Berg Insight estimates that two thirds of electricity customers in the EU27+3 had a smart meter by the end of 2025, with further growth expected through 2031. The next phase of the market will be shaped not only by new deployments, but by replacements and communications technology choices. Smart metering in Europe is no longer a single deployment story. In some countries, utilities are still working through first large-scale electricity meter rollouts. In others, the discussion has already moved to second-generation devices, upgraded communications networks and the operational lessons learned from earlier programmes. That split is the most useful lens through which to read Berg Insight’s latest assessment of the European smart metering market. According to the research firm, the EU27+3 region had around 209 million smart electricity meters installed at the end of 2025, equivalent to approximately two thirds of electricity customers. Berg Insight expects the installed base to grow at a compound annual growth rate of 5.1 percent and reach 85 percent penetration by 2031. The forecast implies continued volume for meter manufacturers, communications module suppliers and systems integrators, but not a uniform opportunity across Europe. Berg Insight expects more than 131 million smart electricity meters to be deployed in the region during 2025–2031. A significant part of that demand will come from first-generation projects in countries including Germany, the UK, Poland and Greece, while replacement and second-generation activity is set to support shipments in markets such as Spain, France and the Netherlands. A market split between first deployments and refresh cycles What makes this forecast distinct from a typical smart metering market update is the clear separation between two different phases of European deployment. Berg Insight says first-generation smart electricity meters are expected to account for 65 percent of cumulative shipment volumes during the forecast period. By