Beijing, China --- (METERING.COM) --- July 11, 2011 - China’s State Grid Corp has a potential market of 300 million smart meter users with a meter market value of 50 billion yuan ($7.7 billion), according to Fei Yuhang, a member of the National Standardization Committee for Electrical Meters, quoted in the China Daily.

Fei, an engineer at Shanghai Belling Co, which is a major provider of silicon chips for meters, was also quoted as saying that in addition to smart meters, the market value for related equipment and software products will reach 70 billion yuan ($10.8 billion), presenting huge business opportunities to manufacturers of meters, silicon chips, batteries, LCD panels and other components.

Fei estimated that State Grid has 70 million smart meters, and will continue installing the meters at a rate of 50 million to 60 million annually until 2014.

Fei also noted that Chinese companies can produce smart meters at a cost of 160 yuan to 300 yuan ($100 to $200), which foreign companies would probably find it difficult to match.

According to an unnamed source at State Grid Energy Research Institute, State Grid installed smart meters for 45 million users in 2010, and the company aims to have smart meters for all of its users by the end of 2014.