Europe Smart Meter Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)

The report covers Top Smart Meter Companies in Europe and the market is segmented by type of meter (smart gas meter, smart water meter, smart electricity meter), end-user (residential, commercial, industrial), and country (UK, Germany, France, Italy, Spain, and the Rest of Europe). The market sizes and forecasts are provided in terms of value (USD) for all the above segments.

Europe Smart Meter Market Size

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Europe Smart Meter Market Summary
Study Period 2019 - 2029
Base Year For Estimation 2023
Market Size (2024) USD 6.71 Billion
Market Size (2029) USD 13.29 Billion
CAGR (2024 - 2029) 12.18 %
Market Concentration Low

Major Players

Europe Smart Meter Market Major Players

*Disclaimer: Major Players sorted in no particular order

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Europe Smart Meter Market Analysis

The Europe Smart Meter Market size is estimated at USD 6.71 billion in 2024, and is expected to reach USD 13.29 billion by 2029, growing at a CAGR of 12.18% during the forecast period (2024-2029).

The growing awareness for smart grid projects, increasing urbanization, and supportive government regulations are expected to remain among the major factors driving the studied market's growth in Europe.

  • Smart meters are being adopted in the region for different deployments, such as gas, electricity, and water, owing to their two-way communication feature, which facilitates real-time tracking of utility usage by both consumer and utility supplier and also facilitates reading/start/cutoff of supply remotely by the supplier. Additionally, the deployment of a smart meter also allows the implementation of a Home Energy Management System (HEMS) or Building Energy Management System (BEMS), allowing visualization of the electric power usage in every home or entire building.
  • During the past few years, smart metering rollouts have taken place in various European countries, with smart meters replacing traditional regular meters, thus contributing to the grid transition. Moreover, smart meters are utilized not only for automatic readings by the provider but also for empowering the consumer to be aware of their consumption. The swift development of new wireless technologies for IoT communications has a significant impact on the smart metering market in Europe.
  • As per the government of the UK, at the end of September 2022, there were about 30.3 million smart and advanced meters in homes and small businesses in Great Britain. Furthermore, about 54 percent of all meters are now smart or advanced meters, with 26.5 million operating in smart mode.
  • Furthermore, digitization is also modernizing and accelerating energy efficiency measures, owing to which the deployment of smart grids is surging in the European region, as they are efficient in dynamically optimizing supply and fostering supply of significant amounts of electricity from renewable energy sources such as solar power.
  • However, the high cost linked with installing smart meters, growing security concerns, and shortage of capital investment for infrastructure installations is hampering the market's growth over the forecast period.
  • The COVID-19 outbreak and nationwide lockdown across European countries impacted the overall rollout of Smart meters. Moreover, the global COVID-19 pandemic led to lockdowns in different parts of the world, which halted several operations across industries. As an outcome, the shipments and installations of smart meters also witnessed a downfall, bringing a slowdown in the European smart meter market. However, in the post-COVID-19 period, the studied market is expected to gain traction driven by higher consumer awareness about digital technologies and energy-friendly products.

Europe Smart Meter Market Trends

Increased investments in smart grid projects in expected to drive the market growth

  • Electricity demand in the European region is anticipated to increase significantly in the next few decades. For instance, according to IEA, electricity demand in Europe is anticipated to increase by 40 TWh between 2019-2025. Modernization, expansion, digitization, and decentralization of the electricity infrastructure for improved resiliency and planned investment are, thus, expected to change several market dynamics in the region.
  • Utilities in the European region are rising, adopting technologies like digital twinning and artificial intelligence and, coupled with surging government support and initiatives, further attracting investments in smart grid projects. For instance, amid the ongoing energy crisis, the German ministry concerning the energy sector has introduced measures to expedite the adoption of federally funded high-saving energy efficiency initiatives. Under the new measures, vendors can start implementing their projects directly after submitting their funding application, whereas previously, they needed to wait for approval.
  • The adoption of smart meters, as they are a suitable measure of future-ready technologies, paves the way for the smart grid by facilitating two-way real-time communication between DISCOMs and consumers through GPRS technologies.
  • The increasing focus of European countries towards enhancing renewable energy generation capacity is also contributing to the development of smart grid infrastructure in the region as renewable energy generation plants focus more on applying advanced technologies to enhance production and distribution efficiency. According to the International Energy Agency (IEA), the forecast for renewable electricity capacity for the December 2021 to December 2022 period was revised to be 34.3% for the European Union.
Europe Smart Meter Market: Renewable Electricity Capacity Forecast Revisions for the Selected Countries, in Percentage, European Union, Dec21 - Dec22

