Europe Smart Electric Meter Market Size - By Application (Residential, Commercial, Utility), By Technology (AMI (RF, PLC, Cellular), AMR), By Phase (Single Phase, Three Phase) & Forecast, 2024 – 2032

Europe Smart Electric Meter Market Size

Europe Smart Electric Meter Market size was valued at USD 3.5 billion in 2023 and is set to grow at a 4.7% CAGR between 2024 and 2032. The region's strong commitment to sustainability and reducing carbon emissions has spurred extensive investments in smart grid infrastructure, with smart electric meters being a crucial component. European governments and utilities are actively upgrading their energy networks to accommodate renewable energy sources and enhance grid efficiency, fostering the adoption of smart meters.

Furthermore, the European Union's ambitious energy efficiency goals, along with regulatory mandates for the deployment of smart meters to monitor and manage electricity consumption more effectively, are propelling Europe smart electric meter market growth. The desire for accurate and real-time data on electricity consumption among consumers, enabling better energy management and cost savings, is another significant driver. In addition to these factors, the increasing awareness of the environmental impact of energy consumption and the need for more sustainable energy practices are encouraging both residential and commercial users to embrace smart electric meters, further boosting market expansion across Europe.

COVID-19 Impact

The COVID-19 pandemic had a mixed impact on the Europe smart electric meter market. The pandemic disrupted supply chains and manufacturing activities, leading to delays in meter deployments and installations. Lockdowns and social distancing measures also hindered fieldwork and on-site installations, slowing down the rollout of smart meters. However, the pandemic underscored the importance of remote monitoring and contactless solutions, driving utilities to accelerate the adoption of smart meters to enhance operational efficiency and minimize physical interactions

Europe Smart Electric Meter Market Trends

Europe smart electric meter market is witnessing several notable trends including the increasing integration of advanced metering infrastructure (AMI) systems. Utilities across Europe are deploying AMI networks to enhance grid management, reduce energy losses, and enable real-time monitoring. Additionally, there is a growing focus on sustainability and environmental concerns, driving the adoption of smart meters as a key component of energy efficiency initiatives. Another significant trend is the expansion of smart metering programs in various European countries to meet regulatory requirements and achieve energy conservation goals.

Europe Smart Electric Meter Market Analysis

Residential smart electric meter market size surpassed USD 1.7 billion in 2022 and is predicted to cross USD 2.7 billion by 2032. In the residential sector, there is a clear upward trend fueled by regulatory requirements and strategic initiatives designed to replace traditional meters with advanced metering infrastructure. Such shift empowers homeowners to manage electricity consumption, potentially resulting in cost savings on their utility bills. Moreover, the integration of software applications enables consumers to monitor real-time usage data and retrieve information in case of technical issues. The adoption of smart meters in residential applications has seen a significant increase, primarily due to the implementation of regulations and strategic plans aimed at phasing out conventional meters.

AMI meters held a market value of over USD 3 billion in 2022 and is estimated to exceed USD 4.9 billion by in 2032. Advanced Metering Infrastructure (AMI) is a comprehensive system that includes communication networks, intelligent meters, and data management systems. This integrated framework extends to energy management networks, enabling grid functionalities across various establishments. The increasing demand for AMI technology is primarily driven by its ability to facilitate seamless communication of pricing and information between utility companies and end consumers. The future holds significant potential for AMI to penetrate the market further, thanks to its capacity to establish robust two-way communication channels connecting utility providers and consumers.

Three phase smart electric meters held approximately 84% of the Europe smart electric meter market share in 2022. Three-phase smart meters are widely used in commercial and industrial settings, particularly in places with high electricity demands. These meters are specially designed to handle the complexities of three-phase electrical systems and play a crucial role in monitoring and managing electricity consumption in larger facilities. Moreover, the increasing need for power reliability in industries such as mining and oil & gas will positively influence the sector. Their efficient transmission capabilities and reduced line losses will further boost the demand for these meters. As industries increasingly prioritize energy efficiency and sustainability, the adoption of three-phase smart meters is experiencing significant growth.

