The Smart meter market size was valued at US$ 49.24 billion in 2024 and is projected to reach US$ 26.21 billion by 2031; it is expected to register a CAGR of 9.8% from 2025 to 2031.

The US has emerged as a global frontrunner in smart meter deployment, propelled by strong federal backing, utility-driven grid modernization programs, and proactive state-level policies. This widespread adoption reflects a national commitment to enhancing energy efficiency, improving grid reliability, and enabling more responsive energy management. In August 2024, Iberdrola, through its US subsidiary Avangrid, is advancing its role in modernizing the country's energy infrastructure and supporting the energy transition by deploying over 700,000 smart meters for electricity and gas customers in New York State. This initiative enables more accurate, real-time consumption data, moving away from estimated readings and enhancing grid efficiency. The smart meters-installed for customers of New York State Electric & Gas (NYSEG) and Rochester Gas and Electric (RG&E)-facilitate wireless communication with utilities, improving outage detection and response capabilities and aligning with Iberdrola's broader commitment to sustainable energy development.

In January 2023, the German government approved a draft of legislation aimed at revitalizing the digitalization of the energy transition and expediting the nationwide rollout of smart meters. Effective from Spring 2023, the law facilitates the immediate launch of large-scale smart meter deployments, with mandatory implementation beginning in 2025. It also outlines a clear roadmap with legally binding milestones, targeting near-complete adoption by 2030. This new act is designed to significantly accelerate the rollout of smart meters and elevate the digital infrastructure essential for a modern energy system. Smart meters are a critical enabler of a low-emissions energy future, providing the digital backbone needed to manage variable energy demand and intermittent renewable generation effectively. Furthermore, in 2022, Italy emerged as the market leader in smart meter deployment, installing ~2.6 million units within the year. As of May 2024, the country successfully concluded its first-generation smart meter rollout, reaching a total of 36.2 million installed devices. Progress on the second-generation rollout has also been substantial, with 30.2 million units deployed-representing 82% completion. This reflects Italy's strong commitment to modernizing its energy infrastructure through advanced metering technology.

Some of the key players operating in the Smart meter market are J Landis+Gyr; Schneider Electric; Itron, Inc.; Xylem (Sensus); Sagemcom; Hubbell; ZENNER International GmbH & Co. KG; Honeywell International; BOVE Technology; and Siemens AG. These players offer innovative products at affordable prices that attract a large number of consumers, opening new opportunities for them in the coming years.



The overall Smart meter market size has been derived using both primary and secondary sources. To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information about the market. Also, multiple primary interviews have been conducted with industry participants to validate the data and gain analytical insights into the topic. Participants in this process include industry experts, such as VPs, business development managers, market intelligence managers, and national sales managers, along with external consultants, such as valuation experts, research analysts, and key opinion leaders, specializing in the Smart meter market.