Smart metering white paper
What utilities need to take hyperscale smart meters to a new generation
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Smart meter uptake is now accelerating in both emerging and mature markets
There is now rapid growth in smart metering deployments across the globe. New adoption is accelerating in developing markets, and there are rising opportunities to replace first-generation smart meters in developed markets with second-generation models.
Rollouts of smart electricity meters currently dominate, as they have such great potential to help users optimize consumption. Other metering sectors though, especially water, are also experiencing significant growth. The total number of smart water meters in Europe and North America for instance will grow from 170.5 million units in 2024 to 224.6 million in 2030.
The stage of maturity reached by deployments across the globe is however highly dependent on regional and national characteristics. Penetration of smart electricity meters in North America reached 82% in 2024, and the installed base will grow at a CAGR of 2.9% during 2024–2030, reaching 180.9 million. Over the next six years, penetration in the US will increase to 91%, and 97% in the Canadian market.
It’s important to work with a modernization partner who can streamline and simplify replacement of first-generation smart meters with second-generation products that connect easily and deliver richer user experiences while helping utility providers achieve compliance and manage the greater complexity in their operations.
Meanwhile in Europe, 63% of customers in the EU27+3 had a smart electricity meter at the end of 2024. The market is set for stable growth with 90 million new units across the region from 2025–2029. Deployments are increasingly moving to second-generation solutions to improve customer engagement, support sustainability goals, reduce operational expenditure.
Latin America projects a CAGR of 20.5% during 2023–2029 to reach 42.9 million smart electricity meters, up from 14 million in 2023. Penetration of smart electricity meters in Asia-Pacific will grow from 61% in 2023 to 80% in 2029 while cumulative shipments during 2024–2029 will amount to a total of 872.7 million units. In China and Japan, replacements of first-generation smart meters have already begun, particularly in China where the meter lifecycle is relatively short.
First-generation smart meters were rolled out to simplify collection of user consumption data and make it more cost-effective. But some first-generation meters rely on obsolete connectivity and capabilities don’t meet current needs. A modern smart meter can communicate not only usage but also insights on more energy efficient behavior. The second generation therefore moves the market on from simplifying readings to enabling diagnostic and status information.
Read our white paper to learn about how to make the most of this new wave of smart metering opportunities. We cover the state of the market across the world, where different types of smart meter are most appropriate, the components that make up different smart meters, and the technologies that support them – including LTE 450, Wi-Fi, Bluetooth/BLE, LoRa/LoRaWan, wM-Bus, Wi-Sun and more.