Chicago, Jan. 08, 2026 (GLOBE NEWSWIRE) -- The global smart meter market size was valued at USD 30.19 billion in 2025 and is projected to hit the market valuation of USD 112.71 billion by 2035 at a CAGR of 14.08% during the forecast period 2026–2035.
Global momentum in the smart meter market accelerated significantly throughout 2024, driven by urgent grid modernization needs. In line with this, the market valuations surged to USD 31.16 billion in 2025 as utilities prioritized digital infrastructure. The total installed base officially exceeded 1.8 billion units by the end of the year. North America contributed heavily to this volume with a consolidated installed base of 152.4 million smart electricity meters. Projections now indicate the global fleet will surpass 3 billion units by 2030, underscoring a massive trajectory for hardware manufacturers.
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Regional saturation levels in the smart meter market are shifting rapidly toward Asia-Pacific dominance. Forecasts suggest the North American installed base alone will reach 180.9 million units by 2030. Meanwhile, India’s ambitious infrastructure overhaul sanctioned 203.3 million meters under the Revamped Distribution Sector Scheme (RDSS) as of July 2025. Actual installations in India reached 24.1 million units by mid-July 2025, validating the speed of deployment. Such figures confirm that global demand is moving from pilot phases to mass-volume execution.
Smart Meter Market Overview: Valuation & Trajectory
- Current Valuation: USD 30.19 Billion (2025)
- Future Projection: USD 112.71 Billion (2035)
- CAGR: ~14.08%
- Largest Region: Asia Pacific
- Largest Component: Hardware (62.99%)
- Major Technology: Radio Frequency (RF) technology (56.95%)
- Key Sales Channel: Offline Distributors (76.78%)
Hardware Component Leads Global Sector With Sixty Three Percent Total Market Share
Physical infrastructure remains the primary revenue driver within the global Smart meter market. Hardware components currently dominate the landscape, accounting for a massive 62.99% of the total market value in 2025. Massive national rollouts in emerging economies like India and widespread replacement cycles in North America fuel this trend. Utilities are prioritizing the physical installation of metering units to establish the foundational grid intelligence required for future analytics. Consequently, capital expenditure is overwhelmingly directed toward the manufacturing and deployment of the devices themselves rather than standalone software solutions.
Investment in hardware is further bolstered by the increasing complexity of the meters. Modern units now integrate advanced sensors for leak detection and voltage monitoring, increasing the average selling price per unit. Manufacturers are expanding production lines to meet this volume, as seen with companies like Genus Power. Although software and services are growing sectors, they function primarily as add-ons to the initial hardware investment. Therefore, the device segment will continue to command the majority of financial inflows throughout the current forecast period.
Radio Frequency Technology Secures 57% Share Of Global Connectivity Deployments
Technological preferences within the Smart meter market heavily favor robust local connectivity standards. Radio Frequency (RF) technology holds a commanding position, representing 56.95% of the technology segment. RF mesh networks remain the gold standard for residential deployments due to their ability to maintain stable connections in dense urban environments. Utilities favor this technology because it creates a self-healing network topology without incurring the recurring monthly fees associated with cellular contracts. While cellular IoT is gaining traction for scattered rural assets, RF mesh remains the incumbent choice for high-density Advanced Metering Infrastructure (AMI) networks.
Offline Distribution Channels Control 77% Share of Global Smart Meter Market Procurement
Distribution channels reflect the highly regulated, government-centric nature of the industry. Offline Distributors serve as the critical sales conduit, capturing 76.78% of the market volume. Public sector tenders and long-term utility frameworks involve complex negotiation processes that online platforms cannot support. Manufacturers rely on established offline partner networks to navigate local regulations, manage supply chain logistics, and handle bulk fulfillment. Furthermore, these distributors often provide essential value-added services, including inventory management and technical support. Direct procurement through physical distributor channels remains the exclusive route for the vast majority of municipal and investor-owned utility contracts.
Cellular IoT Dominates Future Connectivity and Carbon Reduction
Technology choices in the smart meter market are decisively shifting toward cellular connectivity. Analysts project that two-thirds of new smart meter shipments by 2030 will utilize cellular IoT standards like NB-IoT. Environmental impact reports from 2024 validate the efficacy of these technologies. Landis+Gyr’s installed base enabled the avoidance of 9 million tons of CO2 in FY 2024. Furthermore, Anglian Water’s program saved an average of 14 liters per property per day, proving the resource efficiency of smart networks.
