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 2019 -2029

  • Industry : Power
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  • Published Date : NA
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Summary

Report Description

 

Forecast Period

2025-2029

Market Size (2023)

USD 987 Million

CAGR (2024-2029)

6.9%

Market Size (2029)

USD 1472.94 Million

Fastest Growing Segment

Residential

Largest Market

North India

 

 

 

 

 

The India Smart Meter Market is expected to register a robust CAGR during the forecast period due to government spending and awareness regarding saving of energy.

An intelligent power meter helps users get enough power and save costs from power consumption. It enables energy companies to eliminate monthly manual meter readings, reduce power costs, provide real-time data to avoid outages, and instantly monitor systems. Additionally, providing simple user controls and tracking power consumption provides significant benefits to consumers. Increased consumer awareness of the product's benefits can lead to increased demand. The need to build a domestic smart meter manufacturing base and eliminate monopoly to ensure a sufficient supply of sufficient meters for installation across the country is also expected to act as a major driver. Smart meters require two-way communication networks, control center equipment, and software applications to collect and transmit energy consumption information in near real time. They help reduce overall transmission and commercial losses. They transmit radio frequency electromagnetic (RF) emissions usage information that helps utilities manage energy usage effectively. Its architecture is designed to make it easier for consumers to choose their electricity provider on the one hand, and to help distribution companies deal with power theft on the other. Favorable government policies and tax incentives are key factors driving the India smart meter market.

Government projects increasing the demand for smart meters
India's state-owned Energy Efficiency Services Limited (EESL) completed the installation of approximately 10 lakh smart meters across India during the year 2020 as part of the Government of India's Smart Meter National Program. EESL has set a goal to install 25 million smart meters in the next few years.

Growing consumer interest in Internet of Things (IoT)-based surveillance networks and increasing power demand in India. Growing awareness of energy efficiency and rapid expansion and modernization of grid infrastructure will drive the market for smart electricity meters. For example, EESL has signed an agreement with South Bihar Power Distribution Company Ltd. and North Bihar Power Distribution Company Ltd as part of the Smart Meter National Program for installation of 2.34 million smart prepaid meters in Bihar.

Increasing consumer awareness regarding energy consumption and savings is expected to provide growth opportunities for the Indian smart meter market during the forecast period. Smart meters automatically send real-time meter readings to suppliers and owners so they can assess energy consumption and manage it appropriately and efficiently. These devices help raise awareness of energy consumption and motivate consumers to use energy efficient electrical devices.


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Recent Developments

  • IntelliSmart, a joint venture between state-owned EESL and investment platform NIIF, is eyeing a new project to install smart prepaid meters in several states that are in the advanced stages of the bidding process. The company plans to install more than 20 million smart meters in the country over the next two years. The company will need to borrow around USD1220.02 million to finance the equipment. In November 2021, Gurugram-based IntelliSmart Infrastructure Private Limited (IntelliSmart) won a contract from the Government of Assam for its USD61 million and installed 6.2 lakhs smart meters in nine circles of the state.
  • Adani Transmission, a division of the Adani Group, has signed a contract to install and maintain 1 million smart meters for BEST (Brihanmumbai Electric Supply and Transport) in Mumbai in the second half of 2022. The transaction value of the multi-year contract is set at approximately USD15.9 million. Smart meters and associated communications and cloud infrastructure will be installed for 30 months and maintained for 90 months thereafter.

Market Segments
India Smart Meter Market is segmented based on Product Type, Application,  Technology, Region and Competitive Landscape. Based on Product Type, the market is fragmented into Smart Energy Meters, Smart Water Meters and Smart Gas Meters. Based on Application, the market is further fragmented into Industrial, Commercial and Residential. Based on Technology Channel, the market is fragmented into Automatic Meter Reading, Advanced Metering Infrastructure.

Market Players
The market players in the India 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, GEESYS Technologies (India) Private Limited.

Attribute

Details

Base Year

2023

Historic Data

2019– 2022

Estimated Year

2024

Forecast Period

2025 – 2029

Quantitative Units

Revenue in USD Million and CAGR for 2019-2023 and 2024-2029

Report coverage

Revenue forecast, company share, growth factors, and trends

Segments covered

By Product Type

By Application

By Technology Channel

Regional scope

North India, South India, West India, East India

Key companies profiled

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

Customization scope

10% free report customization with purchase. Addition or alteration to country, regional & segment scope.

Pricing and purchase options

Avail customized purchase options to meet your exact research needs. Explore purchase options

Delivery Format

PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request)

Report Scope:

In this report, India Smart Meter Market has been segmented into the following categories, in addition to the industry trends which have also been detailed below:

·         India Smart Meter Market, By Product Type:

o   Smart Energy Meters

o   Smart Water Meters

o   Smart Gas Meters  

·         India Smart Meter Market, By Application:

o   Industrial

o   Commercial

o   Residential

·         India Smart Meter Market, By Technology Channel:

o   Automatic Meter Reading

o   Advanced Metering Infrastructure

·         India Smart Meter Market, By Region:

o   North

o   South

o   West

o   East

Competitive Landscape

Company Profiles: Detailed analysis of the major companies present in the India Smart Meter market.

Available Customizations:

 TechSci Research offers customizations according to a company's specific needs. The following customization options are available for the report:

Company Information

·         Detailed analysis and profiling of additional market players.

