Smart Meters Market is Estimated to Showcase 10.1% CAGR through 2031 as Grid Modernization and Energy Efficiency Gain Traction

Skyquest Technology

Smart meters market was valued at USD 20.76 billion in 2022 and is expected to rise from USD 22.86 billion in 2023 to reach a value of USD 49.35 billion by 2031, at a CAGR of 10.1% during the forecast period (2024–2031).

Smart meters are meters that can share real-time information regarding energy consumption and enabling remote control for providers and users. Growing emphasis on improving the efficiency of energy grids and high investments in grid modernization around the world are slated to boost the sales of smart meters over the coming years.

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Top Players’ Company Profiles

• Itron, Inc.
• Landis+Gyr AG
• Schneider Electric SE
• Siemens AG
• Honeywell International Inc.
• Kamstrup A/S
• Sensus USA Inc.
• Aclara Technologies LLC
• Holley Technology Ltd.
• Jiangsu Linyang Electronics Co., Ltd.
• Wasion Group Holdings Ltd.
• Iskraemeco d.d.
• Elster Group GmbH
• EDMI Limited
• Toshiba Corporation
• Echelon Corporation
• ABB Ltd.
• Silver Spring Networks, Inc.
• Trilliant Holdings, Inc.
• Landis+Gyr Inc.

Rapidly increasing demand for energy worldwide and high emphasis on energy conservation are slated to promote smart meters’ adoption in the future. Increasing investments in the establishment of smart infrastructure and growing emphasis on reducing energy consumption bills for consumers will also favor smart meters market growth going forward. Moreover, the integration of renewable energy sources into existing energy grids will also create a new business scope for smart meter providers going forward. Smart meter companies can also explore going beyond the electricity sector to explore the development of smart meters for gas, water, and other utilities.

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Segments covered

Type

Smart Electricity Meters, Smart Gas Meters, Smart Water Meters

Component

Hardware (Power System, Microcontroller, Communication Interface), Software (Customer Information System (CIS), Meter Data Management System (MDMS), Metering and Billing Software)

Communication Type

Radiofrequency (RF), Power Line Communication (PLC), Cellular

Technology

Advanced Metering Infrastructure, Auto Meter Reading

End-User

Residential, Commercial, Industrial

Governments and Utility Providers Spearhead Sales of Smart Meters Globally

Governments and utility providers around the world are launching new initiatives and efforts to promote smart meter adoption, which creates a highly opportune setting for smart meter companies. Subsidies and incentives for the adoption of smart meters are also expected to help smart meter companies maximize their revenue generation potential through 2031. Collaboration will be of the essence for any market player looking to make a huge impact in this space. Developing and launching new smart meters that are more precise and offer better efficiency will also be of prime importance for all market players going forward.

• Oakter, a renowned provider of electronic products announced the launch of its new smart energy meter capable of two-way communication. The new meter launched in May 2024 featured multiple smart capabilities including Internet of Things (IoT) capabilities and advanced data analytics.
• Xcel Energy, a regulated electricity and gas utility organization based in the United States, announced the initiation for 200,000 smart meter deployment in January 2024. North and South Dakota are projected to get 100,000 smart meters each under this move as part of Xcel’s grid modernization efforts.
• In May 2024, Luma, a leading energy and utilities provider in Puerto Rico announced the launch of a new smart meter assessment initiative to support its 1.5 million smart meter deployment goal. This effort is projected to help the company identify infrastructure readiness for smart meter deployment.
• Back in January 2024, Italgas, a renowned natural gas distribution company based in Italy announced the completion of its first 20,000 next-generation smart meter rollout. These Nimbus H-ready smart meters are aimed at the green energy transformation and are expected to be deployed across Italy in 2025.

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Grid modernization efforts around the world are setting the world up for smart meter adoption. Creating innovative smart meters capable of benefiting utility providers and users will be the best way to maximize revenue generation in the long run. Growing emphasis on sustainability is also expected to play a crucial role in determining the success of smart meter providers. Providing specialized smart meters for renewable energy could also be an idea that smart meter manufacturers can explore in the future.

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