Thames Water is leveraging these technologies to fulfill its 2030 plan, which involves installing 1 million additional meters. The UK Government is supporting these upgrades with the previously mentioned GBP 630 million Home Upgrade Grant. Manufacturers are adapting to these technical requirements, with Genus Power’s expanded capacity ready for high-tech deployments. As the sector matures, the integration of cellular IoT will likely become the standard for the next generation of global deployments.
UK Installations Average 7,564 Daily Amid Rapid Network Expansion
The United Kingdom continues to provide high-transparency data regarding its national rollout. Large energy suppliers successfully installed 720,000 smart and advanced meters during just the first quarter of 2025. Total installations for domestic properties throughout 2024 reached 2.76 million units. Operational teams maintained a relentless pace, averaging 7,564 domestic installations per day over the 2024 calendar year. These efforts pushed the total fleet of smart and advanced meters in homes and small businesses to 39 million by Q1 2025.
Operational efficiency within the UK smart meter market has improved drastically. As of March 2025, 35 million of these devices were operating in full “smart mode,” ensuring seamless data transmission. Large suppliers managed 29.4 million electricity meters and 24.0 million gas meters in domestic properties during the same period. Commercial progress remains steady, with 98,501 non-domestic meters installed in 2024. Small suppliers also contributed, operating a fleet of 1.0 million non-domestic meters. Crucially, 91% of all installed meters were fully communicative by March 2025.
Indian Manufacturers Secure Multi-Billion Contracts Under RDSS Mandates
India represents the highest volume growth opportunity currently visible in the global smart meter market. State-level adoption is aggressive, with Gujarat alone sanctioning 16.7 million meters under the RDSS framework. Contractors in Gujarat successfully completed 2.09 million installations by July 2025. This surge in activity has filled order books for domestic manufacturers. Genus Power reported a massive order book exceeding USD 3.7 billion (INR 31,302 crore) as of December 31, 2024.
Specific contract wins highlight the scale of the Indian opportunity. Genus Power secured a single contract package valued at INR 2,925 crore in August 2024 to deploy 3.75 million smart prepaid meters. A subsequent victory brought in an order worth INR 3,608 crore for another 4.26 million units. The sector is scaling manufacturing capabilities to meet these obligations, with Genus expanding annual production capacity to 16 million meters in late 2024. These capacities are designed to service long-term AMISP concessions lasting 8 to 10 years.
Major OEMs Report Record Backlogs Exceeding USD 4.6 Billion
Leading hardware manufacturers in the smart meter market are reporting unprecedented demand. Itron achieved full-year revenue of USD 2.4 billion for 2024, driven by utility upgrades. Consequently, Itron’s total backlog swelled to a record USD 4.7 billion by year-end. New bookings were equally robust, with the company securing USD 2.7 billion in new orders throughout 2024. These figures indicate a supply-constrained environment where demand outstrips immediate production capabilities.
Competitors are seeing identical trends. Landis+Gyr reported net revenue of USD 1.73 billion for the fiscal year ending March 2025. The company closed its 2024 fiscal period with a committed backlog of USD 4.6 billion. Order intake remained strong at USD 2.6 billion for the year. Furthermore, Landis+Gyr achieved a book-to-bill ratio of 1.5, proving that incoming orders significantly exceed current billing rates. Software and analytics are also gaining traction, as Itron’s Outcomes segment revenue grew 25% in Q4 2024.
Sector Financials Show Strong Cash Flow and Profitability Growth
Financial health across the smart meter market strengthened considerably in 2024 and 2025. Itron posted a net income of USD 239 million for the full year 2024, reflecting operational discipline. Free cash flow for the company increased to USD 208 million during the same period. Forward-looking guidance remains positive, with Itron projecting Q1 2025 revenue of at least USD 610 million. These metrics suggest that hardware providers have successfully navigated supply chain challenges to improve margins.
