North America Smart Meters Market Size and Forecast (2021 - 2031)

April 2026 | 169 pages | ID: N5EA1F3EBCE5EN
The Insight Partners

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The North America Smart Meters Market is projected to grow significantly, reaching an estimated US$ 14,143.7 million by 2031, up from US$ 7,398.4 million in 2024. This growth represents a compound annual growth rate (CAGR) of 10.1% from 2025 to 2031.

Executive Summary and Market Analysis

Smart meters are being increasingly adopted across North America as part of a strategic initiative aimed at enhancing energy efficiency, enabling real-time monitoring of energy consumption, reducing operational costs, and facilitating the integration of renewable energy sources. These advanced metering systems not only provide consumers with detailed insights into their energy usage but also equip utility companies with the necessary tools to manage demand effectively, improve grid reliability, and support long-term sustainability objectives.

In California, the Public Utilities Commission (CPUC) has approved the rollout of smart meters by investor-owned utilities, replacing traditional meters to enhance consumer energy management. These advanced meters offer real-time, time-of-use data, empowering customers to better understand and optimize their energy consumption patterns. This initiative is designed to promote informed and efficient energy use throughout the state. According to the US Energy Information Administration, by 2022, approximately 119 million advanced metering infrastructure (AMI) systems had been deployed by US electric utilities, accounting for around 72% of all electric meter installations nationwide. Notably, residential customers represented the majority of this deployment, making up about 88% of total AMI installations, with around 73% of all residential electric meters upgraded to AMI technology. This trend highlights the ongoing shift towards smarter, data-driven energy management in the sector.

Strategic Insights

Market Segmentation Analysis

The North America Smart Meters Market can be segmented based on type, technology, and end user:
  • By Type: The market is divided into Smart Electric Meters, Smart Water Meters, and Smart Gas Meters, with the Smart Electric Meter segment leading the market in 2024.
  • By Technology: The market is categorized into Advanced Metering Infrastructure (AMI) and Automated Meter Reading (AMR), with AMI dominating in 2024.
  • By End User: The market is segmented into Residential, Commercial, and Industrial users, with the Residential segment holding the largest share in 2024.
Market Outlook

The growth of the Smart Meter market is closely linked to the global push for smart grid initiatives, which are transforming electricity infrastructure to meet contemporary energy demands. A smart grid is an advanced electricity network that utilizes digital technologies to monitor and manage the flow of electricity from various generation sources. These networks are designed to align supply with fluctuating demand from end users while optimizing overall system performance. By coordinating the activities of power generators, grid operators, consumers, and market stakeholders, smart grids aim to enhance efficiency, reduce costs, minimize environmental impacts, and improve the reliability and resilience of electricity systems. Smart meters play a crucial role in this transformation, serving as a vital interface between utilities and consumers, enabling real-time data collection, demand response, and improved load forecasting. Consequently, they are essential for facilitating many key functionalities of a smart grid.

Investment trends in smart grids and related technologies are strong indicators of market expansion. Significant public and private investments are driving the deployment of smart grids and smart meters globally. For instance, in October 2024, the US Department of Energy announced nearly US$ 2 billion in funding for 38 projects aimed at enhancing the resilience of the US power grid against extreme weather, lowering energy costs for communities, and increasing capacity to meet rising demand from manufacturing, data centers, and electrification. Notably, 14 of these projects were selected under the Grid Resilience Utility and Industry Grants. A year prior, the Department announced up to US$ 3.46 billion through the Grid Resilience and Innovation Partnerships (GRIP) Program for 58 projects across 44 states, further emphasizing the national commitment to grid modernization.

As smart grids become the backbone of future energy systems, the demand for smart meters is expected to rise correspondingly, driven by their ability to provide the real-time insights and control necessary for grid modernization. This synergy between smart grid development and smart meter deployment is a significant catalyst for market growth on both national and international levels.

