In the UK, Scottish utility metering company Smart Metering Systems sees potential in exporting its technology based on strong sales growth in the first half of 2015.
The Glasgow-based company reported pre-tax profits were up 60%, to GBP7.4 million in the six months to 30 June, from GBP4.6m in the same period last year reflecting a big increase in its UK business, reports Herald Scotland.
The growth was driven by a surge in the number of meters that Smart Metering Systems supplies to customers, which include British Gas and Dong Energy.
Remote meter reading solution
The company has also reported sales of its ADM product increased by 43% to 59,000 units.
ADM is a remote meter reading solution that can be used with a variety of meters from domestic to industrial and commercial applications.
Smart Metering Systems chairman Paul Dollman said the company is positioning the technology to explore markets outside the UK, including water and liquified petroleum gas.
Smart gas meter market
However, Mr Dollman also noted the size of the UK market is set to grow dramatically, as regulatory changes intended to help reduce carbon emissions provide a big boost to demand for sophisticated meters.
He said: “The UK meter assets business continues to present a large market opportunity for significant growth with a substantial proportion of an estimated 1.6 million industrial and commercial gas meters in the UK due to be exchanged for a smart metering solution by 2020 with the added potential of a domestic market rollout of some 22 million domestic gas meters.”