The India Smart Meter market is an upcoming report to be released soon. If you wish an early delivery of this report or want to confirm the date of release, please contact us at [email protected]

Table of content

1.    Product Overview

2.    Research Methodology

3.    Executive Summary

4.    Impact of COVID-19 on India Smart Meter Market

5.    Voice of Customer

6.    India Smart Meter Market Outlook

6.1.  Market Size & Forecast

6.1.1.            By Value

6.2.  Market Share & Forecast

6.2.1.            By Product Type (Smart Energy Meters, Smart Water Meters, Smart Gas Meters)

6.2.2.            By Application (Industrial, Commercial, Residential)

6.2.3.            By Technology Channel (Automatic Meter Reading, Advanced Metering Infrastructure)

6.2.4.            By Region (North, South, West, East)

6.2.5.            By Company (2023)

6.3.  Market Map

7.    North India Smart Meter Outlook

7.1.  Market Size & Forecast

7.1.1.            By Value

7.2.  Market Share & Forecast

7.2.1.            By Product Type

7.2.2.            By Application

7.2.3.            By Technology Channel

8.    South India Smart Meter Outlook

8.1.  Market Size & Forecast

8.1.1.            By Value

8.2.  Market Share & Forecast

8.2.1.            By Product Type

8.2.2.            By Application

8.2.3.            By Technology Channel

9.    West India Smart Meter Outlook

9.1.  Market Size & Forecast

9.1.1.            By Value

9.2.  Market Share & Forecast

9.2.1.            By Product Type

9.2.2.            By Application

9.2.3.            By Technology Channel

10. East India Smart Meter Outlook

10.1.   Market Size & Forecast

10.1.1.         By Value

10.2.   Market Share & Forecast

10.2.1.         By Product Type

10.2.2.         By Application

10.2.3.         By Technology Channel

11. Market Dynamics                                                                                                      

11.1.   Drivers

11.2.   Challenges

12. Market Trends and Developments

13. Company Profiles

13.1.   Triton Process Automation Pvt. Ltd.

13.1.1.         Business Overview

13.1.2.         Key Revenue and Financials (If available)

13.1.3.         Recent Developments

13.1.4.         Key Personnel

13.1.5.         Key Product/Services

13.2.   Advance Metering Technology Ltd.

13.2.1.         Business Overview

13.2.2.         Key Revenue and Financials (If available)

13.2.3.         Recent Developments

13.2.4.         Key Personnel

13.2.5.         Key Product/Services

13.3.   Maven Systems Pvt. Ltd.   

13.3.1.         Business Overview

13.3.2.         Key Revenue and Financials (If available)

13.3.3.         Recent Developments

13.3.4.         Key Personnel

13.3.5.         Key Product/Services

13.4.   Genus Power Infrastructures Ltd.   

13.4.1.         Business Overview

13.4.2.         Key Revenue and Financials (If available)

13.4.3.         Recent Developments

13.4.4.         Key Personnel

13.4.5.         Key Product/Services

13.5.   ITI Ltd.  

13.5.1.         Business Overview

13.5.2.         Key Revenue and Financials (If available)

13.5.3.         Recent Developments

13.5.4.         Key Personnel

13.5.5.         Key Product/Services

13.6.   Schneider Electric India Pvt. Ltd.  

13.6.1.         Business Overview

13.6.2.         Key Revenue and Financials (If available)

13.6.3.         Recent Developments

13.6.4.         Key Personnel

13.6.5.         Key Product/Services

13.7.   Siemens Ltd.  

13.7.1.         Business Overview

13.7.2.         Key Revenue and Financials (If available)

13.7.3.         Recent Developments

13.7.4.         Key Personnel

13.7.5.         Key Product/Services

13.8.   Satya Electrocom Private Limited  

13.8.1.         Business Overview

13.8.2.         Key Revenue and Financials (If available)

13.8.3.         Recent Developments

13.8.4.         Key Personnel

13.8.5.         Key Product/Services

13.9.   Trinity Energy Systems Private Limited

13.9.1.         Business Overview

13.9.2.         Key Revenue and Financials (If available)

13.9.3.         Recent Developments

13.9.4.         Key Personnel

13.9.5.         Key Product/Services

13.10.GEESYS Technologies (India) Private Limited

13.10.1.      Business Overview

13.10.2.      Key Revenue and Financials (If available)

13.10.3.      Recent Developments

13.10.4.      Key Personnel

13.10.5.      Key Product/Services

14. Strategic Recommendations

15. About Us & Disclaimer

Figures and Tables

Frequently asked questions

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Smart meters measure gas and electricity usage like traditional meters. However, unlike traditional meters, smart meters automatically send readings to suppliers. With a smart meter installed, one doesn’t need to read the gas or electric meter.

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It provides real-time information on energy consumption so one can better manage the consumption, thus saving money and reducing emissions. No one has to come and read the meter as the consumers can communicate directly with the electricity supplier.

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Smart meters work by measuring current and voltage at regular intervals and calculating electricity consumption for 30 minutes. The gas flow is also measured periodically. This information can be sent to home displays and suppliers.

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Major players in 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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Parvati Sharma

Account Manager BD
Press Release

Smart Energy Meter to Dominate the India Smart Meter Market during the Forecast Period

Feb, 2023

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.

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