Smart Electricity Meter Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

The Smart Electricity Meter Market is segmented by End User (Commercial, Residential, and Industrial), and Geography.

Market Snapshot

Smart Electricity Meter Market Size
Study Period: 2018 - 2026
Base Year: 2021
Fastest Growing Market: Asia Pacific
Largest Market: North America
CAGR: -2.37 %
Smart Electricity Meter Market Key Players

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Market Overview

The global smart electricity meter market is expected to witness a CAGR of -2.37 % over the forecast period 2021 - 2026. Smart meters deployment have enabled the implementation of a Home Energy Management System (HEMS) or Building Energy Management System (BEMS) that allows visualization of the electric power usage in individual homes or entire buildings.​

  • Energy efficiency is increasingly becoming the primary focus globally, owing to the increasing economic activities, which led to high energy consumption rates and pushed global electricity grids to its limits. The global electricity generation in 2019 stood at 27004.7 Terawatt-hours, according to BP.​
  • Energy consumption is expected to increase over the coming years; according to the US Energy Information Administration (EIA), global energy consumption is expected to grow by nearly 50% during 2018-2050, with Asia being the major consumer of energy over the years.​
  • According to the bp Statistical Review of World Energy 2020, the global primary energy consumption stood at 583.9 Exajoules in 2019, which represented a growth of approximately 1.3% compared to 2018. Such trends are expected to necessitate the optimum utilization of energy supply and consumption to foster energy efficiency worldwide.​
  • Consumer electronics, office equipment, and other plug loads consume nearly 15% to 20% of the total residential and commercial electricity while not in the primary mode. Most of this energy is consumed when they operate in low-power modes (even while they are not in use). Consumers are increasingly tending to install a smart energy management system to track such scenarios.​
  • The recent COVID -19 outbreak and nationwide lockdown across the globe has impacted the overall rollout of Smart meters globally. The global COVID -19 pandemic resulted in lockdowns in various parts of the world, which halted several operations across the industries . As a result, the shipments and installations of smart meters were also affected .

Scope of the Report

Smart metering solutions comprise of meters or modules with communication capabilities (either one-way or two-way) embedded within the meter or attached to the meter. They are used to collect and store data from the meters, which can be transmitted to handheld computers, mobile units, telephone, cellular, power line carriers, etc. The meter data can be used to optimize the operations by analyzing the stored interval data.

By End User
North America
United States
Canada & Central America
United Kingdom
Rest of Europe
Asia Pacific
Australia and New Zealand
South Korea
Southeast Asia (Malaysia, Singapore, Thailand and Others)
Rest of Asia Pacific
Latin America
Rest of Latin America
Middle East and Africa
South Africa
Rest of Africa
Rest of Middle East

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Key Market Trends

Residential Segment to Be The Fastest Growing

  • Smart electric meter plays a significant role in the residential sector, as this meter measures the energy consumed by the consumers. The increasing smart grid investments and the surge in the rate of integration of renewable sources of power generation to the existing grids, in developed economies, are expected to support the growth of the smart electric meter market.​
  • The meter measures the electricity consumption and communicates this to the central utility system. Globally, installations of these devices in the residential sector help in the reduction of CO2 emissions, owing to the increased consumer's inclination toward peak time savings of energy.
  • The increasing residential construction activities and government mandates, like EU 20-20-20 policy aiming to convert over 80% of the installed meter base to a smart one, have ensured growth prospects in the demand for smart electric meters.
  • Residential applications of a smart meter include standalone autonomous houses and suburban/urban apartments. These applications are expected to grow, gradually, due to the factors, like a regulatory, administrative framework, along with the rise in awareness concerning the reduction of energy consumption and aligned expenses.​
  • The power grid infrastructure is progressively becoming more digitized and connected, thereby, ensuring the reliable and secure flow of critical digital communications. Thus, smart grid infrastructure, whether in a power substation or residential setting, is of vital importance. Smart meters that are enabling real-time measurements needed to monitor equipment health, grid congestion, and stability, and system control form the integral part of smart grids.​
  • Moreover, increasing urbanization and the increasing inclination toward the focus on developing urban lifestyles led to the expansion of deployment of the smart home technologies and devices, which involves automatic control of electricity, light, and energy to avoid the wastage. Hence, the increasing adoption of smart home devices and technologies across the homes globally is further expected to foster the growth in smart meters in the residential segment.
Smart Electricity Meter Market Share

