According to Counterpoint Research's Global Smart Meter Report, global smart meter installations surpassed 1.8 billion by the end of 2024 and are projected to grow at a compound annual growth rate (CAGR) of 10%, exceeding 3 billion by 2030. Supported by grid modernization and regulatory requirements, smart meter shipments are expected to see robust growth from 2025 onward.
Tina Lu, Principal Analyst, highlighted regional dynamics: "North America leads in smart electricity meter adoption, with a penetration rate of approximately 81% by end-2024. China and Europe also rank among high-penetration regions. However, significant growth potential remains in Latin America, Africa, and South Asia, where adoption rates are still low."
Currently, smart electricity meters dominate the market, driven by ongoing electrification efforts, particularly in regions with lower penetration. In developed markets with mature infrastructure, smart water and gas meters are expected to spearhead growth. Post-2027, emerging economies will increasingly adopt smart water and gas meters, further boosting expansion.
Hanumant Pawar, Research Analyst, commented on technological trends: "Connectivity solutions in the smart meter market are evolving rapidly to meet demands for scalability, reliability, and cost-efficiency. While PLC and RF Mesh remain prevalent, adoption of LPWA technologies—such as NB-IoT, LTE-M (cellular IoT standards), and unlicensed options like LoRaWAN and Sigfox—is rising. Although legacy technologies will persist, cellular connectivity—especially 4G Cat 1 bis, NB-IoT, and LTE-M—will become mainstream."
Within cellular connectivity, 4G Cat 1 bis is projected to maintain dominance from 2024 to 2030, growing at an 8% CAGR. Its balanced performance, cost-effectiveness, and ease of deployment make it ideal for high-volume, low-complexity applications like smart meters. By 2030, cellular technologies are expected to support nearly two-thirds of new smart meter deployments, particularly in remote or large-scale installations.
Chinese manufacturers, including Sanxing Electric, Holley Technology, Jiangsu Linyang Energy, Suntron Technology, and GoldCard Smart Group, lead in cellular meter shipments. Sanxing Electric and Holley Technology are anticipated to drive 4G Cat 1 bis adoption, while NB-IoT growth will be propelled by Sanxing Electric, Wasion Group, and GoldCard Smart Group.