Italy smart electric meter market is expected to cross USD 1.3 billion by 2032, owing to the country's regulatory mandates and government initiatives aimed at modernizing the energy infrastructure. These meters enable more accurate billing, improved grid management, and greater energy efficiency. The increasing emphasis on renewable energy integration and the need for real-time data collection align with smart meter capabilities, further fueling their deployment. The growing awareness among consumers about energy conservation and cost savings is driving demand for smart meters, as they provide detailed consumption insights.

In addition, the market is witnessing a shift toward advanced metering infrastructure (AMI) systems, facilitating two-way communication between utilities and consumers. Additionally, the integration of smart meters into broader smart grid initiatives is becoming prevalent, enhancing grid reliability and resilience while accommodating distributed energy resources.
 

Europe Smart Electric Meter Market Share

Major participants in the Europe smart electric meter market include:

• Itron Inc.
• Kamstrup
• Aclara Technologies LLC
• Siemens
• Honeywell International Inc
• OSAKI ELECTRIC CO., LTD.
• ZIV
• Sensus
• Circutor
• Iskraemeco Group
• Apator SA
• Landis+Gyr
• Schneider Electric
• General Electric
• LARSEN & TOUBRO LIMITED
• Holley Technology Ltd.
• CyanConnode
• Kontron AG (S&T AG)
• Jabil Inc.
• Cisco Systems, Inc.
• Mitsubishi Electric Corporation

In the fiercely competitive Europe smart electric meter market, few major players have secured their dominant positions by employing a combination of innovative solutions, extensive industry experience, and strategic collaborations. Itron Inc. has emerged as a prominent leader with a substantial market share, thanks to its comprehensive range of advanced metering and data management solutions. Itron's smart meters are renowned for their precision and dependability, making them the preferred choice for utilities across Europe. Kamstrup closely follows suit, capitalizing on its metering expertise to provide highly efficient and technologically advanced smart electric meters. The company's dedication to sustainability aligns perfectly with the surging demand for energy-efficient solutions in Europe.
 

Siemens, a global industrial juggernaut, rounds out the top tier with its robust presence in the European smart electric meter market. Siemens' meters are lauded for their excellence and adaptability, catering to a diverse array of applications. The company's extensive network and robust customer relationships have cemented its market dominance, enabling it to maintain a leading position in the continually evolving smart metering landscape in Europe.
 

Europe Smart Electric Meter Market News:

• In June 2023, Kamstrup has secured a significant contract through an open tender process from BKW Energie AG, a Bern-based energy and infrastructure company. The contract entails the supply of 404,000 OMNIPOWER electricity meters along with a head-end system. The solution will leverage the company’s Radio Mesh technology, known for its robust networking capacity and flexibility. This technology's low energy consumption contributes to reduced CO2 emissions and improved environmental performance. The implementation of required IT systems to meet project needs is scheduled for completion by 2024. The project rollout is set to commence in 2024, initially with around 50,000 meters, and is projected to conclude by the end of 2027.
   
• In October 2021, Siemens acquired Wattsense, a France hardware & software company, to boost IoT systems for small & medium buildings. Wattsense specializes in optimizing the technical management of small & medium-sized buildings with IoT solutions, thereby reducing energy use. The acquisition aimed to improve the company’s market position in the European market, thus Wattsense will remain as a separate standalone unit within Siemens.
   

This Europe smart electric meter market research report includes an in-depth coverage of the industry with estimates & forecast in terms of ‘000 Units and USD Million from 2019 to 2032, for the following segments:

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By Application

• Residential
  • Single Family
  • Multi Family
• Commercial
  • Education
  • Healthcare
  • Retail
  • Logistics & Transportation
  • Offices
  • Hospitality
  • Others
• Utility

By Technology

• AMI
  • RF
  • PLC
  • Cellular
• AMR

By Phase

• Single Phase
• Three Phase

The above information has been provided for the following countries:

• Germany
• UK
• France
• Russia
• Italy
• Sweden
• Denmark
• Austria
• Spain
• Portugal