According to the study, some 430 million smart meters will be deployed across emerging markets over the next five years, up from 111 million units at the end of 2019.
The total base for installed AMI meters in the markets is forecasted to reach 541 million units.
China will account for the majority of the volume (269 million smart meters) as it progresses with its second-generation “refresh” deployment. However, outside of China there are still very significant opportunities. In the past year, critical progress has been seen in countries as diverse as Thailand, Angola, India, the UAE, Uruguay, and Lithuania. Most recently, Saudi Arabia awarded a 10 million smart meter contract worth $2.5 billion in December 2019.
The emerging markets are expected to invest $40.7 billion in advanced metering infrastructure between 2020 and 2024 and up to $47.9 billion will be invested in additional smart grid infrastructure segments over the same period.
The investments will be driven by regulatory targets and other drivers. The smart grid infrastructure will include distribution automation and battery storage.
The majority of these 50 emerging markets have already begun large-scale AMI projects or have an imminent plan.
Steve Chakerian, a senior research analyst at Northeast Group, said: “When it comes to smart grid infrastructure investment, emerging markets have always held long-term promise, while the near-term prize was found in the US, Western Europe, and other developed markets.
"But now, with so much regulatory action and major tender activity, 2020 signals a new era of smart grid activity in the emerging market countries.”
Click here for more information about Northeast Group’s 9thedition of the Emerging Markets Smart Grid: Outlook 2020 study