Smart meter revenue in Europe could be as high as $1.93 billion (£1.22bn) by 2017 thanks to pan-European law that is expected to standardise the technology post-2012.

According to new research from Frost and Sullivan the installed number of meters is expected to be as high as 200 million in 2017, due to an expected annual growth rate of 24.2%. The technology will enjoy being in a ‘push’ market say the consulting firm, because sales will be legislation driven.

Neha Vikash a Research Analyst at Frost & Sullivan said: “The smart meter market is expected to prosper, owing to the recent impetus from renewable energy and smart grid implementation.

“Smart meters are required for integration of renewable energy. Europe is focussed on meeting the 20-20-20 targets which is a necessary driver for increase in renewable energy.”

There are currently less than 20 vendor companies of smart meters and Frost and Sullivan think in the next two years Chinese companies will start to make their presence felt.

The paper backs up the assertions of another report from IMS Research, which claims consumers would feel the benefits of required installations.