Smart Meters (AMI) Market Size, Report, Share & Growth Trends 2030

Name: Smart Meters (AMI) Market Size, Report, Share & Growth Trends 2030
Creator: Mordor Intelligence
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Smart Meters (AMI) Market Size and Share

Market Overview

Study Period	2019 - 2030
Market Volume (2025)	173.29 Million units
Market Volume (2030)	257.62 Million units
Growth Rate (2025 - 2030)	8.25% CAGR
Fastest Growing Market	Middle East
Largest Market	Asia Pacific
Market Concentration	Medium
Major Players *Disclaimer: Major Players sorted in no particular order Image © Mordor Intelligence. Reuse requires attribution under CC BY 4.0.

Smart Meters (AMI) Market (2025 - 2030) — Image © Mordor Intelligence. Reuse requires attribution under CC BY 4.0.

Smart Meters (AMI) Market Analysis by Mordor Intelligence

The smart meters (AMI) market size in terms of shipment volume is expected to grow from 173.29 million units in 2025 to 257.62 million units by 2030, advancing at an 8.25% CAGR. Government-mandated deployment schedules, rising grid-resilience priorities, and edge-computing advances jointly sustain the expansion of the smart meters AMI market. Utilities accelerate capital spending, and regulators increasingly define smart metering as critical infrastructure, reducing the time between approval and rollout. At the same time, edge-AI functionality embedded in next-generation devices enables real-time analytics that improve outage response, demand forecasting, and distributed energy resource integration. Intensifying cybersecurity investments, global chip-supply diversification, and vendor efforts to bundle hardware with analytics software further propel market momentum.

Key Report Takeaways

By product, Smart Electricity Meters led with 53.7% of smart meters AMI market share in 2024; Smart Water Meters are forecast to grow at an 8.7% CAGR through 2030.
By communication technology, RF-Mesh held 55.9% of the market in 2024, while NB-IoT/Cellular solutions are set to expand at a 9.2% CAGR.
By component, Hardware accounted for a 32.5% share of the smart meters AMI market size in 2024; Software is expected to register the fastest 10.1% CAGR to 2030.
By end-user, the Residential segment commanded 42.1% of deployments in 2024, whereas Industrial applications are projected to advance at a 9.5% CAGR.
By region, Asia Pacific dominated with 25.5% revenue share in 2024, and the Middle East and Africa represent the fastest-growing area with a 10.6% CAGR.

Global Smart Meters (AMI) Market Trends and Insights

Drivers Impact Analysis

Driver	( ~ ) % Impact on CAGR Forecast	Geographic Relevance	Impact Timeline
Government mandates and regulatory push	+2.1%	Global; early gains in Australia, North America, EU	Medium term (2-4 years)
Rising investments in grid modernisation	+1.8%	North America and EU, Asia-Pacific core expansion	Long term (≥ 4 years)
Utility efficiency and loss-reduction needs	+1.5%	Global; concentrated in emerging markets	Short term (≤ 2 years)
Smart-city and IoT infrastructure expansion	+1.2%	Asia-Pacific core; spill-over to MEA	Medium term (2-4 years)
Carbon-accounting and ESG compliance needs	+0.9%	North America and EU; expanding globally	Long term (≥ 4 years)
Edge-AI analytics enabling new services	+0.7%	North America; selective Asia-Pacific markets	Long term (≥ 4 years)

Source: Mordor Intelligence

Government Mandates and Regulatory Push

Mandatory deployment rules transform meters from optional upgrades into compulsory grid assets. Australia’s National Electricity Market now requires 100% smart meter coverage by 2030, eliminating opt-out provisions after June 2025 and ensuring universal visibility across low-voltage networks.^{[1]Australian Energy Market Commission, “National Electricity Market Smart Meter Reforms,” aemc.gov.au} Similar mandates surface across several U.S. states, shifting cost-benefit debates toward implementation logistics and creating predictable demand for vendors.

Rising Investments in Grid Modernisation

Utility capital programs reach record levels, underscored by FirstEnergy’s USD 26 billion Energize365 plan running through 2028, which bundles smart meters with distribution automation, cybersecurity, and renewable integration infrastructure.^{[2]FirstEnergy Corp, “Energize365 Capital Plan Overview,” firstenergycorp.com} These multiphase projects compress rollouts into five-year windows, supporting sustained equipment and software revenues for the smart meters AMI market.

