GMI Research analysis indicates that the Smart Meter Market estimated at USD 19.1 billion in 2021 and is slated to register a single digit CAGR of 8.4% over the forecast period, and is projected to reach USD 36.4 billion in 2029.

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Key Drivers

Increasing adoption of smart meters across various applications to enhance the efficiency of power networks, owing to its two-way communication feature which allows to tract the utility usage is one of the major factors fueling the smart meter market growth. Favourable government support and investments to promote digitalization of electrical systems will augment the market growth. For example, in February 2020, India’s state-owned Energy Efficiency Services Limited (EESL), installed nearly 10 lakh smart meters under the Government of India’s Smart Meter National Programme. EESL has decided to 25 crore smart meters over the next few years. In addition, increasing energy efficiency measures and rapid digitalization have ensured the deployment of smart grids, owing to their ability to optimize supply from inexhaustible energy sources, propelling the market growth. Smart meter offer enormous advantages which include detection of any leakages in the supply aided by the continuous monitoring of gas, electricity, and water flow and reduction of the monthly meter reading to optimize the profit with existent resources. However, high operational cost incurred by utility suppliers to switch to smart meters might impede the market growth.

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Type – Segment Analysis

Based on the type, the global smart meters market segmented into smart electric meter, smart water meter, and smart gas meter. The electric smart meter segment is projected to grow at a higher CAGR over the forecast period. These meters monitor the electric system in real-time and eradicates manual monthly meter readings, which is propelling the demand of the global market for smart meters. The smart electric meter is highly energy-efficient. Furthermore, the smart water meter measures water flow under wireless communication in the wide areas of the network.

End-Use – Segment Analysis

Based on the end-user, the global smart meter market segmented into residential, commercial, and industrial. The growing demand for the continuous supply of electricity by the consumers is expecting to drive the global market for smart meters. The smart meters are equipped to record electricity and the performance of the device. The smart meters optimize the profit with the existing resources in industrial areas.

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Regional – Segment Analysis

On the basis of region, the Asia-Pacific and Western Europe region is anticipated to dominate the market during the forecast period owing to the growing installation of new smart meters for the upgradation over the conventional meters. For instance, China has included upgradation of its grid infrastructure in the five-year countrywide plan. Increasing consumer preferences and changing lifestyles will target the consumers to drive the demand of the global smart meter market. The increasing investments by governments is creating new opportunities, especially in the developing economies such as China, India, and Japan.

Top Market Players

Various notable players operating in the market include Badger Meter Inc, Aidon Suomi, Hydrometer GMBH, Circutor SA, EDMI Ltd., Aclara Technologies LLC., Echelon Corporation, General Electric Company, Holley Metering Limited, Iskraemeco d.d., Itron, Kamstrup A/S, Landis+Gyr, and Sensus among others.

Key Developments

• • In 2021, Itron, Inc. introduced Itron Smart, with the main emphasis to offer innovative ways of water and energy management.
    In 2021, Itron, Inc. started off an underwritten public offering of $350 million of shares of common stock of the company, subjected to market and other conditions.
  • In October 2019, Sensus launched new ultrasound static water meter, Cordonel, for smart utility network. Cordonel monitors distribution networks for accurate water resource management.
  • In June 2018, Badger Meter launched New E-Series® Ultrasonic Meters for commercial purposes. The newest smart meters are available in 3-inch and 4-inch sizes. Badger Meter E-Series Ultrasonic meters incorporate high accuracy measurement, fully programable registration, and long-term dependability.

Segments covered in the Report:

The Global Smart Meter market has been segmented on the basis of type, communication type, component, end-user, technology and region. Based on Type, the market is segmented into Smart Water Meters, Smart Electric Meters, and Smart Gas Meters. Based on the communication type, the market is segmented into RF, PL and Cellular. Based on the component, the market is segmented into Hardware and Software. Based on the end-user, the market is segmented into Commercial, Residential, and Industrial. Based on technology, the market is segmented into Advanced Metering Infrastructure (AMI) and Automatic Meter Reading (AMR).

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Key questions answered in this research report:

• • At what pace is the global smart meter market growing? What will be the growth trend in the future?
  • What are the key drivers and restraints in global smart meter market? What will be the impact of drivers and restraints in the future?
  • What are the regional revenue and forecast breakdowns? Which are the major regional revenue pockets for growth in the global smart meter market?
  • Which Type generated maximum revenues in 2019 and identify the most promising Type during the forecast period?
  • What companies are the major participants in this market and their business strategies, how does the competitive landscape look like?
  • What are the various End-Users of Global Smart Meter market and how they are poised to grow?

Report Coverage	Details
Market Revenues (2021)	USD 19.1 billion
Market Base Year	2021
Market Forecast Period	2022-2029
Base Year & Forecast Units	Revenues (USD Billion)
Market Segment	By Type, By Communication type, By Component, By End-User, By Technology and, By Region
Regional Coverage	Asia Pacific, Europe, North America, and RoW
Companies Profiled	Badger Meter Inc, Aidon Suomi, Hydrometer GMBH, Circutor SA, EDMI Ltd., Aclara Technologies LLC., Echelon Corporation, General Electric Company, Holley Metering Limited, Iskraemeco d.d., Itron, Kamstrup A/S, Landis+Gyr and Sensus among others; a total of 14 companies covered.
25% Free Customization Available	We will customize this report up to 25% as a free customization to address our client’s specific requirements

Market Segmentation

Global Smart Meter Market by Type

• • Smart Water Meter
  • Smart Electric Meter
  • Smart Gas Meter

Global Smart Meter Market by Communication Type

• • RF
  • PLC
  • Cellular

Global Smart Meter Market by Component Type

• • Hardware
  • Software

Global Smart Meter Market by End-User

• • Commercial
  • Residential
  • Industrial

Global Smart Meter Market by Technology

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

Global Smart Meter Market by Region

• • North America Smart Meter Market (Option 1: As a part of the free 25% customization)

• • • By Type
    • By Communication Type
    • By Component Type
    • By End-User
    • By Technology
    • US Market All-Up
    • Canada Market All-Up

• • Europe Smart Meter Market (Option 2: As a part of the free 25% customization)

• • • By Type
    • By Communication Type
    • By Component Type
    • By End-User
    • By Technology
    • UK Market All-Up
    • Germany Market All-Up
    • France Market All-Up
    • Spain Market All-Up
    • Rest of Europe Market All-Up

• • Asia-Pacific Smart Meters Market (Option 3: As a part of the free 25% customization)

• • • By Type
    • By Communication Type
    • By Component Type
    • By End-User
    • By Technology
    • China Market All-Up
    • India Market All-Up
    • Japan Market All-Up
    • Rest of APAC Market All-Up

• • RoW Smart Meters Market (Option 4: As a part of the free 25% customization)

• • • By Type
    • By Communication Type
    • By Component Type
    • By End-User
    • By Technology
    • Brazil Market All-Up
    • South Africa Market All-Up
    • Saudi Arabia Market All-Up
    • UAE Market All-Up
    • Rest of world (remaining countries of the LAMEA region) Market All-Up

Major Players Operating the Smart Meter (Option 5: As a part of the Free 25% Customization – Profiles of 5 Additional Companies of your Choice)

• • Badger Meter Inc
  • Aidon Suomi
  • Hydrometer GMBH
  • Circutor SA
  • EDMI Ltd.
  • Aclara Technologies LLC.
  • Echelon Corporation
  • General Electric Company
  • Holley Metering Limited
  • Iskraemeco d.d.
  • Itron
  • Kamstrup A/S
  • Landis+Gyr
  • Sensus