Top 20 Global Companies Driving Innovation in the Smart Meter Industry (2024–2035): Market Trends, Statistics and Demand

 

Description

According to a research report published by Spherical Insights & Consulting, the Global Smart Meters Market Size is projected to grow from USD 31.86 billion in 2024 to USD 84.7 billion by 2035, at a CAGR of 9.3% during the forecast period 2025–2035. The market's expansion and demand are bolstered by the government's increasing investment in smart cities through programs like the Smart City Mission.

 

Introduction

Smart meters are a reliable way to manage energy supplies, track use in real time, and record outage incidents along with how long they last. Smart meters' integrated sensors and communication systems make it easier to quickly identify and address blackout situations. In order for utilities to put preventive measures in place against future interruptions, they also supply vital data for mapping outage occurrences.  Utilities can efficiently monitor, analyze, and manage repairs with the use of data gathered from smart meter communication systems, reducing downtime and operating expenses while accelerating service restoration. In addition to enabling careful monitoring of high-priority energy users like hospitals, fire stations, vital industrial sites, and military installations, smart meters may also create and send outage notifications to utility operators.

 

Key Market Trends:

Grid modernization and upgrade to surge installations

 

Global demand for energy has increased recently due to population growth. As a result, new technologies like district heating and CHP (combined heat and power plants) have been introduced, along with additional electricity generation sources like renewables. As a result, there is now a need for both new grids and upgrades for existing ones. Utilities are now compelled to implement systems that guarantee efficient management of energy usage data due to the growing client base.Given that smart meters fulfill numerous needs for both customers and utilities, this is one of the key developments that will propel the market for smart meters in a favorable way. For instance, storing data for specific clients, billing automatically each month, detecting leaks, reaping financial rewards, and preventing needless losses. In line with this pattern, the market

 

Expanding Mobile Device Management Initiatives to Fuel Market Expansion

Mobile device management operations have increased in a number of markets due to the increasing use of sophisticated technologies in a variety of fields. This trend is anticipated to continue in this market since it offers benefits to both service providers and consumers through the smart meter app, which allows for customer monitoring. Additionally, as the Internet of Things (IoT) becomes more integrated, algorithms that eliminate human intervention are making it possible to precisely manage supply chains. This lowers the possibility of mistakes and malfunctions.

 

Smart Meters Market Size & Statistics

• The market for smart meters was estimated to be worth USD 31.86 billion in 2024.
• The market is going to expand at a CAGR of 9.3% between 2025 and 2035.
• The Global Smart Meters Market is anticipated to reach USD 84.7 billion by 2035.
• Europe is expected to generate the highest demand during the forecast period.
• Asia Pacific is expected to grow the fastest during the forecast period

 

Regional growth and demand                      

Asia Pacific is expected to grow the fastest during the forecast period in the smart meters market. The region's market is distinguished by the use of smart water, gas, and electric meters to encourage the sustainable use of water, gas, and electricity, respectively. The area has seen the largest increase in energy generation from renewable sources in recent years, which has prompted the construction of new transmission and distribution lines as well as new networks. This has accelerated the installation of smart meters in the area. Water and natural gas meters are less common than electricity meters, although this percentage is predicted to increase as IoT usage and device management become more widespread.

 

Europe is expected to generate the highest demand during the forecast period in the smart meters market. Europe is anticipated to grow at the quickest rate over the projection period. The smart meter market in Europe is dominated by the UK, Spain, France, and Italy. In the region, the need for smart meters is being driven by the increasing number of smart electric meter installations. Significant industry participants, rising use of cutting-edge technology, and expanding support for renewable energy sources are driving the expansion of the smart meter market in Europe.

 

Top 15 Companies Leading the Smart Meters Market

1. Genus Power Infrastructures Ltd.
2. HPL Electric & Power Ltd.
3. Itron Inc.
4. Landis+Gyr Group AG
5. Schneider Electric SE
6. Secure Meters Ltd.
7. Honeywell Elster
8. Siemens AG
9. Maven Systems Pvt. Ltd.
10. Melange Systems Pvt. Ltd.
11. Kalkitech
12. Osaki Electric Co.
13. Sagemcom SAS
14. Kamstrup A/S
15. Hexing Electrical Company Ltd.
16. Wasion Group Holdings
17. Fluentgrid Ltd.
18. Ripple Metering
19. Smartmeters Technologies Pvt. Ltd.
20. Trinity Energy Systems Pvt. Ltd.

 

1. Genus Power Infrastructures Ltd.

Headquarters - India

Genus Power, a prominent producer of smart metering technologies, was established in 1992 and has its headquarters in Jaipur, India. It provides a large selection of electricity meters, such as prepayment, single-phase, three-phase, and CT-operated meters. In addition, Genus offers comprehensive power infrastructure services, MDMS platforms, and AMI systems. The business is a major player in India's smart grid revolution, having deployed more than 80 million meters. Its cutting-edge research and development facility, approved by the Indian government, fosters innovation in water, gas, and electricity metering. Genus is an AMISP that manages financing, implementation, and operations for utilities using the DBFOOT model. It announced $294.58 million in revenue for FY 2025, with robust growth in both the OEM and domestic segments. Genus is growing into smart gas water metering and is publicly traded.

