ZPryme, a market research and consulting company, anticipates that utilities will raise the number of smart meters to 52 million by the end of 2012. The company bases its numbers on a recent survey entitled, “Smart Grid Executive Survey 2012.”

The survey also found that over half of executives expect moderate growth in smart grid technologies this year, while one in three anticipates strong growth. Advanced Meter Infrastructure (AMI), electric vehicles, improved access and communication networks, and improved automation of transmission and distribution of power also round out the list of smart grid technologies expected to grow in 2012.

ZPryme stated that the smart grid value chain is likely to grow for the long term, with eight out of 10 executives expecting that overall investments in the smart grid will continue to rise. However, executives are concerned about a drop in federal stimulus funds, which nine out of 10 executives say are crucial to sustained smart grid growth.

“With federal stimulus funding ending, it’s important for utilities to have solid business cases that demonstrate real operational and consumer value in order to advance the smart grid,” stated Russ Vanos, vice president of Smart Grid Business Development for Itron.

The findings of the ZPryme survey match a report issued by Cisco anticipating that the smart grid would grow to $171 billion by the year 2014. Smart grid technology improves sensors and communication across the electrical grid and allows for the incorporation of renewable energy.

The U.S. government started funding the smart grid movement with stimulus funds totaling $3.4 billion, including over 100 grants to private entities that furnished at least $4 billion of their own money.

Experts anticipate that over $16 billion in incentives will be targeted toward the smart grid over the next few years. Experts also anticipate that smart grid usage could cut power consumption by as much as 10 percent while helping utilities to better manage consumption and prevent outages.

Jason Rodriguez, ZPryme CEO and director of Research, said that the results shed light on the important questions facing the developers of the smart grid as the technology moves forward.

“One of the major challenges facing tech players today,” Rodriguez commented, “is how to capitalize on the ever-growing demand for the next generation grid with a solid branding strategy.”

Increased awareness from utilities customers will be key to heightening demand for smart grid technology in the coming years, particularly when federal stimulus funds dry up.