The current volume of $9bn global electricity metering market will reach $26.8bn per year by 2024, according to Northeast Group database.
The 1.8 billion unit global electricity metering market is facing a transition from legacy to smart metering technologies.
Higher value smart meters will boost the global market from its current position to the forecasted value in 2024.
Smart meters will create a higher value market over the next decade, according to Ben Gardner, president, Northeast Group.
These two-way communicating meters make up a key segment of the broader machine-to-machine (M2M) and Internet of Things (IoT) markets, he said.
They typically cost between $105 to more than $250 per endpoint, depending on the country. This compares with $25 or less for many legacy meters, explained Gardner.
By 2024, there will be an installed base of nearly 1.1bn smart residential meters corresponding to 57 percent market penetration globally.
United States, Japan, China, Brazil, India, UK, France, Germany, Russia and Mexico will be the top countries by value of smart meters over the next decade.
The AMI market is expected a growth at a CAGR of 22 percent compared to the 1.8 percent for the overall electricity metering market.
Legacy metering will decline at a rate of 7.2 percent per year throughout the decade.
In addition, the commercial and industrial electricity meters will be worth $3.1bn per year by 2024.
South Asia, Southeast Asia and the Middle East will witness the highest AMI growth rates over the decade whereas Europe, Oceania and North America will record lowest growth due to an existing base of installed AMI meters.
Metering vendors, communications providers and semiconductor companies are all prepared to enter the global market.
Telecom operators are eyeing the opportunities and by 2024, 115m smart meters will operate using cellular communications, adding up M2M data revenues to boost the revenues.
Sabeena Wahid