India Smart Grid Network Market Size
|Study Period||2018- 2028|
|Base Year For Estimation||2022|
|Forecast Data Period||2023 - 2028|
|Historical Data Period||2018 - 2021|
|CAGR||> 3.00 %|
*Disclaimer: Major Players sorted in no particular order
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India Smart Grid Network Market Analysis
During the forecast period, the Indian smart grid network market is expected to register a CAGR of more than 3%.
The Indian smart grid network market was adversely affected by COVID-19 due to disruptions in the supply chain. However, the market rebounded in 2021.
- In terms of market growth, smart grid technologies like smart meters, EV chargers, and other smart grid infrastructure technologies are expected to drive the market in the coming years. This is because more money is being spent on and put into smart grid technologies like these. Moreover, in India, the trend to add more renewable energy sources and smart grids will play an important role in integrating these into transmission and distribution grids.
- However, the huge investment that is required for setting up and modernizing power generation, transmission, and distribution networks and weak private sector investments may restrain the smart grid network market in India during the forecast period.
- India is starting to see smart grid technology as a strategic investment in its infrastructure that will help it maintain long-term economic growth and reach its goals for reducing carbon emissions. This, in turn, is expected to give companies in the smart grid network market a lot of chances to make money in the near future.
India Smart Grid Network Market Trends
Advanced Metering Infrastructure (AMI) is Expected to Witness Significant Growth
- Advanced metering infrastructure (AMI), or smart metering, is an integrated system of smart meters, communication networks, and data management systems that enable two-way communication between utilities and customers.
- The metering industry has taken rapid strides in the past few years by transitioning from automated meter reading (AMR) to smart metering using bi-directional communication, thereby enabling greater benefits to electricity distribution companies (DISCOMs), customers, and society.
- The Indian government is pushing for advanced metering infrastructure to reduce electricity waste and the labor costs associated with recording meter values. To promote smart meters, the government has started the "Smart Meter National Programme," which is expected to be the umbrella program for expanding smart meters in every electrified household in the country.
- With the USD 157.5 million it got from the German bank KfW, Madhya Pradesh was going to expand and update its electricity network in February 2022 by putting in place smart meters and smart grid technologies.
- Therefore, in light of the increasing efforts to modernize the electricity grid and reduce T&D losses, the Indian government is investing in advanced metering infrastructure. This is expected to drive the AMI market during the forecast period.
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Increasing Investments are Driving the Market Demand
- Smart grid technologies are a key part of meeting the growing power needs because of the growing need for electricity and the use of renewable energy to save energy and use it more efficiently.
- The country has made major strides in improving smart access to power among rural and urban communities through various government-led schemes focused on "Power for All."
- To further meet the goal of modernization and optimization of the electricity grid, the Indian government, under the Smart City Mission, allocated USD 783 million for the financial year 2021-22. Smart energy systems and grids have the capability to manage the energy supply of buildings in cities, which boosts the deployment of smart grid technologies across the country.
- Furthermore, in October 2022, state-owned Energy Efficiency Services Ltd. (EESL) announced the completion of the installation of 30 lakh smart meters across India under the government's Smart Meter National Programme. The company further aims to install a total of over 47,000 smart meters by December 2023.
- The increased investments by the Indian government, private players implementing initiatives pertaining to environmental protection, and growth in the adoption of smart grid technologies are likely to boost the smart grid network market in India.
India Smart Grid Network Industry Overview
The Indian smart grid network market is moderately fragmented. Some key players in this market (not in particular order) are ABB Ltd, Seimens AG, Schneider Electric SE, General Electric Company, and Cisco Systems Inc.
India Smart Grid Network Market Leaders
Schneider Electric SE
Cisco Systems Inc.
General Electric Company
*Disclaimer: Major Players sorted in no particular order
India Smart Grid Network Market News
- February 2023: The Brihanmumbai Electric Supply and Transport (BEST) announced that the company is likely to start installing smart meters for its 10.5 lakh power consumers from March 2023 onward. These devices will be enabled with 4G and 5G SIM cards and will offer pre-paid payment options for consumers.
- October 2022: Several Indian corporate giants, such as the Adani Group, GMR Group, L&T, and IntelliSmart, submitted bids for tenders floated by four power distribution companies (discoms) in Uttar Pradesh for the installation of around 2.85 crore prepaid "smart meters" across the state.
India Smart Grid Network Market Report - Table of Contents
1.1 Scope of the Study
1.2 Market Definition
1.3 Study Assumptions
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET OVERVIEW
4.2 Market Size and Demand Forecast in USD million, till 2028
4.3 Recent Trends and Developments
4.4 Government Policies and Regulations
4.5 Market Dynamics
4.6 Supply Chain Analysis
4.7 PESTLE Analysis
5. MARKET SEGMENTATION BY TECHNOLOGY AREA
5.2 Advanced Metering Infrastructure (AMI)
5.3 Communication Technology
5.4 Other Technology Application Areas
6. COMPETITIVE LANDSCAPE
6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
6.2 Strategies Adopted by Leading Players
6.3 Company Profiles
6.3.1 ABB Ltd
6.3.2 Accenture PLC
6.3.3 Capgemini SE
6.3.4 Cisco Systems Inc.
6.3.5 General Electric Company
6.3.6 HCL Technologies Ltd.
6.3.7 Honeywell International Inc.
6.3.8 Power Grid Corporation of India Limited
6.3.9 Schneider Electric SE
6.3.10 Siemens AG
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
India Smart Grid Network Market Research FAQs
What is the current India Smart Grid Network Market size?
The India Smart Grid Network Market is projected to register a CAGR of greater than 3% during the forecast period (2023-2028).
Who are the key players in India Smart Grid Network Market?
Seimens AG, Schneider Electric SE, Cisco Systems Inc., ABB Ltd and General Electric Company are the major companies operating in the India Smart Grid Network Market.
India Smart Grid Network Industry Report
Statistics for the 2023 India Smart Grid Network market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. India Smart Grid Network analysis includes a market forecast outlook to 2028 and historical overview. Get a sample of this industry analysis as a free report PDF download.