The global smart meter market was valued at $22.6 billion in 2022 and is forecast to grow to $37.2 billion by 2030, with a compound annual growth rate (CAGR) of 9.5% between 2024 and 2031. Smart meters are advanced devices that enable consumers to monitor and manage their energy consumption more efficiently.
North America currently holds approximately 30% of the market share. Leading companies in the smart meter industry include Landis+Gyr, Itron, Honeywell, Siemens, Kamstrup, Iskraemeco, Elster, ABB, Sensus, and Schneider Electric.
**Why this matters**
The growth of the smart meter market reflects increasing demand for energy management solutions and the modernization of utility infrastructure worldwide. Enhanced energy monitoring through smart meters supports energy conservation efforts and can contribute to more sustainable consumption patterns.
Source: NewsData