Smart Meters Market - Trends Forecast Till 2028

Smart Meter Market, By Product (Smart Electricity Meter, Smart Gas Meter, and Smart Water Meter), and End Use (Residential, Commercial, and Industrial) and region (North America, Europe, Asia-Pacific, Middle East and Africa and South America)

Published Date: December, 2021

Base Year Estimate: 2020

Report ID: D-EN-SMM-1000


Number of Pages: 381

Domain: Energy

Smart Meters Market – Trends Forecast Till 2028

The global smart meter market size was valued at USD 21.13 billion in 2019 and is projected to reach a CAGR of 9.40% during the forecast period.

Smart meters are electronic devices that accurately monitor electricity, gas, and water usage. These smart meters can send usage information through power line communication, radiofrequency electromagnetic radiation (RF), and cellular communication, helping the utility company to effectively manage the energy usage. Smart meters offer a host of benefits such as reduction of meter reading cost, preventing disconnection, removing inefficiencies in billing, and re-connection costs to corporations and consumers.

Large scale installations of the smart meters by the utility companies and supportive government policies and financial incentives are some of the factors that have supported long-term expansion for Smart Meters Market.

The smart meter market has been significantly impacted by the COVID-19 outbreak. Although the COVID-19 pandemic has forced the field work of several major smart metering projects to pause temporarily, the market is nonetheless expected to remain robust with the cumulative number of smart meter shipments being largely unaffected over a three-year period.

Smart Meters Market Research Report

Asia Pacific is the largest smart meters market in the world, predominantly due to China, and the trend is expected to be the same during the forecast period. The market in the region is driven by the growing emphasis to reduce carbon emissions from utility operations and effectively integrate DER such as solar and wind power for enhanced power sector operations.

Smart Meters Market is segmented into product, end use and region.

On the basis of Product

  • Electric meters
  • Gas meter
  • Water meter

On the basis of End-User Industry

  • Residential
  • Commercial
  • Industrial

On the basis of Region

  • Asia Pacific
  • North America
  • Europe
  • South America
  • Middle East & Africa

Insights are provided for each region and major countries within the regions

Smart Meters Market Primary Respondent


Key Players

  • Itron Inc.
  • Landis+Gyr
  • Schneider Electric SA
  • Siemens AG
  • Badger Meter
  • EDMI
  • Holley Metering Limited
  • Neptune Technology Group Inc.
  • Sensus
  • Honeywell International Inc.

Recent Developments

  • In January 2020, Landis+Gyr introduced Revelo electric meters with advanced grid sensing technology.
  • In January 2020, Itron launched a 4G LTE smart metering solution that provides broad territory coverage, low latency, and network longevity using 4G LTE technology.

Reasons to Acquire

  • Increase your understanding of the market for identifying the best and suitable strategies and decisions on the basis of sales or revenue fluctuations in terms of volume and value, distribution chain analysis, market trends and factors
  • Gain authentic and granular data access for Smart Meters Market so as to understand the trends and the factors involved behind changing market situations
  • Qualitative and quantitative data utilization to discover arrays of future growth from the market trends of leaders to market visionaries and then recognize the significant areas to compete in the future
  • In-depth analysis of the changing trends of the market by visualizing the historic and forecast year growth patterns

Report Scope


Report Feature


Growth Rate

CAGR of 9.40% during the forecasting period, 2021-2028

Historical Data


Forecast Years


Base Year


Units Considered

Revenue in USD billion and CAGR from 2021 to 2028

Report Segmentation

Product, end user and region.

Report Attribute

Market Revenue Sizing (Global, Regional and Country Level) Company Share Analysis, Market Dynamics, Company Profiling

Regional Level Scope

North America, Europe, Asia-Pacific, South America, and Middle East and Africa

Country Level Scope

U.S., Japan, Germany, U.K., China, India, Brazil, UAE, South Africa (50+ Countries Across the Globe)

Companies Profiled

Itron Inc., Landis+Gyr, Schneider Electric SA, Siemens AG, Badger Meter, EDMI, Holley Metering Limited, Neptune Technology Group Inc., Sensus, and Honeywell International Inc.

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