Market Size of India Smart Grid Network Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2019 - 2022 |
| CAGR | > 3.00 % |
| Market Concentration | Medium |
Major Players
*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.
