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Smart Electric Meter Market Size, Share, & Covid-19 Impact Analysis, By Type (Advanced Metering Infrastructure and Auto Meter Reading), By Application (Residential, Industrial, Commercial, and Others), and Regional Forecast, 2021-2028.

Last Updated :April 01, 2024 | Format: PDF | Report ID: FBI100749



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The global smart electric meter market size was USD 19.40 billion in 2020 and is projected to grow from USD 20.81 billion in 2021 to USD 36.00 billion in 2028, growing at a CAGR of 8.1% from 2021 to 2028 . The global impact of COVID-19 has been unmatched and staggering, with the smart electric meter witnessing a negative demand across all regions amid the pandemic. Based on our analysis, the global market exhibited a decline of -9.6% in 2020 compared to the average year-on-year growth during 2017-2019. The rise in CAGR during the forecast period is attributable to this market's demand and growth, returning to pre-pandemic levels once the epidemic is over.

The remarkable development in urbanization and multiple smart city initiatives worldwide has led to the growth of the demand for smart meters worldwide. Revolution in the software and cloud computing sector has led to massive growth in the demand for smart devices, making it vital to invest in smart metering systems. Smart meters are generally used for metering electricity, gas, and water. A smart meter is equipped with functionalities to monitor electricity consumption by consumers and report it directly to the electricity company on a monthly or daily basis, depending on the requirement. The preciseness in reading and eliminating manual involvement to note readings and produce electricity bills is the major advantage of the meter. Smart meters promote transparency as the noted power consumption is sent to the consumers and utility companies. The increasing adoption of renewable energy sources such as solar and wind is also driving the adoption of the smart meter with new grids being set up.

Blockades in Power Distribution Setups to Harm Market Growth Amid COVID-19 Impact

The global pandemic caused by the spread of the novel coronavirus has had a detrimental impact on every industry. Industries have suffered significant losses owing to the imposition of stringent rules such as lockdowns to reduce the spread of the COVID-19 virus.

Consequently, the outbreak of the virus has altered the demand for smart electric meters. As the market is majorly dependent on electrical setups, the drop seen by the power industry due to the imposing of lockdowns in various countries affected the setting up power distribution activities. Companies and governments postponed their power infrastructure projects. This factor has directly impacted the adoption of smart meters. Nevertheless, the pandemic has shown the urgency of shifting to contactless and remote metering solutions, enhancing investment in them in the forecast period.


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Increasing Smart City Initiatives to Propel Demand

The increased development in cloud computing and analytics, and a surge in electronics development, have propelled the demand for smart devices. The increasing smart city initiatives by governments worldwide have led to the growth of the smart metering market. The growth of remote monitoring and controlling of power grids has driven the smart grid market, which further propels the demand for the meters.

India launched its 'Smart City Mission' initiative in 2015 to transform its urban landscape. In 2020, the total investments for the initiative stood at USD 28.31 billion, of which 5,331 projects worth USD 24.31 billion were tendered. Work orders for 4,540 projects worth USD 19.33 billion were issued, and 2,122 projects worth USD 4.83 billion were completed as of 2020.

Government Mandates for Smart Grids to Propel Demand

The majority of the governments have mandated smart meters installation and have considered them critical to national energy policies. National energy policies have been made to improve efficiency and reduce carbon emissions. Some governments have started smart meter roll-outs to accelerate adoption. In June 2021, The Government of India announced its plan to replace existing traditional electric meters with smart meters by 2025. According to the project, the Government plans to replace the existing electric meters of 500 AMRUT cities, industrial and commercial cities, and union territories in the first phase. The second phase will focus on the setup of smart metering devices in rural areas.


Cost Savings and Operational Advantages to Augment Smart Electric Meter Market Growth

Due to an increased number of customers with rural electrification, the increasing electricity demand has increased the electricity prices per unit in various countries. Certain advantages provided by the meter to the electric companies are eliminating monthly manual readings, instant monitoring of the system, lowering electricity cost based on demand, providing real-time data to avoid power outages, and others.  Along with the advantages provided to the electric companies, the meter also has certain benefits for customers, including detailed feedback regarding energy use, adjusting the user to control the monthly bills. It reduces the number of blackouts and system failures.

