According to a recent report from Pike Research, the adoption of smart meters is surging globally, and electric utilities are accelerating the deployment of smart meters, often as part of larger smart grid initiatives.

The report named “Smart Meter Market Forecasts” predicts that the global installed base of smart meters will reach 535 million units by 2015, and 963 million by 2020.

It states that the largest contributor to this upgraded forecast is the strong adoption of smart meters in the Asia Pacific region, particularly China.

Bob Gohn, research director for Pike Research, said: “Smart meters represent a compelling value proposition for utilities around the world. The industry has made significant headway during the past two years, and the growing installed base of smart meters will be an important precursor of more diverse energy management solutions in the years to come.”

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