Smart Meter Market

The smart meter market is projected to reach USD 50.82 billion by 2031 from an estimated USD 31.60 billion in 2026, at a CAGR of 10.0% during the forecast period. Market growth is driven by increasing investments in grid modernization, the expansion of advanced metering infrastructure (AMI), and the rising adoption of digital utility technologies. Smart meters enable utilities to monitor electricity, gas, and water utilization data in real time, improving billing accuracy, operational efficiency, outage detection, demand, and asset management. Growing government initiatives to modernize aging utility infrastructure, integrate renewable energy sources, and achieve energy efficiency and carbon reduction targets are further accelerating deployment. In addition, increasing concerns over water scarcity, non-revenue water losses, and the need for sustainable resource management are driving the adoption of smart water meters.

The key players in the smart meter industry are developing strategies for expansion, which include securing long-term utility contracts, expanding geographically, and accelerating product development. As a result of these long-term installation contracts, manufacturers are introducing new types of smart meters for electricity, gas, and water. These new models utilize AMI 2.0 technology and incorporate features such as enhanced cybersecurity, edge computing support, remote firmware updates, and multi-protocol communication capabilities.

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Landis+Gyr is a leading global provider of integrated energy management and smart metering solutions, enabling utilities to modernize and digitalize energy networks through advanced metering infrastructure (AMI), grid-edge intelligence, software, and lifecycle services. Its portfolio includes smart electricity, gas, heat/cold, and water meters, along with meter data management, analytics, demand response, and energy management solutions that improve grid reliability and operational efficiency. The company specializes in smart metering and grid-edge technologies, helping utilities optimize energy distribution, enhance customer engagement, and support the integration of distributed energy resources. Landis+Gyr's solutions are deployed across residential, commercial, and industrial applications through utility customers worldwide.

Itron Inc. is a global provider of infrastructure and security solutions for utilities and cities, with over 200 million deployed devices worldwide. Its product and service portfolio includes smart meters, sensors, communication modules, software, and managed services that enable utilities to collect, analyze, and act on energy and water usage data. Itron designs and manufactures automatic meter reading (AMR) equipment and advanced electronic meter reading systems. The company operates through four segments: Device Solutions, Networked Solutions, Outcomes, and Resiliency Solutions. Device Solutions supplies electricity, gas, and water meters along with metering components and communications modules that capture consumption data. Networked Solutions offers smart metering hardware and connectivity. Outcomes provides cloud-based analytics, meter data management, demand-response programs, grid-edge intelligence, and energy-management software that help utilities improve operations, forecast demand, and meet sustainability goals.

Company Ranking

The global market for smart meters is moderately fragmented, with Itron, Landis+Gyr, Sagemcom, Schneider Electric, and Siemens together accounting for 15–25% of the market share. Itron is the dominant player in the market due to its high customer base and large range of smart electricity meters, gas meters, and water meters, besides its advanced AMI and data management solutions for utilities across the globe. Landis+Gyr has established a firm position in the market due to its use of advanced metering infrastructure (AMI) systems for accomplishing utility partnerships in North America, Europe, and Asia Pacific. Sagemcom has penetrated the market due to its smart metering solutions and effective communication technologies. Schneider Electric has achieved leadership in the market due to its integration of energy management and grid digitization products. Siemens is responsible for helping utilities modernize their operations through the development of digital grids, automation, and metering solutions. The remainder 75–85% consists of several regional players like Kamstrup, Genus Power, Wasion Holdings, Hexing Technology, EDMI, Iskraemeco, Honeywell, etc. The competition is fueled by constant innovation in AMI 2.0, interoperability, cybersecurity, and investment in smart grid modernization.

Related Reports:

Smart Meter Market by Type (Electric, Gas, Water), Component (Hardware, Software), Technology (AMI, AMR), Communication Technology (RF, PLC, Cellular), End User (Residential, Commercial, Industrial), and Region - Global Forecast To 2031

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