Global smart meter revenue will hit $14 billion (£11bn) by 2026.
That’s according to market-foresight advisory firm ABI Research, which expects water and gas meter installations to increase by 3.2% to reach 193 million units in the next seven years.
The firm said energy utilities drove market demand for smart meters in 2018, however it expects future demand to be driven largely by water companies.
The Asia Pacific region is currently the largest market for smart meter shipments and will continue to be throughout the forecast period, followed by Europe and North America.
It claims significant price pressure for lower cost smart meters in the Asia Pacific and Europe regions will dull revenue growth slightly.
ABI Research adds utilities are currently the leading adopters of Internet of Things technologies, deploying a total of 618 million smart meters through 2018.
Adarsh Krishnan, Principal Analyst at ABI Research, said: “Operating in data-rich environments, energy utilities are starting to spend more on implementing analytics platforms using machine learning and artificial intelligence to not only improve customer experience but also to improve energy efficiency, reliability and identify early potential infrastructure and service issues.”