North America Smart Meter Market Size and Forecast (2021

Description

List of Tables

The North America Smart Meter Market is projected to reach US$ 21,394.3 Million by 2034, rising from US$ 7,935.6 Million in 2025. The market is anticipated to register a CAGR of 12.1% between 2026 and 2034.

Executive Summary and North America Smart Meter Market Analysis:

Smart meter adoption is expanding across North America as utilities and consumers seek greater energy efficiency, real-time visibility into consumption, reduced operating expenses, and improved integration of renewable power sources. These advanced metering technologies deliver detailed information on energy usage to consumers while enabling utility companies to manage demand more effectively, strengthen grid performance, and advance long-term sustainability objectives.

The California Public Utilities Commission (CPUC) authorized investor-owned utilities in California to deploy smart meters as replacements for conventional metering systems. The initiative was designed to improve energy management by providing customers with detailed, time-of-use consumption information. Access to more timely data enables consumers to identify usage patterns and make better-informed decisions about electricity consumption, supporting more efficient energy practices throughout the state.

According to the US Energy Information Administration, approximately 119 million advanced metering infrastructure (AMI) systems had been installed by US electric utilities as of 2022. These installations represented about 72% of all electric meters across the country. Residential users accounted for nearly 88% of total AMI deployments, while approximately 73% of residential electric meters had already been converted to AMI technology. These figures demonstrate the continued transition toward digital, connected, and data-oriented energy management.

Strategic Insights

North America Smart Meter Market Segmentation Analysis:

By Type, the North America Smart Meter Market is categorized into Smart Electric Meter, Smart Water Meter, and Smart Gas Meter. The Smart Electric Meter segment held the largest market share in 2025.
By Technology, the North America Smart Meter Market is divided into Advanced Metering Infrastructure (AMI) and Automated Meter Reading (AMR). The AMI segment led the market in 2025.
By End Users, the North America Smart Meter Market is segmented into Residential, Commercial, and Industrial. The Residential segment accounted for the dominant share in 2025.

Market Report Scope

North America Smart Meter Market Outlook

The expansion of the Smart Meter market is strongly associated with the rapid development of smart grid infrastructure. Smart grids are transforming conventional electricity networks by incorporating digital technologies that allow utilities to monitor, control, and optimize electricity flows across multiple generation sources. These systems are designed to balance changing electricity demand with available supply while improving the overall efficiency of power distribution.

Smart grids coordinate utilities, generators, grid operators, consumers, and other market participants to create electricity networks that are more efficient, economical, reliable, resilient, and adaptable. Smart meters are a fundamental component of this transformation because they provide the communication and data interface between consumers and utilities. Their ability to collect consumption information in near real time supports demand-response programs, accurate load forecasting, improved outage management, and more effective grid planning.

As many technologies associated with smart grid modernization have reached advanced stages of development, investment in grid infrastructure has become an important indicator of future demand for smart meters. Increasing expenditure on digital energy infrastructure is therefore expected to support continued market expansion.

Government programs and private-sector investments are further accelerating smart grid modernization. On October 18, 2024, the US Department of Energy announced nearly US$ 2 billion in funding for 38 projects focused on improving grid resilience against extreme weather, reducing energy costs, and expanding electricity capacity to accommodate growing demand from manufacturing, data centers, and electrification. Fourteen projects were selected through the Grid Resilience Utility and Industry Grants.

In addition, the Department of Energy had previously announced up to US$ 3.46 billion through the Grid Resilience and Innovation Partnerships (GRIP) Program for 58 projects across 44 states. Such initiatives highlight the strong policy emphasis on strengthening and digitizing the US power network. Since smart meters provide the real-time information and control capabilities required by modern grids, increasing smart grid investment is expected to translate into additional opportunities for smart meter manufacturers and technology providers.

North America Smart Meter Market Country Insights

By country, the North America Smart Meter Market is segmented into the United States, Canada, and Mexico. The United States accounted for the largest share in 2025.

The US remains one of the leading markets for smart meter deployment, supported by federal investment, utility-led modernization programs, and state-level initiatives. The widespread rollout reflects efforts to improve energy efficiency, strengthen electricity networks, and provide utilities and consumers with more responsive energy management capabilities.