Increased Awareness Regarding Energy Usage Brought In By Smart Electric Meter

After the meters are installed, they provide the data regarding energy consumption which can help customers to identify the significant energy-consuming devices. This factor has encouraged customers to buy efficient appliances that consume lesser power and provide optimum performance. The smart meter also brings in behavioral changes which decrease energy emissions.  This factor has led many suppliers to favor installing the smart meter with exclusive tariff plans for household usage. 


High Deployment Cost to Restrain Market Growth

Switching the existing conventional metering infrastructure with the new smart meters is expensive. The success of the deployment is determined by factors like coping with network loss and theft. The mass roll-outs in such scenarios result in an immediate profit. Furthermore, issues like extensive worker training for installations, the requirement of cyber security, lack of consumer awareness adversely affect the market.


By Type Analysis

Advanced Metering Infrastructure to See Maximum Adoption in the Forecasted Period

Based on type, the market is segmented into advanced metering infrastructure (AMI) and auto meter reading (AMR). The adoption of these meters has been on the rise in recent years, owing to the advantages provided by the advanced metering infrastructure. The two-way communication between the customer and the electric company is the major difference between the advanced metering infrastructure and auto meter reading smart meter.

From 2016, the major smart meter roll-outs planned are mainly of the advanced metering infrastructure, which has added to the growth of advanced metering infrastructure. The growth in the adoption of renewable energy has also added to the adoption of smart meters for electricity. The need to keep transparency between the electric company and customers regarding the electricity usage with precise readings is the major advantage of the smart electricity meter. Auto meter readings still have a higher percentage in terms of installations in each region, but they are being replaced by advanced metering infrastructure. This factor will lead to a rise in the share of advanced metering infrastructure during the given forecast period.

By Application Analysis

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Residential Segment Will Dominate Market Share Owing to Highest Adoption Rate

The global smart electricity meter market is segmented into residential, commercial, industrial, and others based on application. The residential segment has dominated the market over the past years. The growth is attributable to customers' increasing demand for the meters due to their transparency. In addition, applicable tariffs as per electricity usage are another reason for their rising demand across the residential sector. The other advantage of these meters is reduced energy losses.

The industrial, commercial, and others segments are expected to exhibit steady growth in the global market. But with the increasing adoption of these meters in the residential sector, it will dominate the market during the given forecast period.


Asia Pacific Smart Electric Meter Market Size, 2020 (USD Billion)

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The market has been analyzed across major regions, including North America, Europe, Asia Pacific, Latin America, the Middle East, and Africa. The Asia Pacific currently holds the largest market share in the global market owing to the increasing adoption of smart meters to minimize the unaccounted electricity losses and bring in tariff plans according to the customers' usage. China has the maximum deployment of smart meters in the Asia Pacific region and globally. The elimination of manual meter reading and direct communication between the electric company and end-user has also led to the increasing adoption of smart electricity meters. South Korea, Japan, India, and Australia are the other major countries in the region that have major smart meter roll-outs planned in the coming years, which will see the Asia Pacific dominate this market during the forecast period.

North America is anticipated to witness promising growth in the market. The primary factor driving the growth in the region is the replacement of the existing electric meter along with the roll-outs of new smart meter planned in huge numbers. In the past years, North America has seen a significant rise in the deployment of smart meters. U.S has been the dominant country in the region, followed by Canada.

Europe has also witnessed healthy growth in the installation of these meters. The primary factor driving the market in the region has been the increased adoption of renewable sources of energy. With the increasing adoption of renewable energy sources, new grids are being set up. Smart electric meters, being new technology with certain essential advantages over traditional meters, are preferred chiefly for new installations. The presence of major manufacturers of smart meters in the region has also driven the market's growth. Italy, Spain, France, U.K., Sweden, Norway, Netherlands, Germany, and Denmark are significant countries that drive the regional market. This factor is expected to fuel the growth of the smart electric meter market at a healthy rate in Europe in the forthcoming years.

The Middle East & Africa, and Latin America have seen a minimal penetration of these meters so far. Brazil and Mexico of Latin America are likely to have major smart meter roll-outs planned in the coming years. Similarly, South Africa and GCC countries will grow at a high CAGR in the market over the given forecast period.