United Kingdom to Hold a Significant Market Share

  • Replacing traditional electricity and gas meters with smart meters forms an important national infrastructure upgrade for the United Kingdom that is expected to help make the region's energy system cheaper, cleaner, and more reliable. According to the government of the United Kingdom, at the end of September 2022, there were around 30.3 million smart and advanced meters in homes and small businesses across Great Britain.
  • Further, as of September 2022, a total of 23.8 million gas meters and 28.8 million electricity meters were operated by large energy suppliers in domestic properties across Great Britain. Also, at the end of September 2022, 43 percent of all domestic gas meters and 50 percent of all domestic electricity meters operated by large energy suppliers were smart. Similarly, in non-domestic sites across the region, more electricity meters operate in smart or advanced mode than gas meters (48 percent versus 37 percent).
  • Moreover, with a spike in energy prices, many households in the region seek to monitor their gas and electricity usage in real-time and, crucially, how much it costs them, fueling the adoption of smart meters. For instance, per the UK Parliament, household energy bills increased by 54 percent in April 2022 and were expected to increase by 80 percent in October 2022.
  • Further, the different regulations implemented to increase the deployment of smart meters in the region further contribute to the market growth. For instance, starting from January 2022, all gas and electricity suppliers in the region had a binding annual installation target to roll out smart and advanced meters to their remaining non-smart customers by the end of 2025.
Europe Smart Meter Market: Number of Smart and Advance Meter in Operation, in million, Great Britain, September 2022

Europe Smart Meter Industry Overview

The European smart meter market is competitive, with some local and international players active. With the market expected to broaden and yield more opportunities, more players will enter the market soon, fragmenting the competitive landscape during the forecast period. Key players in the market include Elster Group GmbH, Diehl Stiftung & Co. KG, etc.

In February 2023, Netmore, a Swedish IoT operator, started rolling out a LoRaWAN network in France, targeting smart water metering and other large-scale IoT and utility projects. The rollout forms the next step in expanding Netmore's LoRaWAN infrastructure, which, according to the company, is now available in the UK, Sweden, Ireland, the Netherlands, France, and Spain.

In January 2023, the German government announced the adoption of a draft law to restart the digitalization of the energy transition and accelerate the rollout of smart metering. According to the government, the law will likely enter into force in the Spring of 2023, enabling large-scale smart metering rollout to start immediately before becoming mandatory in 2025.

Europe Smart Meter Market Leaders

  1. General Electric Company

  2. Apator SA

  3. Badger Meter Inc. 

  4. Diehl Stiftung & Co. KG

  5. Itron Inc.

*Disclaimer: Major Players sorted in no particular order

Europe Smart Meter Market Concentration
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Europe Smart Meter Market News

  • December 2022: Trilliant, a leading provider of solutions for advanced metering infrastructure (AMI), smart cities, smart grid, and IIoT, announced the selection of its UK division, Trilliant Networks Operations (UK) Ltd., as one of the suppliers to provide smart meters to support the rollout of Ireland’s National Smart Metering Programme (NSMP) by ESB Networks. The program aims to help customers manage their energy use, save money, and lower their carbon footprint.
  • November 2022: Landis+Gyr launched its latest ultrasonic smart water meters and a grid edge EV charging line during Enlit Europe 2022. The launch included the addition of ultrasonic smart water meters, W270 and W370, based on IoT technologies. Equipped with modern IoT communication like NB-IoT, the meter enabled the remote control to deliver valuable information for smart water networks, which include data not only in terms of volume but also additional information like water temperatures, alarms, statistical values, and events.

