Smart Energy Meter to Dominate the India Smart Meter Market during the Forecast Period
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 Market- 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
authorized 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.
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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.
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
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“Indian government has taken
several initiatives for installation of smart meters with one of them being Smart Meter
National Program (SMNP). 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 USD2806.5million.”,
said Mr. Karan Chechi, Research Director with TechSci Research, a research-based
India management consulting firm.
“India Smart Meter Market By Product Type (Smart Energy Meters, Smart Water Meters, Smart Gas
Meters), By Application (Industrial, Commercial, Residential), By Technology
Channel (Automatic Meter Reading,
Advanced Metering Infrastructure), By Region, Competition Forecast & Opportunities,
2018 -2028” 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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