Energy M&A Report March 2026
Smart metering M&A – Replacement cycles, platform scale, and selective M&A
Smart metering has moved into an infrastructure-led phase. With rising penetration across Europe and growing demand from second-generation upgrades and replacements, M&A is increasingly shaped by scale, technology depth and execution capability.
The global smart metering market is entering the second half of the decade with clear structural momentum and is increasingly considered core digital infrastructure for grid management, renewable integration and efficiency improvements.
Key market developments
- The global smart metering market is expected to grow from about US$35.6bn in 2025 to approximately US$86.4bn by 2035.
- Europe remains one of the most active markets and is entering a phase driven by second-generation upgrades and replacement demand.
- The technology mix is shifting toward wireless standards such as NB-IoT and LTE-M, expanding opportunities beyond hardware.
- Global M&A activity moderated in 2025 within a more selective and strategy-driven environment.
- In the DACH region, deal activity increased in recent years despite the broader global trend.
- Valuations normalized in 2025, while larger transactions continued to achieve higher multiples.
The full report analyzes market structure, M&A dynamics and valuation trends in the global smart metering sector.
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Completed M&A transactions in the energy sector