Utility Efficiency and Loss-Reduction Needs

Operational metrics improve once remote reads replace manual visits. DTE Energy eliminated 76,000 truck rolls and realised USD 1 million in yearly savings after its smart grid deployment, demonstrating rapid payback through lower operating overhead. Emerging-market utilities trim non-technical losses by over 40% using tamper detection and real-time data analytics.

Smart-City and IoT Infrastructure Expansion

Municipal digitalisation projects converge electricity, water, and gas networks onto shared IoT backbones, yielding economies of scale and data synergies. KNX Association lighthouse projects reveal that unified platforms lower total cost of ownership while enhancing service reliability.^{[3]Itron Inc, “Itron and NVIDIA Bring AI to the Grid Edge,” itron.com}

Restraints Impact Analysis

Restraint	( ~ ) % Impact on CAGR Forecast	Geographic Relevance	Impact Timeline
High upfront cost and long payback	-1.4%	Emerging markets; smaller utilities globally	Short term (≤ 2 years)
Cyber-security and data-privacy risks	-1.1%	Global; heightened in North America & EU	Medium term (2-4 years)
Legacy-grid integration complexity	-0.8%	North America & EU; aging infrastructure regions	Medium term (2-4 years)
Chip-supply volatility delays roll-outs	-0.6%	Global; supply-chain-dependent regions	Short term (≤ 2 years)

Source: Mordor Intelligence

High Upfront Cost and Long Payback

Smaller utilities face capital hurdles: Public Service Company of New Mexico budgets USD 188 million for 500,000 meters, translating to USD 375 per endpoint including communications and installation. Where tariff recovery is uncertain, boards delay projects or adopt phased rollouts.

Cyber-Security and Data-Privacy Risks

IEEE Access research confirms exploitable firmware vulnerabilities in several commercial meters, prompting regulators to mandate penetration testing and end-to-end encryption. Compliance raises integration costs and lengthens procurement cycles. The interconnected nature of smart meter networks means that security breaches can cascade across entire service territories, creating systemic risks that traditional isolated meters cannot generate. Utilities must invest in additional cybersecurity infrastructure and ongoing monitoring capabilities that increase total cost of ownership beyond initial meter procurement and installation expenses.

Segment Analysis

By Product Type: Electricity Leads, Water Accelerates

Smart Electricity Meters hold 53.7% of the smart meters AMI market share in 2024, underpinning large-scale demand response programs and distributed generation integration. The segment remains central to most regulatory mandates, ensuring continued volume dominance. Smart Gas Meters follow, supported by leak-detection and safety imperatives in dense urban areas. Smart Water Meters register the fastest 8.7% CAGR because utilities combat non-revenue water losses that in some regions surpass 30%. The smart meters AMI market size for water applications is projected to expand steadily as drought-prone districts adopt continuous monitoring to enforce usage caps.

Water utilities see immediate revenue recovery when analytics expose inaccuracies; an Atlanta pilot saved over USD 1 million using AI-based meter diagnostics, showcasing how edge analytics foster rapid return on investment for the smart meters AMI industry. Multi-utility deployments leveraging a single communications backbone further lift project economics, allowing electricity, gas, and water meters to share gateways and data platforms.

Smart Meter Market — Image © Mordor Intelligence. Reuse requires attribution under CC BY 4.0.

By Communication Technology: Cellular Momentum Builds

RF-Mesh retains 55.9% adoption in 2024, valued for self-healing topology and high packet redundancy, particularly in dense metropolises. Yet NB-IoT and other cellular approaches are forecast to grow at 9.2% annually as nationwide 5G builds unlock low-latency, high-bandwidth channels for real-time power-quality data. The smart meters AMI market benefits from telecom operators’ spectrum holdings and backhaul infrastructure, enabling utilities to avoid expensive private network rollouts.

Cellular solutions also support remote firmware updates and secure over-the-air key management, elements crucial to grid-edge cybersecurity. As IoT device density climbs, advanced spectrum management and network slicing optimise traffic prioritisation, preventing congestion and safeguarding metering performance. These capabilities encourage utilities to shift upcoming tenders towards hybrid or fully cellular architectures in the smart meters AMI industry.

By Component: Software Surges on Analytics Demand

Hardware commands a 32.5% position in 2024 because meters and network infrastructure represent the initial investment tranche. Nonetheless, software registers a 10.1% CAGR as utilities recognise that value now lies in insight generation rather than data collection alone. The smart meters AMI market size for analytics platforms is set to grow with the move toward distributed intelligence, enabling grid-edge event detection that bypasses central servers.

