This means that the smart electricity meters market will generate another $3 billion over the next four to five years.
The report compiled by IHS Markit adds that electricity meter manufacturers shipped more than 100 million smart meters globally in 2015, resulting in more than $4 billion in revenue.
IHS expects that innovation in the market and usefulness of intelligent meters will increase the attractiveness of smart electricity meters will propel the market forward.
David Green, research manager at IHS Markit, said: “A number of factors came together to create such a strong smart meter market in 2015.
“At the top of the list, China continues to roll out massive numbers of smart meters, as part of the government’s 10-year plan.”
Green added: “The long-awaited European rollouts are gaining steam, with multiple countries installing millions of meters in 2015, and many more ramping up to that level in an attempt to meet their deadlines.
“Meanwhile, the North American market also came out of a stagnant phase, further bolstering the overall global market in 2015.”
According to a release, China is leading the smart electricity meters market, having sold more smart meters in 2015 than any other region, accounting for almost half of all basic and smart meters shipped globally.
The release notes that Japanese utilities are also installing “millions” of smart meters in advance of the country’s decision to deregulate the market.
Europe and North America also showed solid growth over the past 12 months.
“Looking to the future, the networking infrastructure side of the smart metering picture is becoming increasingly competitive, especially as the pool of companies involved in the projects increases,” said Green.
He concluded by saying, “… The influence of telecommunications companies and IT solutions providers on utility providers is growing in all regions, while the question for meter manufacturers continues to be centered on whom to partner with and to what extent.
“Although the impact on competitive landscape for meter hardware might not yet show it, big changes are also in the offing, as software, analytics and services grow in importance.
“Further merger and acquisition activity is definitely in play for the short term, as utility companies around the world get more comfortable discussing smart-grid applications, security and services with a wider array of potential suppliers.”