Europe Smart Meter Market Size

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.