The Smart Electricity Meter Market size in terms of shipment volume is expected to grow from 99.34 Million units in 2024 to 129.59 Million units by 2029, at a CAGR of 5.46% during the forecast period (2024-2029).
Smart meters deployment enabled the implementation of a Home Energy Management System (HEMS) or Building Energy Management System (BEMS) that allows visualization of the electric power usage in individual homes or entire buildings.
The smart electricity meters market is moderately competitive and consists of several major players. The market is moderately fragmented, owing to the presence of many small and large players. These companies are leveraging strategic innovations and collaborative initiatives to increase their market share and increase their profitability. The companies operating in the market are also acquiring start-ups working on enterprise network equipment technologies to strengthen their product capabilities.
In October 2022, the power utilities of Andhra Pradesh announced a great up for rolling out a smart electricity meter project. The Union government decided to replace around 25 crore conventional meters with smart meters across India under the Smart Meter National Programme (SMNP).
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