A new report predicts that the growth of smart meter roll-outs worldwide will almost double the value of the global electricity market in the next three years.

According to ABS Energy Research, the value of the electricity market will rise from £4.1bn last year to £7.1bn by 2013.

The company said59.9% of this unit demand will be in Asia, with 38.7% of that figure in China. ABS predicted the rate of growth of electricity meters in units will be highest in Europe, at an average of 20.9% a year, followed by South America at 16.8%, mainly contributed by Brazil. In value, European growth will reach 30.4% and South America 32.9%.

ABS, a London and Toronto-based market research company, said there were now 51 countries with automated metering initiatives under way.