GITNUX MARKETDATA REPORT 2024

Smart Metering Industry Statistics

The smart metering industry is expected to grow rapidly driven by increasing energy efficiency initiatives and the adoption of smart grid technologies.

Last Updated: June 22, 2024

Written & Summarized by: Jannik Lindner

How we write

In this post, we explore key statistics shaping the smart metering industry, shedding light on market trends, regional adoption rates, and future projections. From the rapid expansion of smart meters in the UK to ambitious deployment targets in China and Japan, these figures underscore the transformative impact of smart meter technology on the global energy landscape. Join us as we delve into the data driving innovation and growth in the smart meter market.

Statistic 1

"By 2022, the global smart meter market is expected to cross $10 billion."

Statistic 2

"Approximately 7.2 million smart meters were installed across the UK in 2019."

Statistic 3

"North America accounted for about 48.8% of the global smart meter market in 2017."

Statistic 4

"China alone has plans to add over 300 million smart meters by 2023."

Statistic 5

"The smart gas meter market is projected to grow to $1.59 billion by 2023."

Statistic 6

"In the US, about 88% of residential smart meter installations are enabled for two-way communication."

Statistic 7

"The electricity sub-segment accounted for the largest share around 62.1% of the overall smart meters market in 2020."

Statistic 8

"Residential application is the largest contributor in the smart meters market, accounting for more than 60% share of the global market revenue."

Statistic 9

"Approximately 70% of Italian households had a smart meter in 2019."

Statistic 10

"The Latin American smart meters market is expected to grow at a CAGR of 25.63% during the 2020-2025 period."

Statistic 11

"By 2030, the smart water meter market is projected to reach $3.6 billion."

Statistic 12

"As of 2017, 35% of U.S households were using smart meters."

Statistic 13

"Japan is targeting a 100% deployment rate for smart meters by 2024."

Statistic 14

"The global market for smart electric meters is expected to grow at a CAGR of 3.95% from 2020 to 2027."

Statistic 15

"The residential market share for smart meters in Asia-Pacific reached 80.4% in 2018."

Statistic 16

"The UK government plans to install smart meters in every home by 2025."

The global smart meter market is experiencing significant growth and adoption across various regions, with projections indicating substantial market expansion in the coming years. Key statistics reveal the substantial investments and implementation efforts, such as the expected $10 billion market value by 2022, the large-scale deployments in countries like the UK, China, and Italy, as well as ambitious targets set by governments like Japan and the UK. The prevalence of smart meters in different sectors, including electricity, gas, and water, underscores the increasing importance and versatility of smart metering technology. With a promising future outlook and continued advancements in technology and infrastructure, the smart metering industry is poised for further development and innovation in the upcoming years.