That's according to In-Stat research, which says smart meter revenues will eclipse US$12 billion by 2016 worldwide, including Oz.
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Previous estimates put this growth figure at $5.7 billion by 2015.
Much of the smart meter popularity is being fuelled by a wave of advanced metering infrastructure (AMI) meters being deployed in the US, expected to peak in 2013.
The devices are currently being trialed by energy companies in Australia as energy costs here spiral.
Smart meters record a building electrical, water, or gas usage at a set interval, and allows the data to be electronically read and analysed allowing users to up efficiency and make changes to help slash energy costs.
This smart boom time will also be further propelled by the release of IP-based Smart Energy Profile 2.0, expected late in 2012, say In-Stat .
And the researchers say ZigBee enabled devices, which is already pervasive in homes, is a better option in comparison to Wi Fi:
"Although Wi-Fi is pervasive, it has not been a viable choice for the smart grid because the application layers have never existed for Wi-Fi that explain exactly how Wi-Fi devices interact," says Allen Nogee, Research Director.
"ZigBee has been considered the front-running short range connectivity option for smart grid since its inception, and has maintained its position so far" and will "maintain its dominance."