China is set to have more than half of the smart meters in the world in less than a decade according to new research commissioned by Telefónica Digital, the digital arm of the Spanish telecoms firm.

The report predicts there will be almost 800 million by 2020 with China by far the leader with more than 435 million devices expected.

The United States is predicted to follow with 132 million devices, trailed by Japan (58.7 million) and France (35 million).

The UK and Spain are on track to meet the EU smart metering policy guidelines by 2020. The UK is expected to have installed 53 million electric and gas meters by 2020.

Rob Searle, Smart Metering Industry Lead at Telefónica Digital said: “Smart meters play a vital role in the connected home of the future, which itself is a fundamental part of “Connected Living”. It will accelerate our transition to a more sustainable economy and revolutionise the way in which we interact with our devices, our surroundings and each other.”

However the report suggests global uptake is at vastly varying stages and advises utility firms to prepare for the market to “plateau” after 2018.

Telefónica recently won a smart metering contract from the UK Government.