Global cheap energy smart grid investment is expected to reach $376 billion (£237 billion) by 2025, a new report predicts.
A study from the Innovation Observatory reveals that billions will be spent every year on smart grids over the next ten to 20 years, as electricity systems are revolutionised.
In the short-term, energy suppliers will spend a significant amount on advanced metering infrastructure, including large-scale installations of smart meters in western Europe, North America and China, and are expected to deploy more than a billion smart meters by the end of 2025.
However, smart meters will account for only 20 per cent of utilities' total spend on developing their smart grids.
The expansion of smart grids will also create myriad business energy opportunities, the report suggests.
Catherine Viola, co-author of the study, said: "Smart grid deployment is going to be a global phenomenon. The sheer scale of the investment is acting as a huge driver of innovation and is creating a huge appetite to supply."
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