In August 2024, Iberdrola, through its US subsidiary Avangrid, announced progress toward deploying more than 700,000 smart meters for electricity and gas customers in New York State. The initiative supports the modernization of energy infrastructure by providing more precise and timely consumption information while reducing reliance on estimated meter readings. The smart meters installed for customers of New York State Electric & Gas (NYSEG) and Rochester Gas and Electric (RG&E) communicate wirelessly with utilities, helping improve outage identification and response. The program also supports Iberdrola's wider objectives related to grid modernization and the transition toward more sustainable energy systems.

North America Smart Meter Market Company Profiles

Key companies operating in the 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 market participants are pursuing strategies such as geographic expansion, technological development, product innovation, strategic partnerships, and mergers and acquisitions. Through these initiatives, companies aim to broaden their product offerings, address evolving utility requirements, strengthen their competitive positions, and capture a greater share of the expanding North American smart meter market.

Product Code: TIPRE00043962

1. Executive Summary

1.1 Analyst Market Outlook

2. Global Smart Meter Market Landscape

2.1 Overview
2.2 Value Chain Analysis
2.3 Supply Chain Analysis
- 2.3.1 List of Manufacturers/Suppliers
- 2.3.2 List of Potential Customers (Upto 50)
2.4 Porter's Five Forces Analysis
2.5 PEST Analysis

3. Competitive Landscape

3.1 Company Benchmarking by Key Players
3.2 Market Share Analysis, 2025 - By Key Players
3.3 Market Concentration

4. North America Smart Meter Market - Key Industry Dynamics

4.1 Market Drivers
4.2 Market Restraints
4.3 Market Opportunities
4.4 Future Trends
4.5 Impact of Drivers and Restraints:

5. Smart Meter Market - North America Analysis

5.1 North America Smart Meter Market Revenue (US$ Million), 2021 - 2034
5.2 North America Smart Meter Market Revenue Forecast and Analysis

6. North America Smart Meter Market Revenue Analysis - by Type

6.1 North America Smart Meter Market Forecast and Analysis by Type
- 6.1.1 Smart Electric Meter
  - 6.1.1.1 Overview
  - 6.1.1.2 Smart Electric Meter: North America Smart Meter Market - Revenue and Forecast, 2021 - 2034 (US$ Million)
- 6.1.2 Smart Water Meter
  - 6.1.2.1 Overview
  - 6.1.2.2 Smart Water Meter: North America Smart Meter Market - Revenue and Forecast, 2021 - 2034 (US$ Million)
- 6.1.3 Smart Gas Meter
  - 6.1.3.1 Overview
  - 6.1.3.2 Smart Gas Meter: North America Smart Meter Market - Revenue and Forecast, 2021 - 2034 (US$ Million)

7. North America Smart Meter Market Revenue Analysis - by Technology

7.1 North America Smart Meter Market Forecast and Analysis by Technology
- 7.1.1 AMI
  - 7.1.1.1 Overview
  - 7.1.1.2 AMI: North America Smart Meter Market - Revenue and Forecast, 2021 - 2034 (US$ Million)
- 7.1.2 AMR
  - 7.1.2.1 Overview
  - 7.1.2.2 AMR: North America Smart Meter Market - Revenue and Forecast, 2021 - 2034 (US$ Million)

8. North America Smart Meter Market Revenue Analysis - by End Users

8.1 North America Smart Meter Market Forecast and Analysis by End Users
- 8.1.1 Residential
  - 8.1.1.1 Overview
  - 8.1.1.2 Residential: North America Smart Meter Market - Revenue and Forecast, 2021 - 2034 (US$ Million)
- 8.1.2 Commercial
  - 8.1.2.1 Overview
  - 8.1.2.2 Commercial: North America Smart Meter Market - Revenue and Forecast, 2021 - 2034 (US$ Million)
- 8.1.3 Industrial
  - 8.1.3.1 Overview
  - 8.1.3.2 Industrial: North America Smart Meter Market - Revenue and Forecast, 2021 - 2034 (US$ Million)