Europe Smart Meter Market Report - Table of Contents

  1. 1. INTRODUCTION

    1. 1.1 Study Assumption And Market Definition

    2. 1.2 Scope of the study

  2. 2. RESEARCH METHODOLOGY

  3. 3. EXECUTIVE SUMMARY

  4. 4. MARKET INSIGHTS

    1. 4.1 Market Overview

    2. 4.2 Industry Attractiveness - Porter's Five Forces Analysis

      1. 4.2.1 Bargaining Power Of Suppliers

      2. 4.2.2 Bargaining Power Of Buyers

      3. 4.2.3 Threat Of New Entrants

      4. 4.2.4 Threat Of Substitutes

      5. 4.2.5 Intensity Of Competitive Rivalry

    3. 4.3 Industry Value Chain Analysis

    4. 4.4 Impact of COVID-19 On The Market

  5. 5. MARKET DYNAMICS

    1. 5.1 Market Drivers

      1. 5.1.1 Increased Investments in Smart Grid Projects

      2. 5.1.2 Growth in Smart City Deployment

      3. 5.1.3 Supportive Government Regulations

    2. 5.2 Market Challenges/Restraints

      1. 5.2.1 High Costs and Security Concerns

      2. 5.2.2 Integration Difficulties with Smart Meters

  6. 6. MARKET SEGMENTATION

    1. 6.1 By Type of Meter (Revenue and Unit Shipments)

      1. 6.1.1 Smart Gas Meter

      2. 6.1.2 Smart Water Meter

      3. 6.1.3 Smart Electricity Meter

    2. 6.2 By End User

      1. 6.2.1 Residential

      2. 6.2.2 Commercial

      3. 6.2.3 Industrial

    3. 6.3 By Country (Revenue and Unit Shipments)

      1. 6.3.1 United Kingdom

      2. 6.3.2 Germany

      3. 6.3.3 France

      4. 6.3.4 Italy

      5. 6.3.5 Spain

      6. 6.3.6 Rest of Europe

  7. 7. COMPETITIVE LANDSCAPE

    1. 7.1 Company Profiles

      1. 7.1.1 General Electric Company

      2. 7.1.2 Apator SA

      3. 7.1.3 Badger Meter Inc.

      4. 7.1.4 Diehl Stiftung & Co. KG

      5. 7.1.5 Elster Group GmbH (Honeywell International Inc)

      6. 7.1.6 AEM

      7. 7.1.7 Itron Inc

      8. 7.1.8 Kamstrup A/S

      9. 7.1.9 Landis+ GYR Group AG

      10. 7.1.10 Arad Group

      11. 7.1.11 Ningbo Sanxing Electric Co. Ltd.

      12. 7.1.12 Sensus (Xylem Inc.)

      13. 7.1.13 Zenner International GmbH & Co. KG

    2. *List Not Exhaustive
  8. 8. INVESTMENT ANALYSIS

  9. 9. FUTURE OF THE MARKET

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Europe Smart Meter Industry Segmentation

A smart meter is an electronic meter that records information such as voltage levels, electric energy consumption, power factors, and current. Smart meters communicate the data/information to the consumer for enhanced clarity of consumption behavior and to electricity suppliers for system monitoring and customer billing.

The European smart meter market is segmented by type of meter (smart gas meter, smart water meter, smart electricity meter), end-user (residential, commercial, industrial), and country (United Kingdom, Germany, France, Italy, Spain, and the Rest of Europe). 

The market sizes and forecasts are provided in terms of value (USD) for all the above segments.

By Type of Meter (Revenue and Unit Shipments)
Smart Gas Meter
Smart Water Meter
Smart Electricity Meter
By End User
Residential
Commercial
Industrial
By Country (Revenue and Unit Shipments)
United Kingdom
Germany
France
Italy
Spain
Rest of Europe
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Europe Smart Meter Market Research FAQs

The Europe Smart Meter Market size is expected to reach USD 6.71 billion in 2024 and grow at a CAGR of 12.18% to reach USD 13.29 billion by 2029.

In 2024, the Europe Smart Meter Market size is expected to reach USD 6.71 billion.

General Electric Company, Apator SA, Badger Meter Inc. , Diehl Stiftung & Co. KG and Itron Inc. are the major companies operating in the Europe Smart Meter Market.

In 2023, the Europe Smart Meter Market size was estimated at USD 5.98 billion. The report covers the Europe Smart Meter Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Europe Smart Meter Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.

Europe Smart Meter Industry Report

Statistics for the 2024 Europe Smart Meter market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Europe Smart Meter analysis includes a market forecast outlook 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.

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Europe Smart Meter Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)