Badger's utility water sales then fell 5.9% in the first nine months of 2026 on uneven AMI project pacing.
Why this market is moving now
- Smart metering drove USD 171 million of organic growth at Xylem's measurement segment in 2025.
- Utility AMI projects can be uneven: Badger Meter's utility water sales fell 5.9% in the first nine months of 2026.
- Meter makers are shifting toward software and services, with Itron's annual recurring revenue up 25% in the third quarter of 2026.
Key figures
Global figures for this market, with the year each one describes. Use Cite to copy a reference to this page.
| Figure | Value | Year | Cite |
|---|---|---|---|
| Xylem's Measurement and Control Solutions segment, which includes its smart metering business, grew revenue 11.5% to USD 2,086 million in 2025. | 2,086 USD million | 2025 | |
| Smart metering and other applications delivered USD 171 million of organic growth in Xylem's measurement segment in 2025, led by energy meters in North America and water project revenue. | 171 USD million organic growth | 2025 | |
| Badger Meter's sales into the utility water market were USD 816.1 million in 2025, up 12.5% from USD 725.5 million in 2024. | 816.1 USD million | 2025 | |
| Badger Meter's total net sales rose 10.9% to USD 916.7 million in 2025. | 916.7 USD million | 2025 | |
| Badger Meter's utility water sales fell 5.9% to USD 582.3 million in the first nine months of 2026, which it attributes to uneven AMI project pacing. | 582.3 USD million (nine months) | 2026 | |
| Itron, a maker of smart meters and networks for electricity, water and gas, had total revenues of USD 2,367.2 million in 2025, down 3%. | 2,367 USD million | 2025 | |
| Itron's third quarter 2026 revenue rose 3% to USD 599 million, and its annual recurring revenue rose 25% to USD 423 million. | 423 USD million annual recurring revenue | 2026 |
Calculated figures (shares, changes and prices per kilogram) are plain arithmetic on the reported values. Read how we work.
Companies to watch
Xylem (Sensus)
Its Measurement and Control Solutions segment, which includes smart metering, earned USD 2,086 million in 2025.
Itron
Smart meter and network maker for electricity, water and gas with USD 2,367.2 million of 2025 revenue.
Badger Meter
Water meter maker with USD 816.1 million of utility water sales in 2025.
Roper Technologies (Neptune)
Named by Badger Meter as a utility water metering competitor through its Neptune brand (
Kamstrup
Named by Badger Meter as a utility water metering competitor (
Aclara (Hubbell)
Named by Badger Meter as a utility water metering competitor (
What the full report covers
- 01Executive summary
The answer in one page: size, direction and what moves it - 02Market definition and scope
What is in and out of the global market - 03Global market size, 2021 to 2025
Historical series and growth rates - 04Countries and regions
Demand, supply and trade by country and region - 05Outlook to 2031
Base, low and high scenarios with stated assumptions - 06Rules, policy and deadlines
Regulation and programmes that change demand - 07Drivers and barriers
What accelerates or slows adoption, by customer segment - 08Prices, costs and margins
Unit economics where public data allows - 09Competitive landscape
8 to 12 company profiles with recent moves - 10Opportunities and risks
For new entrants, suppliers and investors - 11Method and assumptions
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Frequently asked questions
How big is the smart water meter market?
Leading makers give a sense of scale. Xylem's measurement segment, which includes smart meters, earned USD 2,086 million in 2025, and Badger Meter's utility water sales were USD 816.1 million.
Who are the largest smart water meter companies?
Major makers include Xylem through Sensus, Itron, Badger Meter, Neptune, Kamstrup and Aclara. Itron had USD 2,367.2 million of 2025 revenue across electricity, water and gas.
Is smart water meter demand growing?
Badger Meter's utility water sales grew 12.5% in 2025 but fell 5.9% in the first nine months of 2026 on uneven AMI project pacing.
Are meter makers selling more software?
Yes. Itron's annual recurring revenue rose 25% to USD 423 million in the third quarter of 2026, while its total revenue rose 3%.
What drives smart metering growth?
At Xylem, smart metering and other applications added USD 171 million of organic growth in 2025, led by energy meters in North America and water project revenue.
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