According to a new study conducted by Northeast Group, the smart metering "refresh" market will generate up to $12.2 billion over the next decade.
The world’s first smart meter replacement deployments, in which utilities will retire old models to install new, second-generation advanced metering infrastructure are now set to begin.
It has roughly been 15 years since the world's first smart metering rollouts began.
The top smart meter refresh markets will be Italy, the US, Canada, Finland, Denmark and Sweden.
Rollouts have already begun however, the majority will be implemented in the early-to-mid 2020's.
Northeast Group is expecting most utilities to tender contracts competitively rather than simply renew with first-time suppliers.
All of the most prominent global metering vendors are expected to compete for shares of this new market.
Ben Gardner, president of Northeast Group, said: “Unlike in first-time smart meter rollouts, there will be a wide variance in terms of how much of the AMI system a utility chooses to replace. Some will replace primarily the meters, but other utilities will replace everything, and that really changes costs across the board.”
For more information about the report, visit www.northeast-group.com