The india power metering market is expected to surge at a CAGR of 11.1% between 2023 and 2033. As per a recent Future Market Insights (FMI) report, the market in India for power metering is expected to reach USD 1,423.2 million by 2023-end, and USD 4,092.6 million by the end of 2033.
Increasing adoption of smart meters in India, driven by government initiatives such as the Smart Grid Vision and Roadmap for India has been beneficial for this industry. Smart meters offer several advantages over traditional meters. These include real-time data collection, improved accuracy, and remote monitoring capabilities.
The development of advanced communication technologies such as the Internet of Things (IoT) and machine-to-machine (M2M) communication has sped up rapidly in the region. They are expected to drive the adoption of advanced metering infrastructure (AMI) in India. It enables real-time monitoring of energy consumption and distribution.
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AMI enables utilities, and consumers to gain valuable insights from energy consumption data. This data-driven approach helps in identifying energy-saving opportunities, optimizing load management, and implementing energy efficiency measures.
In the face of growing adoption of renewable resources, power metering systems are being used to measure and manage energy generated from solar panels and wind turbines.
Growing demand for real-time energy information among consumers, businesses, and utility companies is driving sales in the market. Real-time data on energy consumption enables proactive energy consumption and management. Consumers are also interested in understanding their energy usage patterns to make informed decisions on how to spend their resources.
As power metering systems become more connected and data-intensive, ensuring quality cybersecurity and data privacy has become crucial. The protection of sensitive customer data, prevention of unauthorized access, and resilience against cyber threats have become focal points of conversations. They are the key consideration for power metering system developers and operators.
The internet of things (IoT) plays a significant role in power metering systems. By connecting power meters to IoT networks, utility firms and consumers can access real-time data and monitor energy consumption remotely. IoT integration enables better monitoring, control, and management of energy usage.
Key Takeaways from the India Power Metering Market Report
- By meter type, analog meters had the significant market share of 38.9% in 2022
- By phase, single phase dominated the market with a maximum market share of 68.8% in 2022.
- By application, commercial applications held the prominent share of 28.9% in 2022.
- By meter type by application, smart meter type in commercial applications is estimated to have the prominent CAGR of 14.7% during the forecast period 2023 to 2033.
According to a Lead FMI Analyst, “Increasing demand for smart meters for real-time monitoring and measurement of energy consumption, will drive demand. Key manufacturers are integrating smart technologies like IoT to provide consumers with real-time access and data, thus driving profits.”
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Who is winning?
Key companies are developing advanced metering solutions with improved functionalities and features. They are integrating smart technologies such as internet of things, data analytics, and real time monitoring. They are also focusing on providing customized solutions to meet specific customer requirements.
Key players are establishing local presence, distribution networks, and partnerships to penetrate new territories. Government initiatives to deploy smart meters across the country can also act as growth opportunities for companies operating in the power metering market.
Recent Development:
- In March 2023, Energy Efficiency Services Limited (EESL) and JioThings Smart Utility Platform announced a cooperation to roll out 1 million smart prepaid smart meters in Bihar. The IoT platform, hardware, and countrywide connection are used by the JioThings Smart Electricity Metering solutions.
- In October 2022, according to the government’s Digital Meter State Programme, 30 lakh smart meters are currently implanted across India, according to the state-owned Energy Efficiency Services Ltd. (EESL).
Key Players
- Schneider Electric
- Siemens
- Secure Meters
- Genus Power Infrastructures
- Larsen & Toubro
- HPL Electric & Power
- Elmeasure
- EMCO
- Kamstrup
- C&S Electric
More valuable insights on India Power Metering Market
Future Market Insights (FMI), in its new report, offers an unbiased analysis on the India power metering industry, analysing historical demand from 2018 to 2022 and forecast statistics for 2023 to 2033.
In this report by Future Market Insights (FMI), the India power metering industry is segmented into four major sections by meter type (analog, digital and smart), by phase (single phase and three phase), by application (commercial, industrial and residential) by country (digital meter type (commercial, industrial and residential), smart meter type (commercial, industrial and residential) and analog meter type (commercial, industrial and residential).
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India Power Metering Market by Category
By Meter Type:
- Analog
- Digital
- Smart
By Phase:
- Single Phase
- Three Phase
By Application:
- Commercial
- Industrial
- Residential
By Meter Type by Application:
- Digital Meter Type
- Commercial
- Industrial
- Residential
- Smart Meter Type
- Commercial
- Industrial
- Residential
- Analog Meter Type
- Commercial
- Industrial
- Residential
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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