Country Insights

The North America Smart Meters Market is segmented by country into the United States, Canada, and Mexico, with the United States holding the largest market share in 2024. The US has established itself as a global leader in smart meter deployment, supported by strong federal backing, utility-driven grid modernization programs, and proactive state-level policies. This widespread adoption reflects a national commitment to enhancing energy efficiency, improving grid reliability, and enabling more responsive energy management. For example, in August 2024, Iberdrola, through its US subsidiary Avangrid, announced plans to deploy over 700,000 smart meters for electricity and gas customers in New York State, enhancing grid efficiency and enabling accurate, real-time consumption data.

Company Profiles

Key players in the North America Smart Meters Market include Schneider Electric SE, Honeywell International Inc, Siemens AG, Hubbell Inc, Itron Inc, Landis+Gyr Group AG, Sagemcom UK Ltd, Xylem Inc., BOVE Technology, and ZENNER International GmbH & Co. KG. These companies are employing various strategies such as expansion, product innovation, and mergers and acquisitions to deliver innovative products and increase their market share.
1. INTRODUCTION

1.1 Report Guidance
1.2 Market Segmentation

2. EXECUTIVE SUMMARY

2.1 Key Insights
2.2 Market Attractiveness

3. RESEARCH METHODOLOGY

3.1 Secondary Research
3.2 Primary Research
  3.2.1 Hypothesis formulation:
  3.2.2 Macroeconomic factor analysis:
  3.2.3 Developing base number:
  3.2.4 Data Triangulation:
  3.2.5 Country-level data:

4. SMART METERS MARKET LANDSCAPE

4.1 Market Overview
4.2 PEST Analysis
4.3 Ecosystem Analysis
  4.3.1 Raw Material Suppliers
  4.3.2 Manufacturers
  4.3.3 Distributors or Suppliers
  4.3.4 End-Use Industry
  4.3.5 List of Vendors in the Value Chain

5. NORTH AMERICA SMART METERS MARKET - KEY MARKET DYNAMICS

5.1 Market Drivers
5.2 Market Restraints
5.3 Market Opportunities
5.4 Future Trends
5.5 Impact of Drivers and Restraints:

6. SMART METERS MARKET - NORTH AMERICA MARKET ANALYSIS

6.1 North America Smart Meters Market Revenue (US$ Million), 2024 - 2031
6.2 North America Smart Meters Market Forecast and Analysis

7. NORTH AMERICA SMART METERS MARKET REVENUE ANALYSIS - BY TYPE

7.1 Smart Electric Meter
  7.1.1 Overview
  7.1.2 Smart Electric Meter: North America Smart Meters Market - Revenue and Forecast, 2021 - 2031 (US$ Million)
7.2 Smart Water Meter
  7.2.1 Overview
  7.2.2 Smart Water Meter: North America Smart Meters Market - Revenue and Forecast, 2021 - 2031 (US$ Million)
7.3 Smart Gas Meter
  7.3.1 Overview
  7.3.2 Smart Gas Meter: North America Smart Meters Market - Revenue and Forecast, 2021 - 2031 (US$ Million)

8. NORTH AMERICA SMART METERS MARKET REVENUE ANALYSIS - BY TECHNOLOGY

8.1 Advanced Metering Infrastructure
  8.1.1 Overview
  8.1.2 Advanced Metering Infrastructure: North America Smart Meters Market - Revenue and Forecast, 2021 - 2031 (US$ Million)
8.2 Automated Meter Reading
  8.2.1 Overview
  8.2.2 Automated Meter Reading: North America Smart Meters Market - Revenue and Forecast, 2021 - 2031 (US$ Million)

9. NORTH AMERICA SMART METERS MARKET REVENUE ANALYSIS - BY END USER

9.1 Residential
  9.1.1 Overview
  9.1.2 Residential: North America Smart Meters Market - Revenue and Forecast, 2021 - 2031 (US$ Million)
9.2 Commercial
  9.2.1 Overview
  9.2.2 Commercial: North America Smart Meters Market - Revenue and Forecast, 2021 - 2031 (US$ Million)
9.3 Industrial
  9.3.1 Overview
  9.3.2 Industrial: North America Smart Meters Market - Revenue and Forecast, 2021 - 2031 (US$ Million)

