Smart Meters Market Size, Share, Growth Analysis, By Type(Smart Electricity Meters, Smart Gas Meters, Smart Water Meters), By Component(Hardware (Power System, Microcontroller, Communication Interface), Software (Customer Information System (CIS)), By Communication Type(Radiofrequency (RF), Power Line Communication (PLC), Cellular), By Technology(Advanced Metering Infrastructure, Auto Meter Reading), By End-User(Residential, Commercial, Industrial), By Region - Industry Forecast 2024-2031

Based on the region, the market is categorized into North America, Europe, Asia-Pacific, South America, and MEA. The Asia Pacific accounted for the largest market share and is expected to remain the leader in Smart Meters in the coming years. The regional growth of the market is attributed to the growing deployment of smart meters to reduce unexplained electricity losses and introduce tariff plans based on client usage; the Asia Pacific now owns the greatest market share in the global industry. In the Asia Pacific and worldwide, China has the smartest meters installed. The usage of smart electricity meters is expanding as a result of the abolition of manual meter readings and improved direct interaction between the electric company and end users. Asia Pacific will rule this market during the projection period thanks to the significant smart meter roll-outs planned in South Korea, Japan, India, and Australia.

The market is predicted to grow in North America positively. The replacement of the current electric meter and the massive roll-out of new smart meters planned are the main drivers of growth in the area. The deployment of smart meters has significantly increased during the last few years in North America. The United States has long dominated the region, followed by Canada.

The installation of these meters has grown steadily across Europe as well. The region's market has been primarily driven by the rising use of renewable energy sources. New grids are being established as a result of the growing use of renewable energy sources. Smart electric meters are recommended mostly for new installations because they are a novel technology with a few key advantages over conventional meters. The expansion of the market has also been fueled by the presence of significant smart meter manufacturers in the area. Italy, Spain, France, the United Kingdom, Sweden, Norway, the Netherlands, Germany, and Denmark are important markets in the region. This feature is anticipated to stimulate the market for smart electric meters in Europe to grow at a healthy rate in the subsequent years.