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

Smart meters market was valued at USD 20.76 billion in 2022 and is expected to rise from USD 22.86 billion in 2023 to reach a value of USD 49.35 billion by 2031, at a CAGR of 10.1% during the forecast period (2024–2031). 

Global demand for smart meters is rising as a result of urbanization and several smart city initiatives. It is crucial to invest in smart metering systems because of the revolution in the software and cloud computing industries, which has greatly increased demand for smart devices. Electricity, gas, and water usage are typically metered using smart meters. Depending on the need, a smart meter is equipped with features that enable it to track consumer electricity use and provide a daily or monthly report directly to the electricity provider. The main benefit of the meter is its accuracy in reading and the elimination of human labor in producing power bills and noting readings. As recorded power use is provided to customers and utility companies, smart meters encourage openness. With new networks being established, the growing use of renewable energy sources like solar and wind is also propelling the adoption of the smart meter.

There are numerous varieties of smart meters on the market. These are smart gas, smart water, and smart electricity meters. The global market for smart meters is expanding as a result of the rising demand for smart electricity meters. According to research from the Institute for Electric Innovation, by January 2020, more than 70% of residential customers in the United States have access to smart electricity meters installed by U.S. electric companies. The total number of smart energy meters installed worldwide will reach 107 million by the end of 2020.

US Smart Meters Market is poised to grow at a sustainable CAGR for the next forecast year.