10. NORTH AMERICA SMART METERS MARKET - COUNTRY ANALYSIS

10.1 North America
  10.1.1 North America Smart Meters Market Revenue and Forecast and Analysis - by Country
    10.1.1.1 North America Smart Meters Market Revenue and Forecast and Analysis - by Country
    10.1.2.2 United States: North America Smart Meters Market - Revenue and Forecast, 2021 - 2031 (US$ Million)
      10.1.2.2.1 United States: North America Smart Meters Market Share - by Type
      10.1.2.2.2 United States: North America Smart Meters Market Share - by Technology
      10.1.2.2.3 United States: North America Smart Meters Market Share - by End User
    10.2.3.3 Canada: North America Smart Meters Market - Revenue and Forecast, 2021 - 2031 (US$ Million)
      10.2.3.3.1 Canada: North America Smart Meters Market Share - by Type
      10.2.3.3.2 Canada: North America Smart Meters Market Share - by Technology
      10.2.3.3.3 Canada: North America Smart Meters Market Share - by End User
    10.3.4.4 Mexico: North America Smart Meters Market - Revenue and Forecast, 2021 - 2031 (US$ Million)
      10.3.4.4.1 Mexico: North America Smart Meters Market Share - by Type
      10.3.4.4.2 Mexico: North America Smart Meters Market Share - by Technology
      10.3.4.4.3 Mexico: North America Smart Meters Market Share - by End User

11 COMPETITIVE LANDSCAPE

11.1 Heat Map Analysis by Key Players
11.2 Company Market Share Analysis, 2024

12 INDUSTRY LANDSCAPE

12.1 Overview
12.2 New Product Development
12.3 Merger and Acquisition
12.4 Other Strategic Developments

13 COMPANY PROFILES

13.1 Schneider Electric SE
  13.1.1 Key Facts
  13.1.2 Business Description
  13.1.3 Products and Services
  13.1.4 Financial Overview
  13.1.5 SWOT Analysis
  13.1.6 Key Developments
13.2 Honeywell International Inc
  13.2.1 Key Facts
  13.2.2 Business Description
  13.2.3 Products and Services
  13.2.4 Financial Overview
  13.2.5 SWOT Analysis
  13.2.6 Key Developments
13.3 Siemens AG
  13.3.1 Key Facts
  13.3.2 Business Description
  13.3.3 Products and Services
  13.3.4 Financial Overview
  13.3.5 SWOT Analysis
  13.3.6 Key Developments
13.4 Hubbell Inc
  13.4.1 Key Facts
  13.4.2 Business Description
  13.4.3 Products and Services
  13.4.4 Financial Overview
  13.4.5 SWOT Analysis
  13.4.6 Key Developments
13.5 Itron Inc
  13.5.1 Key Facts
  13.5.2 Business Description
  13.5.3 Products and Services
  13.5.4 Financial Overview
  13.5.5 SWOT Analysis
  13.5.6 Key Developments
13.6 Landis+Gyr Group AG
  13.6.1 Key Facts
  13.6.2 Business Description
  13.6.3 Products and Services
  13.6.4 Financial Overview
  13.6.5 SWOT Analysis
  13.6.6 Key Developments
13.7 Sagemcom UK Ltd
  13.7.1 Key Facts
  13.7.2 Business Description
  13.7.3 Products and Services
  13.7.4 Financial Overview
  13.7.5 SWOT Analysis
  13.7.6 Key Developments
13.8 Xylem Inc.
  13.8.1 Key Facts
  13.8.2 Business Description
  13.8.3 Products and Services
  13.8.4 Financial Overview
  13.8.5 SWOT Analysis
  13.8.6 Key Developments
13.9 BOVE Technology
  13.9.1 Key Facts
  13.9.2 Business Description
  13.9.3 Products and Services
  13.9.4 Financial Overview
  13.9.5 SWOT Analysis
  13.9.6 Key Developments
13.10 ZENNER International GmbH & Co. KG
  13.10.1 Key Facts
  13.10.2 Business Description
  13.10.3 Products and Services
  13.10.4 Financial Overview
  13.10.5 SWOT Analysis
  13.10.6 Key Developments

