Smart Meters Market Booms to USD 50.3 Billion by 2033, Powered by Consumer Demand

Market Overview:

According to IMARC Group's latest research publication, "Smart Meters Market Size, Share, Trends and Forecast by Product, Technology, End Use, and Region, 2025-2033", The global smart meters market size reached USD 26.7 Billion in 2024. Looking forward, IMARC Group expects the market to reach USD 50.3 Billion by 2033, exhibiting a growth rate CAGR of 7.24% during 2025-2033.

This detailed analysis primarily encompasses industry size, business trends, market share, key growth factors, and regional forecasts. The report offers a comprehensive overview and integrates research findings, market assessments, and data from different sources. It also includes pivotal market dynamics like drivers and challenges, while also highlighting growth opportunities, financial insights, technological improvements, emerging trends, and innovations. Besides this, the report provides regional market evaluation, along with a competitive landscape analysis.

How AI is Reshaping the Future of Smart Meters Market

• AI-powered smart meters use machine learning and edge computing to deliver 92% accurate energy prediction and fault detection, improving grid reliability and efficiency globally.
• Governments support AI smart meter adoption through grants boosting grid resilience and enabling real-time energy management, as seen in multi-million dollar smart grid funding programs.
• Honeywell’s partnership with Verizon implements 5G connectivity for smart meters, enabling AI-driven remote monitoring and rapid software upgrades, reducing maintenance and improving utility performance.
• AI integration enhances demand forecasting and dynamic tariff setting, helping utilities optimize energy distribution and reduce non-technical losses, backed by real-world trials showing 15% theft detection improvement.
• Projects like the UK’s Market-wide Half-Hourly Settlement use AI and smart meter data to enable flexible energy consumption, increasing customer engagement and supporting decarbonization efforts.

Claim Your Free "Smart Meters Market" Insights Sample PDF

Key Trends in the Smart Meters Market

• Surge in Smart Grid Adoption: Smart meters power smart grids, with 1.06 billion units installed globally. India’s Smart Meter National Programme boosts efficiency, cutting energy losses by 15% in urban areas.
• IoT and AI Integration: IoT-enabled meters, used by 70% of utilities, enhance real-time analytics. Itron’s AI-driven meters improve outage detection, reducing downtime by 20% for better grid reliability.
• Government Push for Energy Efficiency: EU’s Energy Efficiency Directive mandates 80% smart meter coverage. Incentives like U.S. Smart Grid Grants drive adoption, saving 10% on consumer energy bills.
• Rise of Residential Smart Meters: Residential meters dominate, with 42% market share. Consumers save 12% on bills using real-time data, fueled by programs like the UK’s Energy Act subsidies.
• Cybersecurity Focus Strengthens: With 76% of meters using hardware, cybersecurity is key. Siemens’ new secure meters reduce data breach risks by 30%, ensuring trust in connected systems.

Growth Factors in the Smart Meters Market

• Push for Energy Efficiency: Smart meters cut energy waste, with 15% savings on bills. EU’s Green Deal funds meter rollouts, boosting adoption in 80% of member states’ households.
• Government Incentives Drive Adoption: India’s 1 million smart meter installations thrive under the Smart Meter National Programme. Subsidies globally encourage utilities to upgrade, reducing grid losses by 20%.
• IoT and AI Advancements: Over 70% of meters use IoT for real-time data. Schneider Electric’s AI meters enhance grid reliability, cutting outage response times by 25% for utilities.
• Rising Urban Energy Demand: With 56% of people in cities, smart meters manage load spikes. China’s urban grid upgrades deploy 100 million meters, optimizing energy distribution.
• Renewable Energy Integration: Smart meters support solar and wind, with 30% of new grids using AMI. Kamstrup’s OMNIPOWER meters enable 15% better renewable energy efficiency.

Ask analyst of customized report: https://www.imarcgroup.com/request?type=report&id=6218&flag=E

Leading Companies Operating in the Smart Meters Industry:

• 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.
• Zenner International GmbH & Co. KG.

Smart Meters Market Report Segmentation:

By Product:

• Smart Electricity Meter
• Smart Water Meter
• Smart Gas Meter

Smart Electricity Meter leads the market in 2024 due to universal demand for electricity, featuring real-time tracking and analytics for efficient energy management and supporting renewable energy integration.

By Technology:

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

AMI dominates the market in 2024, offering comprehensive functionalities like two-way communication and real-time monitoring, benefiting both utility firms and consumers with operational efficiencies and detailed consumption analytics.

By End User:

• Residential
• Commercial
• Industrial

Residential holds a 71.4% market share in 2024, enabling households to achieve accurate billing and better utility management, thus promoting energy conservation.

Regional Insights:

• North America (United States, Canada)
• Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
• Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
• Latin America (Brazil, Mexico, Others)
• Middle East and Africa

Asia pacific accounts for 44.6% market share in 2024, driven by urbanization and population growth in countries like China and India, supported by government initiatives for infrastructure modernization and sustainability.

Recent News and Developments in Smart Meters Market

• March 2024: Landis+Gyr launches Gridstream Connect, an IoT-enabled meter with 5G support, boosting data transfer speeds by 40% and enhancing grid reliability for utilities.
• July 2024: UK’s Energy Act funds 1.2 million smart meter installations, cutting energy bills by 10% for households through real-time usage tracking and dynamic pricing.
• April 2025: Itron’s OpenWay Riva platform integrates AI analytics, reducing outage detection time by 25%, improving consumer trust and grid efficiency globally.

Note: If you require specific details, data, or insights that are not currently included in the scope of this report, we are happy to accommodate your request. As part of our customization service, we will gather and provide the additional information you need, tailored to your specific requirements. Please let us know your exact needs, and we will ensure the report is updated accordingly to meet your expectations.

About Us:

IMARC Group is a global management consulting firm that helps the world’s most ambitious changemakers to create a lasting impact. The company provide a comprehensive suite of market entry and expansion services. IMARC offerings include thorough market assessment, feasibility studies, company incorporation assistance, factory setup support, regulatory approvals and licensing navigation, branding, marketing and sales strategies, competitive landscape and benchmarking analyses, pricing and cost research, and procurement research.

Contact Us:

IMARC Group

134 N 4th St. Brooklyn, NY 11249, USA

Email: [email protected]

Tel No:(D) +91 120 433 0800

United States: +1-201971-6302