United States to Hold Major Share

  • The market for automatic meter reading solutions is reaching maturity in the United States, resulting in a receding market in the country, the sizes of the project are now decreasing from millions to a small multiple of 10,000s.
  • However, the replacement of first-generation meters and the shift to advanced metering infrastructure (with higher capabilities and improved technology) are expected to revive the smart electricity meters market in the future.
  • At the same time, the increasing competition among companies, especially Chinese manufacturers, is resulting in a reduction of the per-unit price of smart electricity meters, affecting the net revenue of this market.
  • Nationally, the largest driver of the smart electricity meter market in conjunction with the deployment of smart electricity meter infrastructure has been the American Recovery and Reinvestment Act (ARRA) of 2009, which included funding for the Smart Grid Investment Grant (SGIG) program.
  • More than 50% of the USD 7.9 billion in the SGIG (USD 3.4 billion from ARRA and USD 4.5 billion in matched funds from the private sector) was designated for advanced metering infrastructure.
  • The top-five smart meter manufacturers (Elster, GE Energy, Itron, Landis+Gyr, and Sensus) received a significant amount of more than USD 30 million in ARRA funds or matching funds. These factors are resulting in the direct growth of the smart electricity meters market in the United States.
Smart Electricity Meter Market Growth

Competitive Landscape

The smart electricity meters market is moderately competitive and consists of several major players. The market is fragmented, owing to the presence of many small and large players. The major players with a prominent share in the market are focusing on expanding their customer base across foreign countries. These companies are leveraging strategic innovations and collaborative initiatives to increase their market share and increase their profitability. The companies operating in the market are also acquiring start-ups working on enterprise network equipment technologies to strengthen their product capabilities.

  • July 2020- UAB Elgama Elektronika, a holding subsidiary of Jiangsu Linyang Energy Co., LTD. announced winning the bidding of Smart electricity meter project of PGE Dystrybucja S.A. and Innogy Stoen Operator (hereinafter referred to as “Innogy Company”).
  • Sept 2020- Sagemcom SAS partnered with ELLEVIO and its own local Partner, ONE Nordic to improve the Swedish electricity system by being one the first Nordic DSO to start its 2nd generation smart meters large scale rollout. In less than 8 months and within a specific context, Sagemcom has developed and certified the new generation of smart meters which are installed in the field by ONE Nordic since June 2020 in Stockholm area.

Table of Contents


    1. 1.1 Study Assumptions and Market Definition

    2. 1.2 Scope of the Study




    1. 4.1 Market Overview

    2. 4.2 Industry Value Chain Analysis

    3. 4.3 Industry Attractiveness - Porter's Five Force Analysis

      1. 4.3.1 Threat of New Entrants

      2. 4.3.2 Bargaining Power of Buyers/Consumers

      3. 4.3.3 Bargaining Power of Suppliers

      4. 4.3.4 Threat of Substitute Products

      5. 4.3.5 Intensity of Competitive Rivalry

    4. 4.4 Assessment of COVID-19 impact on the industry


    1. 5.1 Market Drivers

      1. 5.1.1 Supportive Government Regulations in Key Regions

      2. 5.1.2 Rise in Smart City Deployment

    2. 5.2 Market Restraints

      1. 5.2.1 High Costs and Security Concerns

      2. 5.2.2 Integration Difficulties with Smart Meters


    1. 6.1 By End User

      1. 6.1.1 Residential

      2. 6.1.2 Commercial

      3. 6.1.3 Industrial

    2. 6.2 Geography

      1. 6.2.1 North America

        1. United States

        2. Canada & Central America

      2. 6.2.2 Europe

        1. United Kingdom

        2. Spain

        3. Germany

        4. Italy

        5. France

        6. Turkey

        7. Nordics

        8. Benelux

        9. Austria

        10. Poland

        11. Rest of Europe

      3. 6.2.3 Asia Pacific

        1. China

        2. India

        3. Japan

        4. Australia and New Zealand

        5. South Korea

        6. Southeast Asia (Malaysia, Singapore, Thailand and Others)

        7. Rest of Asia Pacific

      4. 6.2.4 Latin America

        1. Brazil

        2. Mexico

        3. Columbia

        4. Chile

        5. Rest of Latin America

      5. 6.2.5 Middle East and Africa

        1. GCC

        2. South Africa

        3. Egypt

        4. Rest of Africa

        5. Rest of Middle East


    1. 7.1 Company Profiles*

      1. 7.1.1 Landis+gyr Group AG

      2. 7.1.2 Wasion Group Holdings

      3. 7.1.3 Elster Group GMBH (Honeywell International Inc.)

      4. 7.1.4 Jiangsu Linyang Energy Co. Ltd

      5. 7.1.5 Sagemcom SAS

      6. 7.1.6 Ningbo Sanxing Electric Co. Ltd

      7. 7.1.7 Kamstrup A/S

      8. 7.1.8 Hexing Electric Company Ltd

      9. 7.1.9 Itron Inc

      10. 7.1.10 Holley Technology Ltd

      11. 7.1.11 Sensus USA Inc. (Xylem Inc)

      12. 7.1.12 Nanjing Xinlian Electronics Co. Ltd

      13. 7.1.13 Shenzhen Hemei Group Co, Ltd



**Subject to Availability

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Frequently Asked Questions

The Smart Electricity Meter Market market is studied from 2018 - 2026.

Asia Pacific is growing at the highest CAGR over 2021- 2026.

North America holds highest share in 2021.

Itron, Inc., Sensus USA Inc. (XYLEM INC), Sagemcom SAS, Wasion Group Limited are the major companies operating in Smart Electricity Meter Market.

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