With the Indian Government urging states
and union territories to replace conventional electricity meters with prepaid
smart meters in three years, the smart meter market is expected to witness
robust growth during the forecast period. This initiative of government aims at
cutting distribution losses and setting the stage for separating the carriage
and content operations of power distribution companies in which carriage refers
to the distribution aspect and content to power.
However, high cost of smart electric
meter is a major constraint for the company manufacturing it. Also, they have a
lifespan of 8-10 years compared to 20-25 years lifespan of traditional meters. This
might hamper the market growth through FY2027.
Smart meters
require a two-way communication network, control centre equipment, and software
applications for near real-time gathering and transfer of energy usage
information. They can help reduce aggregate transmission and commercial losses.
They send usage information via radio frequency electromagnetic radiation (RF),
which helps the utility company to effectively manage the energy usage. Its
architecture is supposed to empower consumers in choosing their power providers
on one hand and help distribution companies deal with power theft on the other.
Favorable government policies along with fiscal incentives are some key factors
driving the smart meters market in India.
India Smart meter market is
segmented based on type, application, technology, region and company. Based on product
type, the market can be segmented into smart energy meters, smart water
meters and smart gas meters. Electricity is one of the basic human needs in the
world. Hence, electric smart meter is the advancement brought in to maintain
data regarding usage and avoiding any unaccounted consumption.
Based on application, the
residential segment of the global smart electric meter market is expected to
hold the largest market share during the forecast years. The installation of
smart electric meters at residential places would help in reducing the
dependence on fossil fuels, facilitate electricity conservation and accuracy of
meter readings.
Major players operating 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 and others. The companies are now developing innovative
products in order to stay competitive in the market.
Years considered for this report:
Historical Years: FY2017-FY2020
Base Year: FY2021
Estimated Year: FY2022
Forecast Period: FY2023–FY2027
Objective of the
Study:
- To analyze and forecast the market size of
India smart meter market.
- To classify and forecast India smart meter
market based on product type, application, technology and regional
distribution.
- To identify drivers and challenges for India smart
meter market.
- To examine competitive developments such as
expansions, new product launches in India smart meter market.
- To conduct pricing analysis for India smart
meter market.
- To identify and analyze the profile of leading
players operating in India smart meter market.
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TechSci Research performed both primary as well as
exhaustive secondary research for this study. Initially, TechSci Research
sourced a list of manufacturers across the country. Subsequently, TechSci
Research conducted primary research surveys with the identified companies.
While interviewing, the respondents were also enquired about their competitors.
Through this technique, TechSci Research could include the manufacturers which
could not be identified due to the limitations of secondary research. TechSci Research
analyzed the manufacturers, distribution channels and presence of all major
players across country.
TechSci Research calculated the market size of India smart meter market using a bottom-up approach, wherein data for various end-user
segments was recorded and forecast for the future years. TechSci Research
sourced these values from the industry experts and company representatives and
externally validated through analyzing historical data of these product types
and applications for getting an appropriate, overall market size. Various
secondary sources such as company websites, news articles, press releases,
company annual reports, investor presentations and financial reports were also
studied by TechSci Research.
Key Target Audience:
- Smart meter manufacturers, suppliers,
distributors and other stakeholders
- Government bodies such as
regulating authorities and policy makers
- Organizations, forums and
alliances related to smart meters
- Market research and
consulting firms
The study is useful in providing answers
to several critical questions that are important for the industry stakeholders
such as manufacturers, suppliers, partners, end users, etc., besides allowing
them in strategizing investments and capitalizing on market opportunities.
Report Scope:
In this report, India smart meter market has
been segmented into following categories, in addition to the industry trends which
have also been detailed below:
- India Smart Meter Market, By Product Type:
- Smart Energy Meters
- Smart Water Meters
- Smart Gas Meters
- Others
India Smart Meter Market, By Application:
o Industrial
o Commercial
o Residential
India Smart Meter Market, By Technology:
o Automatic
Meter Reading
o Advanced
Metering Infrastructure
o Others
- India Smart Meter Market, By Region:
Competitive
Landscape
Company Profiles: Detailed analysis of the
major companies present in India smart meter market.
Available Customizations:
With the given market data, 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 (up to five).
It 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]