This smart meter data-file captures 1.1bn global smart meter installations by region and over time. Smart meters automate the submission of consumption data to the grid, while opening the door to real-time monitoring and load disaggregation, which can reduce total demand by 9% and peak demand by 13%. Opportunities are growing alongside AI. Leading companies are profiled.
Smart meters began gaining market share in the late-2000s. Their key ability is to transmit periodic electricity consumption data directly to the utility company, e.g., over the radio or mobile phone network, via a local sub-metering gateway. This avoids having to submit meter readings to the utility company manually, and is also more reliable, and less prone to theft.
By 2024, the smart electricity market is worth c$12.5bn pa, as 100M meters are deployed each year, at a unit cost around $125/meter. Although the total cost of installing a smart meter is closer to $200-300.
In many countries, the costs of smart meter installation are spread across the costs of the entire network and not charged directly to adopters. The smart meter itself will likely only use <2W, and smart display will use 0.6W, so operational costs are minimal.
Overall, 1.1bn smart meters have been installed globally, reaching c45% global market share. Of the total, 50% are in China, which has c540M meters, almost all of them smart. Another 20% are in Europe (65% penetration), 13% are in the US (c80% penetration) and 7% are in Japan (close to 100% penetration). Smart meter sales, by region, and over time, are tabulated in the data-file.
Over time “smart meters” have become progressively smarter, gathering more data (e.g., voltage, current, power factor, power quality) and transmitting data more frequently to the grid operator (from once per day initially in the 2000s to every 15-30 minutes, 5 minutes, or even in real-time).
Advanced meters have now also been introduced, not only transmitting data from consumers to the grid, but also capable of receiving information/instructions from the grid. From here, advanced meter 2.0 is being developed to produce more actionable insights and energy management opportunities.
Smart meters have thus opened up the possibility of time-of-use tariffs, improved grid management and demand flexibility. Simply showing consumers their real-time power consumption tends to reduce total monthly demand by 5-15%, with an average of 9%, and to reduce peak demand by 9-18%, with an average of 13%, across studies. Studies are in the data-file.
Ten of the largest companies producing smart meters are also profiled in the data-file. We have screened patents from companies such as Itron and Kraken separately.