9. North America Smart Meter Market - Country Analysis

9.1 North America
- 9.1.1 North America Smart Meter Market Forecast and Analysis - by Country
  - 9.1.1.1 United States Market
    - 9.1.1.1.1 United States: North America Smart Meter Market - Revenue and Forecast, 2021 - 2034 (US$ Million)
    - 9.1.1.1.2 United States: North America Smart Meter Market - By Segmentation
      - 9.1.1.1.2.1 Type
      - 9.1.1.1.2.2 Technology
      - 9.1.1.1.2.3 End Users
  - 9.1.1.2 Canada Market
    - 9.1.1.2.1 Canada: North America Smart Meter Market - Revenue and Forecast, 2021 - 2034 (US$ Million)
    - 9.1.1.2.2 Canada: North America Smart Meter Market - By Segmentation
      - 9.1.1.2.2.1 Type
      - 9.1.1.2.2.2 Technology
      - 9.1.1.2.2.3 End Users
  - 9.1.1.3 Mexico Market
    - 9.1.1.3.1 Mexico: North America Smart Meter Market - Revenue and Forecast, 2021 - 2034 (US$ Million)
    - 9.1.1.3.2 Mexico: North America Smart Meter Market - By Segmentation
      - 9.1.1.3.2.1 Type
      - 9.1.1.3.2.2 Technology
      - 9.1.1.3.2.3 End Users

10 Smart Meter Market Industry Landscape

11 - Key Company Profiles

11.1 Schneider Electric SE
- 11.1.1 Key Facts
- 11.1.2 Business Description
- 11.1.3 Products and Services
- 11.1.4 Financial Overview
- 11.1.5 SWOT Analysis
- 11.1.6 Key Developments
11.2 Honeywell International Inc
- 11.2.1 Key Facts
- 11.2.2 Business Description
- 11.2.3 Products and Services
- 11.2.4 Financial Overview
- 11.2.5 SWOT Analysis
- 11.2.6 Key Developments
11.3 Siemens AG
- 11.3.1 Key Facts
- 11.3.2 Business Description
- 11.3.3 Products and Services
- 11.3.4 Financial Overview
- 11.3.5 SWOT Analysis
- 11.3.6 Key Developments
11.4 Hubbell Inc
- 11.4.1 Key Facts
- 11.4.2 Business Description
- 11.4.3 Products and Services
- 11.4.4 Financial Overview
- 11.4.5 SWOT Analysis
- 11.4.6 Key Developments
11.5 Itron Inc
- 11.5.1 Key Facts
- 11.5.2 Business Description
- 11.5.3 Products and Services
- 11.5.4 Financial Overview
- 11.5.5 SWOT Analysis
- 11.5.6 Key Developments
11.6 Landis+Gyr Group AG
- 11.6.1 Key Facts
- 11.6.2 Business Description
- 11.6.3 Products and Services
- 11.6.4 Financial Overview
- 11.6.5 SWOT Analysis
- 11.6.6 Key Developments
11.7 Sagemcom UK Ltd
- 11.7.1 Key Facts
- 11.7.2 Business Description
- 11.7.3 Products and Services
- 11.7.4 Financial Overview
- 11.7.5 SWOT Analysis
- 11.7.6 Key Developments
11.8 Xylem Inc.
- 11.8.1 Key Facts
- 11.8.2 Business Description
- 11.8.3 Products and Services
- 11.8.4 Financial Overview
- 11.8.5 SWOT Analysis
- 11.8.6 Key Developments
11.9 BOVE Technology
- 11.9.1 Key Facts
- 11.9.2 Business Description
- 11.9.3 Products and Services
- 11.9.4 Financial Overview
- 11.9.5 SWOT Analysis
- 11.9.6 Key Developments
11.10 ZENNER International GmbH & Co. KG
- 11.10.1 Key Facts
- 11.10.2 Business Description
- 11.10.3 Products and Services
- 11.10.4 Financial Overview
- 11.10.5 SWOT Analysis
- 11.10.6 Key Developments

12. Appendix

12.1 Glossary
12.4 Research Methodology and Approach
- 12.4.1 Secondary Research
- 12.4.2 Primary Research
- 12.4.3 Market Estimation Approach
  - 12.4.3.1 Supply Side Analysis
  - 12.4.3.2 Demand Side Analysis
- 12.4.4 Research Assumptions and Limitations
- 12.4.5 Currency Conversion
12.5 About The Insight Partners
12.6 Market Intelligence Cloud