Smart Electricity Meters Market Is Likely To Witness Huge Growth

Smart Electricity Meters Market Summary

The global smart electricity meters market was valued at USD 11.65 billion in 2022 and is projected to reach USD 21.81 billion by 2030, growing at a CAGR of 7.6% from 2023 to 2030. The aging of existing power grid infrastructure has resulted in significant inefficiencies within electricity systems. To address these challenges, organizations across the world are focusing on developing advanced grid frameworks. This shift has fueled the widespread adoption of technologically advanced smart electricity meters, which provide real-time monitoring, enhance energy efficiency, and improve billing accuracy.

Government agencies and regulatory bodies have introduced numerous policies to accelerate the implementation of smart meters. These regulations have created favorable conditions for widespread deployment, thereby driving market expansion. Increasing regulatory initiatives across different regions are anticipated to significantly boost the demand for smart electricity meters during the forecast period. Within Europe, for example, the European Union has established specific smart metering mandates, supported by rollout plans developed by bodies such as the Commission for Energy Regulation and other governing authorities.

Key Market Trends & Insights

• Asia Pacific dominated the global smart electricity meters market in 2022, accounting for over 44% of the total revenue. This growth is attributed to rapid urbanization, government-led smart grid projects, and significant investment in modernizing power infrastructure.
• The European smart electricity meters market is expected to record substantial growth over the forecast period, supported by strict energy efficiency policies, sustainability goals, and rising consumer demand for improved energy management.
• By phase, the single-phase segment accounted for the largest revenue share of more than 91% in 2022, owing to widespread adoption in residential applications where single-phase connections are more common.
• By end use, the residential segment led the market in 2022, capturing over 88% of global revenue, as households increasingly adopt smart meters to monitor consumption, reduce wastage, and manage energy bills more effectively.

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Market Size & Forecast

• 2022 Market Size: USD USD 11.65 Billion
• 2030 Projected Market Size: USD 21.81 Billion
• CAGR (2023-2030):7.6%
• Asia Pacific: Largest market in 2022

Key Companies & Market Share Insights

The smart electricity meter market has a high growth rate. Highly differentiated products are further leading to increased competitive rivalry. The presence of prominent players, such as GE, ABB Ltd., and Schneider Electric, and the companies' strategic initiatives such as frequent partnerships, mergers, acquisitions, expansion, and strategic alliances, and increasing spending on R&D activities are increasing the competition in the industry. For instance, in February 2023, Itron Inc collaborated with SEW, a leading provider of cloud-based software solutions for the energy and water industries. The collaboration aims to develop new solutions that leverage Itron's OpenWay Riva IoT solution, which includes smart electricity meters and other smart grid technologies. Further, it would provide utilities with better insights into their customers' energy usage and help consumers better understand and manage their energy consumption.

Key Players

• ABB Ltd.
• General Electric
• Holley Technology Ltd.
• Elster Group SE
• Iskraemeco D.D.
• Itron, Inc.
• Landis+Gyr
• Schneider Electric SE
• Siemens AG

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Conclusion

The global smart electricity meters market is experiencing strong growth as nations modernize outdated grid systems and invest in advanced energy infrastructure. Regulatory mandates, supportive government initiatives, and the growing need for efficient energy consumption are major forces accelerating adoption. Asia Pacific continues to dominate the market due to large-scale government programs and rapid infrastructure upgrades, while Europe is emerging as a fast-growing region driven by strict sustainability policies. With residential applications and single-phase systems accounting for the bulk of installations, smart meters are set to become a cornerstone of future energy management, ensuring efficiency, transparency, and reliability in electricity consumption.