India Smart Meter Market to Grow at a Substantial Rate through 2025
Growing pressure on
conserving natural resources and government regulations on the use of water,
electricity and gas to positively influence smart meters market in India
According to
TechSci Research report, “India
Smart Meter Market By Product Type (Smart Energy Meters, Smart Water
Meters, Smart Gas Meters, Others), By Application (Industrial, Commercial,
Residential), By Technology (Automatic Meter Reading, Advanced Metering
Infrastructure, Others), By Region, Forecast & Opportunities, 2025”, India smart meter market is expected to grow at a substantial rate during the
forecast period on account of growing adoption of smart meters in the country and
initiatives taken by the government such
as Smart Meter National Programme. Additionally, smart meters are being
implemented, with the aim of improving the efficiency of power networks. The
primary concern behind use of these meters is increasing energy consumption. This
"next generation" meter sends electronic meter readings to energy
supplier automatically. The smart meter architecture is supposed to empower
consumers in choosing their power providers on one hand and help distribution
companies deal with power theft on the other by minimizing human intervention
in metering, billing and dues collection.
According to the latest data provided by the
government, there are around 0.3 billion energy meters, installed across Indian
subcontinent. Over the next three years, the government aims at replacing every
energy meter with smart prepaid meters. This is the part of USD40 billion worth Atal Distribution System
Improvement Yojana (ADITYA), which is India’s biggest energy reform movement. The
government believes that the plan will increase distribution substation
capacity by 38% by 2022.
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India smart
meter market is segmented based on type, application, technology, region and company.
Based on type, the smart meter market is segmented into smart energy meters,
smart water meters, smart gas meters and others. Smart energy meters accounted
for the largest share in 2019 as they enable two-way communication between the
meter and the central system employed by the distribution utilities. By
combining advanced technology, software, and effective communication systems,
smart water meters have emerged with significant benefits. The demand for this
type of meter is high also due to increasing water stress, rising energy
prices, and aging water systems in the country. The smart gas meters and smart
water meters provide the consumption patterns and further encourage the
efficient management of resources.
Major players operating in the
Indian smart meter market include 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 and GEESYS
Technologies (India) Private Limited, etc. These companies are leveraging on
strategic innovations and collaborative initiatives to increase their market
share. The adoption of a smart meters in the industrial sector is helping the market
players in the manufacturing segment, to optimize energy consumption levels. Also,
supportive government framework and policies are increasing the rate of smart
meter installations in the residential, commercial, and industrial sectors.
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“Rapid increase
in energy consumption, increasing investments in power and end use sectors
around the country has made smart meters a necessity. The market is anticipated
to grow at a significant rate in India owing to their huge market demand. Additionally, the country is focusing on upgrading and replacing old
electricity meters with prepaid smart meters. The key challenge before market
players is creating awareness among consumers along with bringing
interoperability. They need to overcome this challenge to gain a
stronghold in the market,” said Mr. Karan Chechi, Research Director with
TechSci Research, a research based global management consulting firm.
“India Smart Meter Market By Product Type
(Smart Energy Meters, Smart Water Meters, Smart Gas Meters, Others), By
Application (Industrial, Commercial, Residential), By Technology (Automatic
Meter Reading, Advanced Metering Infrastructure, Others), By Region, Forecast
& Opportunities, 2025” has evaluated
the future growth potential of India smart meter market and provides statistics
& information on market size, structure and future market growth. The
report intends to provide cutting-edge market intelligence and help decision
makers take sound investment decisions. Besides, the report also identifies and
analyzes the emerging trends along with essential drivers, challenges and
opportunities in India smart meter market.
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