Itron’s collaboration with NVIDIA illustrates this realignment; by equipping devices with AI accelerators, the company pivots from hardware sales to subscription-based analytics services. Parallel growth in managed services covers system integration, cybersecurity monitoring, and ongoing firmware support, indicating an expanding services layer that underpins the smart meters AMI market.

By End-User: Industrial Use Cases Command Premiums

Residential customers collectively account for 42.1% of total installations in 2024 thanks to mandated mass rollouts and standardised device specifications. Commercial sites sit between residential and industrial needs, requiring interval data and demand management for mid-scale loads. Industrial facilities are predicted to grow at 9.5% CAGR as plant managers pursue granular power-quality insights to meet ISO 50001 energy-management guidelines.

Case evidence from an automotive manufacturer in Pakistan shows 8% energy savings after installing intelligent meters integrated with production equipment telemetry. Because industrial endpoints demand higher precision and support complex tariff structures, average revenue per meter is materially larger, lifting overall profitability for vendors within the smart meters AMI market.

Geography Analysis

Asia-Pacific contributes 25.5% of global deployments in 2024, anchored by China’s state-directed rollouts, India’s national smart-grid roadmap, and Japan’s post-Fukushima reforms. Mainland China alone has surpassed 700 million cumulative smart meter installations, benefiting from central procurement mechanisms that reduce unit costs and guarantee widespread interoperability. India’s programme emphasises loss reduction and pre-payment functionality, bringing immediate cash-flow benefits to distribution companies.

The Middle East and Africa present the highest regional CAGR at 10.6% through 2030. Gulf Cooperation Council utilities leverage oil revenues to finance smart-city projects, bundling AMI with district-cooling and rooftop solar schemes, while South African and Kenyan regulators use smart metering to curb theft and widen prepaid adoption. Vendor financing and public-private partnership models gain traction where sovereign budgets are tight.

Smart Meters Market — Image © Mordor Intelligence. Reuse requires attribution under CC BY 4.0.

Competitive Landscape

The competitive arena remains moderately fragmented. Landis+Gyr, Itron, and Siemens offer end-to-end portfolios spanning meters, head-end systems, and data analytics, enabling utilities to source integrated solutions under a single contract. Meanwhile, Badger Meter and Kamstrup focus on water applications, while Schneider Electric and General Electric embed AMI within broader grid-automation suites.

Strategic alliances increasingly centre on software differentiation. Itron’s Grid Edge Intelligence platform, created with NVIDIA, pushes AI processing onto the device, reducing latency and cloud-hosting fees and positioning the company for subscription-based revenue streams . Landis+Gyr elevates services to 24% of total turnover, signalling a pivot toward recurring income models that offset hardware commoditisation. FirstEnergy’s vendor framework short-lists suppliers that demonstrate robust cybersecurity compliance and interoperability certification, favouring players with ISO 27001 and DLMS COSEM endorsements.

New entrants exploit niche capabilities. Cybersecurity specialists provide threat-detection engines explicitly tuned to meter protocols, while edge-database vendors such as MongoDB partner with hardware manufacturers to embed lightweight data stores. Regional manufacturers in India and the Middle East leverage cost-competitive production and local-content rules to penetrate tenders traditionally dominated by multinational incumbents.

Smart Meters (AMI) Industry Leaders

Landis+Gyr Group AG
Itron Inc.
Sensus USA Inc. (Xylem Inc.)
Honeywell (Elster Group)
Kamstrup A/S
*Disclaimer: Major Players sorted in no particular order

Smart Meters (AMI) Market — Image © Mordor Intelligence. Reuse requires attribution under CC BY 4.0.

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Recent Industry Developments

March 2025: WeaveGrid partnered with Emporia Energy to synchronise residential EV charging with renewable availability through utility-managed programmes.
March 2025: Itron introduced NVIDIA-powered AI extensions to its Grid Edge Intelligence portfolio, delivering on-device fault detection and resilience functions.
February 2025: Badger Meter reported Q4 2024 sales of USD 205.2 million, citing BlueEdge cellular AMI momentum and SmartCover sewer-monitoring acquisition.
January 2025: Itron and Norgesnett began the first Nordic grid-edge compute rollout with 10,000 distributed-intelligence endpoints enabling sub-second voltage analytics.