14. APPENDIX

14.1 About The Insight Partners
LIST OF TABLES


Table 1. North America Smart Meters Market Segmentation
Table 2. List of Vendors
Table 3. North America Smart Meters Market - Revenue and Forecast, 2021 - 2031 (US$ Million)
Table 4. North America Smart Meters Market - Revenue and Forecast, 2021 - 2031 (US$ Million) - by Type
Table 5. North America Smart Meters Market - Revenue and Forecast, 2021 - 2031 (US$ Million) - by Technology
Table 6. North America Smart Meters Market - Revenue and Forecast, 2021 - 2031 (US$ Million) - by End User
Table 7. North America Smart Meters Market - Revenue and Forecast, 2021 - 2031 (US$ Million) - by Country
Table 8. United States: North America Smart Meters Market - Revenue and Forecast, 2021 - 2031 (US$ Million) - by Type
Table 9. United States: North America Smart Meters Market - Revenue and Forecast, 2021 - 2031 (US$ Million) - by Technology
Table 10. United States: North America Smart Meters Market - Revenue and Forecast, 2021 - 2031 (US$ Million) - by End User
Table 11. Canada: North America Smart Meters Market - Revenue and Forecast, 2021 - 2031 (US$ Million) - by Type
Table 12. Canada: North America Smart Meters Market - Revenue and Forecast, 2021 - 2031 (US$ Million) - by Technology
Table 13. Canada: North America Smart Meters Market - Revenue and Forecast, 2021 - 2031 (US$ Million) - by End User
Table 14. Mexico: North America Smart Meters Market - Revenue and Forecast, 2021 - 2031 (US$ Million) - by Type
Table 15. Mexico: North America Smart Meters Market - Revenue and Forecast, 2021 - 2031 (US$ Million) - by Technology
Table 16. Mexico: North America Smart Meters Market - Revenue and Forecast, 2021 - 2031 (US$ Million) - by End User
Table 17. Heat Map Analysis by Key Players
LIST OF FIGURES


Figure 1. North America Smart Meters Market Segmentation - Country
Figure 2. PEST Analysis
Figure 3. Ecosystem: Smart Meters Market
Figure 4. North America Smart Meters Market - Key Market Dynamics
Figure 5. Impact Analysis of Drivers and Restraints
Figure 6. North America Smart Meters Market Revenue (US$ Million), 2024 - 2031
Figure 7. North America Smart Meters Market Share (%) - by Type, 2024 and 2031
Figure 8. Smart Electric Meter: North America Smart Meters Market - Revenue and Forecast, 2021 - 2031 (US$ Million)
Figure 9. Smart Water Meter: North America Smart Meters Market - Revenue and Forecast, 2021 - 2031 (US$ Million)
Figure 10. Smart Gas Meter: North America Smart Meters Market - Revenue and Forecast, 2021 - 2031 (US$ Million)
Figure 11. North America Smart Meters Market Share (%) - by Technology, 2024 and 2031
Figure 12. Advanced Metering Infrastructure: North America Smart Meters Market - Revenue and Forecast, 2021 - 2031 (US$ Million)
Figure 13. Automated Meter Reading: North America Smart Meters Market - Revenue and Forecast, 2021 - 2031 (US$ Million)
Figure 14. North America Smart Meters Market Share (%) - by End User, 2024 and 2031
Figure 15. Residential: North America Smart Meters Market - Revenue and Forecast, 2021 - 2031 (US$ Million)
Figure 16. Commercial: North America Smart Meters Market - Revenue and Forecast, 2021 - 2031 (US$ Million)
Figure 17. Industrial: North America Smart Meters Market - Revenue and Forecast, 2021 - 2031 (US$ Million)
Figure 18. North America Smart Meters Market Breakdown by Key Countries, 2024 and 2031 (%)
Figure 19. United States: North America Smart Meters Market - Revenue and Forecast, 2021 - 2031 (US$ Million)
Figure 20. Canada: North America Smart Meters Market - Revenue and Forecast, 2021 - 2031 (US$ Million)
Figure 21. Mexico: North America Smart Meters Market - Revenue and Forecast, 2021 - 2031 (US$ Million)
Figure 22. Company Positioning & Concentration


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