Favorable government policies and increased adoption of smart meters in smart cities are likely to propel the India Smart Meter Market during the forecast period, 2024- 2028.
According to TechSci Research report, “India Smart Meter – By Region, Competition Forecast & Opportunities, 2018 – 2028,”the India Smart Meter Market is anticipated to register a robust growth during the forecast period, 2024-2028. A smart meter is an electrical device similar to a traditional meter. Still, it’s a convenient alternative to traditional smart meters. Smart meters measure and record electrical energy or gas consumption, voltage levels, current, and power factor. Not only does it enables to record these details, but also enables in creating reports at various points along the way. It also provides users with real-time information about their energy consumption. As smart meters overcome the limitations of traditional meters, energy providers will be able to charge different prices for consumption depending on the day of the week and time of the year.
This allows users to save energy while efficiently controlling their consumption. This type of meter is a device that monitors electricity consumption with advanced technology such as intelligent software and cloud computing. The increasing demand for electricity from commercial and residential buildings has increased the demand for this product. Increased adoption in smart cities is expected to boost sales. For example, India launched its Smart Cities mission in 2015 to transform the country’s urban landscape.
The Government of India has taken various initiatives to promote the deployment of smart meters in the country. The company has already launched initiatives such as the Smart Meter National Program, which aims to replace its 25 crore conventional meters in India with smart meters. Additionally, the governments of various states in the country are investing heavily to facilitate the deployment of smart meters nationwide. For example, the union government authorised spending of USD1.45 million to convert all existing 2 million electric meters to smart meters. Such initiatives are expected to drive the growth of the Indian smart meter market during the forecast period.
India Smart Meter Market is fragmented based on product type, application and technology channel, region and competitive landscape. On the basis of product type, the market is fragmented into smart energy meters, smart water meters, and smart gas meters. Smart Energy Meter is expected to dominate the India Smart Meter Market during the forecast period. Among these, the smart energy meter segment accounts for the largest market share, owing to growing interest in better management of electricity consumption. Smart energy meters offer a range of benefits for both users and energy suppliers, including energy consumption in real time. Additionally, government initiatives such as the Smart Meter National Program (SMNP) are expected to drive market growth over the forecast period.
On the basis of application, residential segment is expected to dominate the India Smart Meter market during the forecast period. Installing smart meters in residential areas can reduce dependence on fossil fuels, save electricity, and improve meter reading accuracy. In Delhi, BSES is looking to install over 5 million smart meters by the end of 2025.
On the basis of region, the market is segmented into north, south, west and east. North India is expected to dominate the India smart meter market during the forecast period. This is due to increasing public-private partnerships to promote smart meter installation in the region. For example, Tata Power Delhi Distribution Limited (TPDDL) recently announced that ithas installed 200,000 smart meters in the consumer segment of the National Capital Region (NCR). In addition, governments are promoting commercial and industrial installations of smart meters, which is expected to drive market growth during the forecast period.
“Indian government has taken several initiatives for installation of smart meters with one of them being Smart Meter National Program (SMNP),” said Karan Chechi, Research Director with TechSci Research
“India plans to install 100 million smart meters by the end of 2025. This has created a huge opportunity for the firms who are looking to invest in the smart meter market.
“North India is expected to dominate the market due to various projects, with one being Uttar Pradesh looking to install 28 million smart meters with project worth USD $2806.5 million.”
Major market players operating in the India Smart Meter Market are:
- Triton Process Automation Pvt. Ltd.
- Advance Metering Technology Ltd.
- Maven Systems Pvt. Ltd.
- Genus Power Infrastructures Ltd.
- ITI Ltd.
- Schneider Electric India Pvt. Ltd.
- Siemens Ltd.
- Satya Electrocom Private Limited
- Trinity Energy Systems Private Limited
- GEESYS Technologies (India) Private Limited
TechSci Research is a research based management consulting firm providing market research and advisory solutions to its customers worldwide, spanning a range of industries.
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1 Comment
Shraddha13
Thank you for sharing! To explore further
Replyhttps://www.360iresearch.com/library/intelligence/smart-meter