid modernization and initiatives like the State Grid Corporation of China's (SGCC) rollout has resulted in tens of millions of installations, creating a positive outlook for the market expansion. In addition to this, the continuous rollout of smart city initiatives worldwide is further bolstering the demand for advanced metering solutions. Along with this, with the rising consumer awareness and a shift towards data-driven energy management, these developments are fueling the demand for smart meters. Furthermore, significant advancements in the Internet of Things (IoT) and big data analytics technologies enhancing the value of smart meters, thereby offering granular insights into consumption patterns that drive efficient use and energy savings for consumers are impelling the market growth. Apart from this, the integration of fifth-generation (5G) networks supporting higher data transmission rates for smart meters and providing a scalable infrastructure for rapid data processing essential in large-scale smart grid implementations are propelling the market forward.

Global Smart Meters Market Statistics, By Region

The market research report has also provided a comprehensive analysis of all the major regional markets, which include North America (the United States and Canada); Asia-Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others); Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others); Latin America (Brazil, Mexico, and others); and the Middle East and Africa. According to the report, Asia-Pacific accounted for the largest market share on account of rapid urbanization, government initiatives, and large-scale grid modernization.

North America Smart Meters Market Trends:

The region's demand for smart meters is driven by regulatory mandates promoting advanced metering infrastructure and federal programs supporting smart grid developments. Investments in upgrading aging grid systems and integrating renewable energy sources are central to the increasing adoption of smart metering technology in North America.

Asia-Pacific Smart Meters Market Trends:

The demand for smart meters in Asia Pacific is being driven by the region’s expanding focus on sustainable energy initiatives and growing electricity consumption fueled by economic growth. Nations such as India and Indonesia are investing heavily in smart grid technologies to reduce energy losses, which the International Energy Agency notes can reach up to 20% in some areas. The region’s significant investments in renewable energy infrastructure further push the adoption of smart meters to support efficient energy distribution. According to the Asian Development Bank, renewable energy investment in Asia-Pacific is projected to exceed $1.3 trillion by 2030, enhancing grid reliability.

Europe Smart Meters Market Trends:

Demand in Europe is propelled by strong legislative frameworks promoting energy efficiency, such as the EU’s Green Deal, aiming for a carbon-neutral economy by 2050. Extensive rollout programs backed by governments ensure widespread adoption supported by consumer awareness of sustainable energy management.

Latin America Smart Meters Market Trends:

The need for better energy distribution and revenue protection is propelling demand in Latin America. Smart meters help combat energy theft and technical losses, which are notably high in countries like Brazil.

Middle East and Africa Smart Meters Market Trends:

Smart meter demand here is fueled by growing urbanization and infrastructure development in line with national visions like Saudi Arabia’s Vision 2030. Investments in improving electricity supply reliability and reducing losses are key, as governments push for better energy management solutions.

Top Companies Leading in the Smart Meters Industry

Some of the leading smart meters market companies include Aichi Tokei Denki Co. Ltd., Apator SA, Arad Group, Badger Meter Inc., Diehl Stiftung & Co. KG, Holley Technology Ltd., Itron Inc., Landis+Gyr, Neptune Technology Group Inc. (Roper Technologies Inc.), Schneider Electric SE, Sensus USA Inc. (Xylem Inc.), Shenzhen Kaifa Technology Co. Ltd., and Zenner International GmbH & Co. KG, among many others.

• In February 2024, Rhode Island Energy partnered with Landis+Gyr to deploy and support advanced smart metering technology for 530,000 electric customers in the state. The agreement includes the installation of Landis+Gyr's Revelo metering platform, which features grid-edge sensing and edge computing capabilities to manage load and support grid troubleshooting.
• In September 2023, Itron, a leading energy and water management company, is partnering with Jordan Electric Power Company (JEPCO) to advance its digital transformation. JEPCO will use Itron Enterprise Edition™ (IEE) Meter Data Management (MDM) to streamline business operations and centralize data management. The MDM will enable JEPCO to manage data from over 1.5 million smart meters, with the capability to manage an additional 100,000 meters per year over the next five years.

Global Smart Meters Market Segmentation Coverage

• On the basis of the product, the market has been categorized into smart electricity, smart water, and smart gas meters, wherein smart electricity meter represents the leading segment due to its crucial role in enabling efficient energy management and real-time monitoring of electricity usage. Utilities prioritize smart electricity meters to reduce operational costs, improve outage detection, and support demand response programs, meeting the growing need for accurate billing and enhanced grid reliability.
• Based on the technology, the market is bifurcated into AMI (advanced metering infrastructure) and AMR (automatic meter reading), amongst which AMI (advanced metering infrastructure) dominates the market. AMI leads the market as it offers comprehensive two-way communication, allowing utilities to remotely monitor, control, and optimize energy distribution. This technology supports data-driven decision-making and proactive grid management, enhancing energy efficiency and aligning with smart grid initiatives globally.
• On the basis of the end use, the market has been divided into residential, commercial, and industrial. The rising consumer interest in managing energy costs and sustainable living practices is boosting smart meter installations in households. In addition to this, businesses are adopting smart meters to optimize energy consumption, reduce utility expenses, and meet regulatory requirements for energy efficiency. Furthermore, industries seek smart meters to enhance energy management, support predictive maintenance, and increase operational efficiency for better production output.

Browse IMARC Related Reports on Smart Meters Market:

• Japan Smart Meters Market Report