Like every other market segment, China has the potential to become the biggest smart meter market in the world.
According to a report in the China Daily, the State Grid Corp of China now has an addressable market of 300 million potential smart meter users, worth some 50 billion yuan, or roughly US$7.7 billion. In comparison, a recent research report by Pike Research projects a total of 250 million smart meters deployed worldwide by 2015.
Fei Yuhang, a member of the National Standardisation Committee for Electrical Meters and an engineer at Chinese smart meter chip maker, Shanghai Belling Co., says that vast potential market is a huge opportunity for the smart meter manufacturing industry in China.
More importantly, the report revealed that State Grid Corp has already deployed 45 million smart meters, or some 26% of its user base, and is expected to have smart meters to all of its users by 2014.
Fei added that Chinese manufacturers now have an edge over their overseas counterparts because they can produce smart meters for between US$160 to US$300 dollars each, a price point that is hard to match for foreign firms. However, he added that smart meters by foreign companies often offered more advanced features because they collect more information of the user’s consumption.