Landis+Gyr, Siemens, ABB, Itron Extensive Smart Electric Meter Production to Dominate Market Position

The study of the competitive landscape of the global market has shown that it is highly fragmented with the presence of numerous competitive players. Landis+Gyr, Kamstrup, Siemens, ABB, and GE form a significant portion of the market for delivering electric smart meter solutions across the globe. These companies have invested in technological developments and are expected to remain the market leaders during the forecast period.


  • Aclara (U.S.)

  • GE (U.S.)

  • Itron, Inc. (U.S.)

  • Landis+Gyr (Switzerland)

  • Kamstrup (Denmark)

  • Honeywell (U.S.)

  • Siemens (Germany)

  • Sensus (U.S.)

  • ABB (Switzerland)

  • ZPA Smart Energy (Czech Republic)

  • Secure Meter Limited (India)

  • Holley Technology Ltd (China)

  • Jabil (U.S.)

  • Xemex (Belgium)

  • EDMI Limited (Singapore)

  • EMH Metering GmbH & Co KG (Germany)

  • Schneider Electric (France)


  • January 2020- Honeywell announced that it would integrate the Verizon LTE Managed Connectivity solution into smart meters and other edge devices to develop the next evolution of the smart grid. This cooperation enables Honeywell to provide its customers with a wireless network platform as part of its smart energy software, hardware, and services. It provides safe and reliable IoT communications for utility applications.

  • November 2020 –Sojitz Corporation signed a contract with the Ministry of Economy, Trade, and Industry of Japan (METI). The agreement includes expanding energy infrastructure abroad and introducing a distributed smart infrastructure in the ASEAN region.


An Infographic Representation of Smart Electric Meter Market

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The global smart electric meter market research report provides an elaborative industry analysis with the global market dynamics and competitive landscape. The report's key insights are the price trend analysis, recent industry developments in the global market, such as mergers & acquisitions, the regulatory scenario in crucial countries, macro and microeconomic factors, key retail industry trends, competitive landscape, and company profiles.

Report Scope & Segmentation



Study Period


Base Year


Estimated Year


Forecast Period


Historical Period



Value (USD Billion)


By Type; By Application; and By Region


By Type

  • Advanced Metering Infrastructure

  • Auto Meter Reading

By Application

  • Residential

  • Commercial

  • Industrial

  • Others

By Region

  • North America (By Type, By Application, By Country)

    • U.S. (By Type)

    • Canada (By Type)

  • Europe (By Type, By Application, By Country)

    • Italy (By Type)

    • Spain (By Type)

    • France (By Type)

    • U.K. (By Type)

    • Sweden (By Type)

    • Norway (By Type)

    • Netherlands (By Type)

    • Germany (By Type)

    • Denmark (By Type)

    • Rest of Europe (By Type)

  • Asia Pacific (By Type, By Application, By Country)

    • China (By Type)

    • South Korea (By Type)

    • Japan (By Type)

    • India (By Type)

    • Australia (By Type)

    • Rest of Asia Pacific (By Type)

  • Latin America (By Type, By Application, By Country)

    • Brazil (By Type)

    • Mexico (By Type)

    • Rest of Latin America (By Type)

  • Middle East & Africa (By Type, By Application, By Country)

    • GCC (By Type)

    • South Africa (By Type)

    • Rest of Middle East & Africa (By Type)


Frequently Asked Questions

Fortune Business Insights says that the global smart electric meter market was valued at USD 19.40 billion in 2020.

The global smart electric meter market is projected to reach USD 36.00 billion in 2028.

The global smart electric meter market will grow at a CAGR of 8.1% during the forecast period.

The Asia Pacific was valued at USD 10.82 billion in 2020.

The residential segment is expected to dominate the market during the forecast period.

Cost savings and operational advantages will drive the growth of the global market. High capital investment compared to the traditional meter can hamper the growth of the global market.

LandisGyr, Alcara, ABB, and GE are among the top players in the global market.

The precise reading provided by the smart type of electric meter regarding the energy consumption and awareness regarding energy wastage help in cost savings for the consumer and electrical company.

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