Smart Meter Market Share

Asia Pacific Excluding Japan Market Statistics

APEJ smart meter market revenue is poised to reach USD 30.2 billion by the end of 2037. The growth is driven by increasing urbanization, regulation of smart grid development by the government, and the need for efficient energy management. Expenditure on smart water and gas metering is also increasing as nations focus their attention on water and energy efficiency. The development of infrastructure projects across the region is also pushing the demand for smarter metering in homes, industries, and businesses.

The growth of smart meter market in India is attributed to large-scale infrastructure projects and government policies. In July 2023, Genus Power & Infrastructures Ltd. signed a deal with GIC’s associate company, Gem View Investment, to form an advanced metering infrastructure platform with a capital of USD 2 billion. Genus will be the sole provider of smart meters for the country in a bid to achieve the government of India’s target of installing 250 million smart meters by 2025 under the National Smart Metering Programme. This is in line with the nation’s effort towards meeting energy efficiency, efficient grid management, and improved revenues for utility companies.

China holds the largest share of the smart meter market in APEJ due to the accelerated smart city development and infrastructure improvement. The government has stepped up efforts to eliminate energy wastage and enhance grid efficiency through the installation of smart meters in both urban and rural regions. In the transportation and utilities industries, smart metering is connected with IoT to improve data integrity and promote the sustainable development of the two sectors. China has increased the uptake of smart meters and is already a key player in the provision of smart infrastructure in the market.

North America Market Analysis

North America smart meter market is estimated to observe more than 8.2% growth through 2037, due to rising investments in AMI and smart grid upgrades. The region’s emphasis on decreasing energy use and improving the grid is forcing the adoption of advanced smart metering solutions for utilities. Due to the increasing need for real-time data analysis, smart meters are becoming the most efficient tools in energy supply chain management. The integration of IoT and AI into metering systems also promotes market growth.

The smart meter market in the U.S. is rising steadily due to significant developments in promoting sustainability. In September 2024, Trilliant announced that it would collaborate with Sense to incorporate edge analytics into AMI solutions to enable real-time data processing at rates up to 1MHz. This goes way beyond what first-generation smart meters can do, which means that utilities can now monitor energy consumption more effectively. During the forecast period, funding from the federal and state levels and increasing consumer awareness are also expected to fuel the growth in the residential and industrial sectors.

The smart meter market in Canada is also expanding due to the adoption of energy efficiency policies and the improvement of public utility infrastructure. The emphasis on the integration of renewable energy and the minimization of power losses has resulted in significant investment in smart metering. Some of the Canadian provinces are enhancing the AMI projects for enhanced grid visibility and the integration of cleaner energy solutions. The partnership of utilities and technology providers is anticipated to improve the collection of data, decrease costs of operations, and increase the efficiency of energy delivery and use, making Canada a major participant in North America smart meter market.