In Asia, Chinese smart meter manufacturer Wasion Group has seen turnover from advanced metering infrastructure (AMI) revenue increase by 17% since 2013.
The AMI division of the electricity and water meter maker brought in RMB1,677.04 million (US$270 million) up to December 2014, according to a company statement released this week.
Ji Wei, chairman of the Wasion Group, said the company had restructured in order to take advantage of the Chinese government's support for smart grids, smart power distribution and energy efficiency management.
The group reclassified its business segments into three categories - AMI, smart meter and advanced distribution operations in the first half of 2014.
Waison won orders from four tenders put out by national electric utility State Grid Corporation of China to a total value of RMB1201.94 million (US$193 million).
The company has also benefited from government interest in water metering with turnover from AMI water recorded a significant growth of 80% to RMB140.47 million (US$22 million).
Expanding into global smart meter markets
While Wasion has benefitted from domestic tenders, the company reports export business with Indonesia, Bangladesh and Tanzania.
The company's strategic development plan is stated as focusing on Europe and US, and expanding into Asia, Africa and Latin America.
The Group has also created strategic partnerships with electronic giants such as Siemens and Huawei to develop its brand.
In September 2012, Siemens Infrastructure & Cities joined forces with the Changsha-based Wasion to create Smart Metering Solutions, in which Siemens holds a majority share in the joint venture.
The focus of the business is to develop and market software for managing meter data, as well as offering services in China such as the operation of software platforms at customer facilities and data collection.