Residential Smart Electric Meter Market Size - By Application (Single Family, Multi Family), By Technology (AMI, AMR), Regional Outlook & Global Forecast, 2024 – 2032

Residential Smart Electric Meter Market Size

Residential Smart Electric Meter Market was valued at USD 8.1 billion in 2023 and is projected to grow at over 9.3% CAGR between 2024 and 2032. Stringent regulatory mandates promoting the integration of AMI to enhance grid management and consumer insights are propelling market growth. For instance, in 2023, the UK government declared its objective for 80% of households and 73% of small businesses across England, Scotland, and Wales to possess a smart meter by the conclusion of 2025.
 

Additionally, the increasing awareness and initiatives towards energy conservation and efficiency are compelling homeowners to adopt smart metering solutions further complementing the industry outlook.
 

COVID–19 Impact

The COVID-19 pandemic initially slowed down the residential smart electric meter market due to disrupted supply chains, delayed installations, and economic uncertainties. However, as remote work and energy efficiency gained importance, the market rebounded. Consumers sought better control over energy usage, prompting increased adoption of smart meters. The pandemic also highlighted the importance of resilient energy infrastructure, further driving interest and investment in smart metering solutions.
 

Residential Smart Electric Meter Market Trends

The residential smart electric meter industry is witnessing substantial growth owing to the increased focus on energy efficiency and sustainability. Advancements in technology, including IoT integration and data analytics, are enhancing meter capabilities for better consumer insights and grid management. Regulatory mandates and incentives are driving widespread adoption. In addition, there's a growing emphasis on interoperability and cybersecurity to ensure seamless integration and protect consumer data.
 

Residential Smart Electric Meter Market Analysis

Based on application, the single family smart electric meters held a major revenue share of over 55% in 2023. These meters offer real-time monitoring, energy usage insights, and remote management, enhancing efficiency and cost savings for homeowners. The demand is propelled by increasing awareness of energy conservation, government mandates for smart grid infrastructure, and technological advancements. Moreover, single-family dwellings represent a substantial portion of residential properties, amplifying market growth. As consumers seek more control over their energy consumption and utilities aim for better grid management, the adoption of smart electric meters in single-family homes continues to rise, driving the market's expansion.
 

The advanced metering infrastructure (AMI) technology segment will attain gains at nearly 9% up to 2032. AMI technology enables real-time monitoring, remote meter reading, and two-way communication, empowering consumers with insights into their energy consumption patterns and facilitating efficient energy management. This enhanced functionality drives demand for smart meters, fostering market expansion. Additionally, regulatory mandates, environmental concerns, and utility companies' initiatives to modernize grid infrastructure further propel the business growth.
 

Asia Pacific residential smart electric meter market is anticipated to reach over USD 13 billion by 2032, owing to the rapid urbanization, increasing population, and government initiatives to promote energy efficiency are driving adoption. To cite an instance, India have witnessed about 216.5% population increment between 1960 and 2023, propelling the construction of domestic establishment, thus complementing the product deployment across the nation. Rising concerns regarding environmental sustainability and the need for grid modernization also contribute to market expansion. Moreover, supportive regulatory frameworks and partnerships between utility companies and technology providers facilitate market penetration. With these dynamics at play, the Asia Pacific residential smart meter market is poised for sustained growth.
 

Residential Smart Electric Meter Market Share

Landis+Gyr is one of the major players operating in the residential smart electric meter industry. The company holds a significant market share by providing innovative AMI solutions tailored for residential needs. Its global presence, R&D focus, and strategic partnerships positions it among the key providers in energy-efficient metering technology.
 

Residential Smart Electric Meter Market Companies

Key participants across the residential smart electric meter industry are

• Aclara Technologies LLC
• CyanConnode
• General Electric
• Honeywell International Inc.
• Holley Performance Products, Inc.
• Iskraemeco Group
• Itron Inc.
• Jabil Inc.
• Kamstrup
• Kontron AG (S&T AG)
• LARSEN & TOUBRO LIMITED
• Landis+Gyr
• Mitsubishi Electric Corporation
• OSAKI ELECTRIC CO., LTD.
• SAMI Advanced Electronics
• Schneider Electric
• Sensus
• Siemens
• Trinity Energy Systems Pvt. Ltd.
• ZIV
   

Residential Smart Electric Meter Industry News

• In June 2023, Kamstrup secured a major contract from BKW Energie AG, a Bern-based energy company, via an open tender process. The deal involves supplying 404,000 OMNIPOWER electricity meters and a head-end system. Utilizing Kamstrup's Radio Mesh technology renowned for robust networking and low energy consumption, the solution aims to reduce CO2 emissions and enhance environmental performance. IT system implementation is slated for completion by 2024, with project rollout starting in 2024 for about 50,000 meters and expected completion by end-2027.
   
• In May 2023, Honeywell introduced the Next Generation Cellular Module (NXCM), revolutionizing traditional gas and water meters into smart ones. The NXCM seamlessly integrates legacy meters into the Advanced Metering Infrastructure (AMI) via existing public cellular networks, eliminating additional infrastructure expenses. This innovation enhances monitoring, safety, and analytics for both utility providers and customers aiming to seamlessly collect usage data, improving operational efficiency and customer insights without significant infrastructure investments.
   

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

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Market, By Application

• Single family
• Multi family

Market, By Technology

• AMI
• AMR

The above information has been provided for the following regions and countries:

• North America
  • U.S.
  • Canada 
• Europe
  • Germany
  • UK
  • France
  • Russia
  • Italy
  • Sweden
• Asia Pacific
  • Japan
  • China
  • South Korea
  • India
  • Australia
• Middle East & Africa
  • UAE
  • Saudi Arabia
  • Kuwait
  • South Africa
• Latin America
  • Mexico
  • Brazil
  • Chile