India Smart Meter Market Poised for Consistent Growth: Projected to Grow at a CAGR of 6.4% by 2028
Published | 04 January 2022
India smart meter market is growing at a high CAGR because of the favorable government initiatives to boost the installation of smart meter in various regions of the country. Furthermore, the launch of 5G networks is also powering the market growth….
A recent study, conducted by the strategic consulting and market research firm BlueWeave Consulting, revealed that the India smart meter market is estimated to grow at a CAGR of 6.4% during the forecast period (2022-2028). The India smart meter market is flourishing at a high rate because of various government initiatives to boost the installation of smart meter in various regions of the country. The Union Government has announced its plans to install 250 million smart meters by 2022 with the investment of around Rs. 3 lakh crore. Furthermore, the launch of 5G networks is expected to provide lucrative growth opportunities to the market as the country's communication network strengthens. However, a major setback for the India smart meter market may be the high cost of smart meters as well as the high risk associated with privacy and data security. Also, smart meters have a shorter lifespan compared to conventional meters, which may further impede its market growth.
The Development of Advanced Metering Infrastructure Driving India Smart Meter Market
Based on technology, the India smart meter market is segmented into AMI and AMR. The advanced metering infrastructure or AMI holds the largest market share since it provides two-way communication between the meter and the supplier, which drives the growth of the market. AMI collects and analyzes data from smart meters, which helps utility companies improve energy efficiency and streamline customer services which are anticipated to drive the segment’s growth during the forecast period as well.
Increasing Adoption Of Smart Meters in Households Anticipated To Present Lucrative Growth Opportunities to India Smart Meter Market
Based on end-users, the India smart meter market is grouped into residential, commercial, and industrial sectors. The residential segment accounts for the largest market share, owing to the increasing installation of smart electric metres in households to improve transparency in energy consumption and facilitate accurate meter readings. Smart meters are also being promoted in the residential segment to prevent electricity theft, which is very prevalent in India. The commercial segment, on the other hand, is expected to grow significantly during the forecast period due to India's thriving service sector.
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The Cellular Communication Segment is Driving the India Smart Meter Market
Based on communication types, the India smart meter market is grouped into programmable logic controller, radio-frequency, and cellular communication. The cellular communication type accounts for the largest market share due to the strong cellular network infrastructure in the country. Additionally, the increasing launch of 5G networks is anticipated to provide lucrative growth opportunities to the segment’s growth during the forecast period. However, the RF (radio-frequency) segment also accounts for a substantial share of the market as smart meters are commonly equipped with RF.
India Smart Meter Market - Regional Insights
Geographically, the India smart meter market is segmented into North India, South India, East India, and West India. North India dominates the India smart meter market due to various government initiatives to boost the installation of smart meters in this region. According to The Hindu Business Line, around two million smart meters have already been installed in Uttar Pradesh, Bihar, Rajasthan, Haryana, and Delhi, under various initiatives. However, Western India is anticipated to emerge as a potential market for smart meters due to the presence of various industries in states such as Maharashtra and Gujarat.
Impact of COVID-19 on India Smart Meter Market
The India smart meter market witnessed prolific growth after the COVID-19 pandemic outbreak in the country. The pandemic has also sparked debates about energy efficiency and sustainability throughout the length and breadth of the country. For this purpose, smart meters emerged as an effective solution for better management of electricity and other non-renewable resources, such as water and gas. In addition, smart meters allowed data to be recorded and transmitted remotely, eliminating the need for personnel to visit houses and facilities to record electricity usage. This has been a primary factor that propelled the growth of the smart meter market during the COVID-19 period.
India Smart Meter Market-Competitive Landscape
The leading players in the India smart meter market are HPL Electric & Power, Melange Systems Private Limited, Maven Systems Pvt. Ltd., Analogics Tech India Ltd., Advanced Electronics Company, Itron, Elster Group, Genus Power Infrastructures Ltd, Avon Meters, Zen Meter, and other prominent players.
The market is highly consolidated and competitive due to the presence of conglomerates that enjoy immense brand loyalty from customers. Additionally, the market players focus on offering a wide range of products, such as smart meters for water, gas, and electricity to cater to the needs of different end-users. They also significantly invest in research and development activities to launch new features into their products. Furthermore, the adoption of competitive strategies, such as mergers, acquisitions, collaborations, partnerships, joint ventures, etc., is also prominent in this market.
The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of the India smart meter market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends of the India smart meter market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyses the growth drivers, challenges, and competitive dynamics of the market.
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