Smart Meter Market Poised to Soar: North America's Role in Driving Growth Toward $36.3 Billion by 2028

The global smart meter market is expected to grow from USD 23.1 billion in 2023 to USD 36.3 billion by 2028, at a CAGR of 9.4% during the forecast period. The Smart Meter market in the U.S. is a thriving sector within the global market that is expected to grow at a significant growth rate due to Implementation of climate change policies and rising investments in smart grid infrastructures. Among the end use industries, Residential Sector is anticipated to dominate in the U.S. market due to the Improved Billing Accuracy and Benefits in Real Time Monitoring. The growing power consumption drives the demand for smart meters from the residential sector due to the increased use of home appliances. Smart meters can provide accurate and detailed usage data, which can help to eliminate billing disputes between homeowners and utility companies. In turn, using these smart meters can provide real-time usage data, enabling homeowners to identify patterns and reduce energy consumption.

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The Smart Meters market in U.S. is driven by rising popularity of digital technologies which are applied to distribute energy resources. The integration of renewable energy into the grid and the increase in the adoption of EVs are also contributing to this transformation. Moreover, the US government plans to invest USD 120-160 billion in transmission and distribution (T&D) networks by 2024. Aging energy generation and distribution infrastructure, an increasing need to deliver clean and reliable energy, and a strong focus on renewable energy generation are among a few major factors driving investments in T&D infrastructure. The Grids by 2030, envisioned transnational power transfers, real-time consumption analysis, diminishing power outage and disturbance costs, and a strong foothold in the competitive market.

Some of the top companies operating in the U.S. Smart Meters market Schneider Electric Company, Itron, Badger Meters, Oracle, Honeywell, Xylem, and others. Schneider Electric provides smart meters software solution, EcoStruxure, in the Low Voltage segment. EcoStruxure is an IoT-enabled power management solution that enhances connectivity, smart analytics for medium- and low-voltage architecture, and real-time operational reliability for residential and industrial end markets. Itron, Inc. manufactures and designs Automatic Meter Reading (AMR) systems and computer-based electronic meter reading systems. They are among the leading technology and service companies operating in three business segments: Device Solutions, Network Solutions, and Outcomes. The company offers smart meters under the Network Solutions segment, and the smart meter analytics offerings and meter data management are provided under the Outcomes segment. They offer a smart meter solution, OpenWay Riva, along with Gen 5 software. Badger Meter, Inc., is one of the leading suppliers of smart metering solutions for water consumption. They provide smart meters under Municipal Water business segment is further sub-segmented into manually read meters and remotely read meters via radio technology. The company offers complete water metering solutions in this segment, including mechanical or static (ultrasonic) water meters and related radio and software technologies and services. For Instance, Badger Meter, Inc. announced the availability of the netAMP Enabled to expedite end-to-end Advanced Metering deployments. netAMP Enabled complements smart water technologies from Badger Meter, Inc., including BEACON Advanced Metering Analytics (AMA) and ORION Cellular LTE-M endpoints and smart water meters, by providing customers fixed, subscription-based metering as a Service (MaaS) program.

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The utilities are deploying smart water meters with AMI technology to replace worn-out ones. Supportive government policies and the efforts by water distribution companies to ensure accurate meter readings and consumer billing and to reduce non-revenue water are expected to drive market growth. Furthermore, various governments and authorities across the US approved separate budgets to modernize the grid infrastructure.

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