 

2. HPL Electric & Power Ltd

Headquarters - USA

One of India's top producers of electrical equipment, HPL Electric & Power Ltd. was established in 1992 and has its headquarters in Sonipat. The company's areas of expertise include solar goods, wires and cables, LED lights, switchgear, and metering systems. Utilities and governmental organizations have embraced its BIS-certified smart meters. By running seven production facilities and two research and development facilities authorized by the Ministry of Science & Technology, HPL promotes innovation in prepayment, group metering, and NB-IoT technologies. With more than 900 dealers and 75,000 retailers, the company has a significant domestic presence in addition to serving more than 42 countries. HPL recorded revenues of about $205 million in FY 2025, representing a 16% increase over the previous year. India's digital grid ambitions and growing need for energy-efficient infrastructure are driving the company's smart meter segment's continued expansion.

 

3. Schneider Electric

Headquarters – France

Schneider Electric, a Fortune Global 500 corporation with its headquarters located in Rueil-Malmaison, France, was founded in 1836 and specializes in automation and energy management. EcoStruxure™, an IoT-enabled platform for real-time monitoring and control, is integrated with its smart meter solutions. Schneider provides services to a wide range of industries, such as infrastructure, data centers, utilities, and buildings. It has operations in more than 100 countries and employs more than 150,000 people. Its products range from industrial-grade systems to household meters. Schneider Electric reported €38.15 billion in revenue in 2024, fueled by the robust demand for digital and sustainable energy solutions. the smart grid and analytics capabilities have been enhanced by the purchases of APC, Aveva, and RIB Software.

 

4. Itron

Headquarters - Washington

Itron, a world pioneer in energy and water resource management, was founded in 1977 and has its headquarters in Liberty Lake, Washington. It provides smart meters, networked solutions, and analytics platforms to more than 8,000 utilities in more than 100 countries. With the use of edge intelligence and Internet of Things integration, Itron offers metering services for gas, electricity, water, and heat. OpenWay Riva and Cyble modules, which provide real-time data collecting and grid optimization, are among its main products. With a strong emphasis on sustainability and smart city applications, the organization is divided into three segments: Device Solutions, Networked Solutions, and Outcomes. Itron reported $2.4 billion in revenue and a $6 billion market capitalization in 2023.

 

5. Landis+Gyr

Headquarters - Switzerland

Landis+Gyr is a publicly traded international corporation that specializes in integrated energy management systems. It was founded in 1896 and has its headquarters in Cham, Switzerland. It provides analytics platforms, smart meters, and grid edge intelligence for gas, water, and electricity companies. Serving more than 3,500 clients worldwide, the company operates in more than 30 countries. Its GridstreamTM technology facilitates smart grid applications and sophisticated metering infrastructure. Landis+Gyr has a significant presence in North America, Europe, and Asia-Pacific and invests $116.9 million in research and development in 2025. It claimed to have over 6,300 workers and $1.73 billion in sales in FY 2025.

 

Are you ready to discover more about the smart meters market?

The report provides an in-depth analysis of the leading companies operating in the global smart meters market. It includes a comparative assessment based on their product portfolios, business overviews, geographical footprint, strategic initiatives, market segment share, and SWOT analysis. Each company is profiled using a standardized format that includes:

 

Company Profiles

1. Genus Power Infrastructures Ltd.

Business Overview

Company Snapshot

Products Overview

Company Market Share Analysis

Company Coverage Portfolio

Financial Analysis

Recent Developments

Merger and Acquisitions

SWOT Analysis

1. HPL Electric & Power Ltd.
2. Itron Inc.
3. Landis+Gyr Group AG
4. Schneider Electric SE
5. Secure Meters Ltd.
6. Honeywell Elster
7. Siemens AG
8. Maven Systems Pvt. Ltd.
9. Others.

 

Conclusion

Growing urbanization, rising energy consumption, and the need for effective utility management are all driving the worldwide smart meter industry. Advanced metering systems are being deployed more quickly as a result of governments all over the world encouraging smart infrastructure through programs like smart city projects. To improve operational efficiency, outage detection, and real-time monitoring, major businesses are combining IoT, AI, and data analytics. Europe continues to have high deployment rates, but Asia Pacific is becoming the region with the greatest rate of growth. Smart meters are emerging as a key component of contemporary, networked, and sustainable energy ecosystems with ongoing innovation and regulatory assistance.

 

About the Spherical Insights & Consulting

Spherical Insights & Consulting is a market research and consulting firm which provides actionable market research study, quantitative forecasting and trends analysis provides forward-looking insight especially designed for decision makers and aids ROI.

Which is catering to different industry such as financial sectors, industrial sectors, government organizations, universities, non-profits and corporations. The company's mission is to work with businesses to achieve business objectives and maintain strategic improvements. 

 

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