Table of Contents for Smart Meters (AMI) Industry Report

1. INTRODUCTION

1.1 Study Assumptions and Market Definition
1.2 Scope of the Study

2. RESEARCH METHODOLOGY

3. EXECUTIVE SUMMARY

4. MARKET LANDSCAPE

4.1 Market Overview
4.2 Market Drivers
- 4.2.1 Government mandates and regulatory push
- 4.2.2 Rising investments in grid modernisation
- 4.2.3 Utility efficiency and loss-reduction needs
- 4.2.4 Smart-city and IoT infrastructure expansion
- 4.2.5 Carbon-accounting and ESG compliance needs
- 4.2.6 Edge-AI analytics enabling new services
4.3 Market Restraints
- 4.3.1 High upfront cost and long payback
- 4.3.2 Cyber-security and data-privacy risks
- 4.3.3 Legacy-grid integration complexity
- 4.3.4 Chip-supply volatility delays roll-outs
4.4 Supply-Chain Analysis
4.5 Regulatory Landscape
4.6 Technological Outlook
4.7 Porter's Five Forces
- 4.7.1 Bargaining Power of Suppliers
- 4.7.2 Bargaining Power of Buyers
- 4.7.3 Threat of New Entrants
- 4.7.4 Threat of Substitute Products
- 4.7.5 Degree of Competition
4.8 Assesment of Macroeconomic Factors on the market

5. MARKET SIZE AND GROWTH FORECASTS (VOLUME)

5.1 By Product Type
- 5.1.1 Smart Electricity Meters
- 5.1.2 Smart Gas Meters
- 5.1.3 Smart Water Meters
5.2 By Communication Technology
- 5.2.1 RF-Mesh
- 5.2.2 Cellular (2G/3G/4G/5G/NB-IoT)
- 5.2.3 Others
5.3 By Component
- 5.3.1 Hardware
- 5.3.2 Software
- 5.3.3 Services
5.4 By End-User
- 5.4.1 Residential
- 5.4.2 Commercial
- 5.4.3 Industrial and Utilities
5.5 By Region
- 5.5.1 North America
- 5.5.1.1 United States
- 5.5.1.2 Canada
- 5.5.1.3 Mexico
- 5.5.2 South America
- 5.5.2.1 Brazil
- 5.5.2.2 Argentina
- 5.5.2.3 Rest of South America
- 5.5.3 Europe
- 5.5.3.1 Germany
- 5.5.3.2 United Kingdom
- 5.5.3.3 France
- 5.5.3.4 Italy
- 5.5.3.5 Spain
- 5.5.3.6 Russia
- 5.5.3.7 Rest of Europe
- 5.5.4 Asia-Pacific
- 5.5.4.1 China
- 5.5.4.2 Japan
- 5.5.4.3 India
- 5.5.4.4 South Korea
- 5.5.4.5 Australia and New Zealand
- 5.5.4.6 Southeast Asia
- 5.5.4.7 Rest of Asia-Pacific
- 5.5.5 Middle East and Africa
- 5.5.5.1 Middle East
- 5.5.5.1.1 Saudi Arabia
- 5.5.5.1.2 United Arab Emirates
- 5.5.5.1.3 Turkey
- 5.5.5.1.4 Rest of Middle East
- 5.5.5.2 Africa
- 5.5.5.2.1 South Africa
- 5.5.5.2.2 Nigeria
- 5.5.5.2.3 Egypt
- 5.5.5.2.4 Rest of Africa

6. COMPETITIVE LANDSCAPE

6.1 Market Concentration
6.2 Strategic Moves
6.3 Market Share Analysis
6.4 Company Profiles (includes Global level Overview, Market level overview, Core Segments, Financials as available, Strategic Information, Market Rank/Share for key companies, Products and Services, and Recent Developments)
- 6.4.1 Landis+Gyr Group AG
- 6.4.2 Itron Inc.
- 6.4.3 Sensus USA Inc. (Xylem Inc.)
- 6.4.4 Honeywell (Elster Group)
- 6.4.5 Kamstrup A/S
- 6.4.6 Siemens AG
- 6.4.7 Schneider Electric SE
- 6.4.8 Huawei Technologies Co. Ltd.
- 6.4.9 General Electric Co.
- 6.4.10 Aclara Technologies LLC (Hubbell)
- 6.4.11 EDMI Limited (Osaki Electric)
- 6.4.12 Apator SA
- 6.4.13 Arad Group
- 6.4.14 Badger Meter Inc.
- 6.4.15 Diehl Metering GmbH
- 6.4.16 Hexing Electrical Co. Ltd.
- 6.4.17 Holley Technology Ltd.
- 6.4.18 Jiangsu Linyang Energy Co.
- 6.4.19 Wasion Holdings Ltd.
- 6.4.20 Zenner International GmbH
- 6.4.21 Neptune Technology Group (Roper)
- 6.4.22 Baylan Water Meters
- 6.4.23 ZIV Automation
- 6.4.24 Pietro Fiorentini SpA
- 6.4.25 ADD GRUP
- 6.4.26 Yazaki Corporation
6.5 Market Ranking Analysis
- 6.5.1 Smart Electricity Meter Market
- 6.5.2 Smart Gas Meter Market
- 6.5.3 Smart Water Meter Market

