Smart meter market is hotting up in China

A new report by IHS’ iSuppli China Research arm says new technical standards for smart meters – due to be introduced in August – will pave the way for the market to pass the 100 million units shipped mark for the first time as traditional electricity meters are largely phased out by 2016.

IHS says of the 110.6 million meters shipped last year, 98.5 million were smart meters with the State Grid Corporation of China including 76 million smart systems among the 78.3 million meters it acquired and the China South Grid including 1.18 million smart meters among the 5.9 million units it acquired.

IHS is predicting that of the 118.4 million electricity meters set to be shipped this year, 107.7 million will be the smart meters needed to properly incorporate renewables into the vast country’s grid and the market research company is predicting compound annual growth in the meter market of 9.5% a year for the immediate future.