Profitability extends beyond North American smart meter market players. Landis+Gyr reported an Adjusted EBITDA of USD 170.9 million for fiscal year 2024. In India, Genus Power recorded standalone revenue of INR 604.2 crore for Q3 FY2025 alone. The company also posted a Profit After Tax (PAT) of INR 68.2 crore for that quarter. Such financial solidity attracts further investment, evidenced by the UK Government allocating GBP 630 million for the Home Upgrade Grant Phase 2, which runs through March 2025 and supports smart integrations.
Water Utilities Commit Over GBP 200 Million to Infrastructure
Water scarcity is driving a secondary boom within the smart meter market. Thames Water signed a strategic framework deal worth GBP 50 million with Honeywell and Sensus in late 2024. Simultaneously, Anglian Water completed a massive investment program totaling GBP 153 million by March 2025. These investments are translating into rapid deployment milestones. Thames Water surpassed 1.2 million smart devices installed across its region by November 2024.
Anglian Water matched this intensity, reaching 1.1 million smart meter installations by March 2025. Future targets remain aggressive, with Anglian aiming for 2.2 million meters by 2030. Thames Water has committed to installing an additional 1 million meters by 2030 and aspires to exceed 3 million installations by 2035. Such long-term capital commitments ensure sustained demand for water metering technologies well into the next decade.
Smart Data Saves 120 Megalitres of Water Daily
Quantitative efficiency gains are the primary selling point for the water smart meter market. Thames Water reported saving 120 megalitres of water per day using smart meter data in late 2024. Anglian Water prevented 14 million litres of daily water waste through similar intelligence in 2024/2025. Smart systems allow utilities to identify issues rapidly; Thames Water detected 84,000 customer-side leaks by November 2024. Additionally, they identified 28,000 leaks specifically on private supply pipes using cumulative 2024 data.
Granular data collection is reshaping consumption habits in the Smart meter market. Anglian Water systems processed and published 8.4 million meter readings daily in 2025. Their installation teams maintained a rate of over 1,000 meters per day to expand this network. The impact is measurable: Anglian Water found an average leakage of 14 liters per property per day. Thames Water noted that metered customers used 12% less water on average compared to unmetered users. New meters now provide data granularity down to hourly readings, with Thames systems scaling to process 20 million data points daily.
Grid Investments Top USD 26 Billion to Support Renewables
Energy giants are pouring capital into the smart meter market to support renewable integration. Enel Group announced a gross investment plan of EUR 26 billion for grids between 2025 and 2027. A significant portion, EUR 16 billion, is allocated to Italian grid modernization. Another EUR 6 billion targets Latin America for the same 2025–2027 period. In the United States, investor-owned utilities projected USD 5.9 billion in annual grid modernization investment for 2024.
These investments directly support sustainability and capacity goals. Enel’s grid spending underpins a target of reaching 76 GW of renewable capacity by 2027. Modernized grids allowed Enel to distribute 481 TWh of electricity in 2024. The company’s strategy includes a total EUR 43 billion plan focused on sustainability, partially funded by green bonds. Furthermore, Enel aims to expand its power customer base in Italy and Spain to 19 million by 2027, relying heavily on smart infrastructure.
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Global Smart Meter Market Major Players:
- General Electric Company
- Holley Technology Ltd.
- Honeywell International Inc.
- Hubbell Incorporated
- Itron Inc.
- Jiangsu Linyang Energy Co., Ltd.
- Kamstrup
- L&T Electrical & Automation
- Landis+Gyr
- Mitsubishi Electric
- NEC Corp.
- Neptune Technology Group Inc.
- Osaki Group
- Panasonic Corp.
- Shneider Electric
- Siemens AG
- Tata Power Company Limited
- Wasion Group Co. Ltd.
- Xylem Inc.
- ZTE Corporation
- Other prominent players
Key Market Segmentation:
By Components
- Hardware
- Power Relays
- Sensors
- Capacitors
- Resistors
- Switches
- Others
- Software
- Services
- Installation and Maintenance
- Consultation
By Technology
- Radio Frequency (RF)
- Wi-SUN
- LoRA
- Bluetooth
- Wi-Fi
- 4G-LTE/5G
- GNSS
- Others
By End User
- Residential
- Commercial
- Industrial
By Sales Channel
- Online Sale
- Offline Sales
- Direct Sales
- Distributor Based
- Others
By Region
- North America
- Europe
- Asia Pacific
- Middle East & Africa (MEA)
- South America
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