7. MARKET OPPORTUNITIES AND FUTURE OUTLOOK

7.1 White-space and Unmet-Need Assessment

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Global Smart Meters (AMI) Market Report Scope

Smart meters, a groundbreaking innovation in the utility industry, facilitate enhanced communication between consumers and suppliers. These advanced devices not only showcase real-time energy consumption but also offer deeper insights into energy patterns. Leveraging a secure smart data network, smart meters automatically transmit readings to energy suppliers, ensuring precise billing.

The smart meters market is segmented by smart gas meters (North America (United States, Canada & Central America), Europe (United Kingdom, France, Italy, and the Rest of Europe), Asia Pacific (China, Japan, and the Rest of Asia Pacific), Rest of the World), by smart water meters (North America (United States, Canada & Central America), Europe (United Kingdom, France, Italy, and the Rest of Europe), Asia Pacific (China, Japan, and the Rest of Asia Pacific), Rest of the World), by smart electricity meters (North America (United States, Canada & Central America), Europe (United Kingdom, France, Italy, and the Rest of Europe), Asia Pacific (China, Japan, and the Rest of Asia Pacific), Rest of the World). The market sizes and forecasts are provided in terms of volume (shipment units) for all the segments.

By Product Type	Smart Electricity Meters
	Smart Gas Meters
	Smart Water Meters
By Communication Technology	RF-Mesh
	Cellular (2G/3G/4G/5G/NB-IoT)
	Others
By Component	Hardware
	Software
	Services
By End-User	Residential
	Commercial
	Industrial and Utilities

By Region	North America	United States
		Canada
		Mexico

	South America	Brazil
		Argentina
		Rest of South America

	Europe	Germany
		United Kingdom
		France
		Italy
		Spain
		Russia
		Rest of Europe

	Asia-Pacific	China
		Japan
		India
		South Korea
		Australia and New Zealand
		Southeast Asia
		Rest of Asia-Pacific

	Middle East and Africa	Middle East	Saudi Arabia
			United Arab Emirates
			Turkey
			Rest of Middle East

		Africa	South Africa
			Nigeria
			Egypt
			Rest of Africa

By Product Type

Smart Electricity Meters

Smart Gas Meters

Smart Water Meters

By Communication Technology

RF-Mesh

Cellular (2G/3G/4G/5G/NB-IoT)

Others

By Component

Hardware

Software

Services

By End-User

Residential

Commercial

Industrial and Utilities

By Region

North America	United States
	Canada
	Mexico
South America	Brazil
	Argentina
	Rest of South America
Europe	Germany
	United Kingdom
	France
	Italy
	Spain
	Russia
	Rest of Europe
Asia-Pacific	China
	Japan
	India
	South Korea
	Australia and New Zealand
	Southeast Asia
	Rest of Asia-Pacific

Middle East and Africa	Middle East	Saudi Arabia
		United Arab Emirates
		Turkey
		Rest of Middle East

	Africa	South Africa
		Nigeria
		Egypt
		Rest of Africa

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Key Questions Answered in the Report

How big is the Smart Meters Market?

The Smart Meters Market size is expected to reach 174.31 million units in 2025 and grow at a CAGR of 8.14% to reach 257.78 million units by 2030.

What is the current Smart Meters Market size?

In 2025, the Smart Meters Market size is expected to reach 174.31 million units.

Who are the key players in Smart Meters Market?

AEM, Aichi Tokei Denki Co., Ltd., Apator SA, Arad Group and Azbil Kimmon Co. Ltd are the major companies operating in the Smart Meters Market.

Which is the fastest growing region in Smart Meters Market?

Asia Pacific is estimated to grow at the highest CAGR over the forecast period (2025-2030).

Which region has the biggest share in Smart Meters Market?

In 2025, the Asia Pacific accounts for the largest market share in Smart Meters Market.

What years does this Smart Meters Market cover, and what was the market size in 2024?

In 2024, the Smart Meters Market size was estimated at 160.12 million units. The report covers the Smart Meters Market historical market size for years: 2019, 2020, 2021, 2022, 2023 and 2024. The report also forecasts the Smart Meters Market size for years: 2025, 2026, 2027, 2028, 2029 and 2030.