India Smart Grid Network Market Size Quadruples at Electrifying CAGR of 13.24% to Surpass Value of 2.4 Billion by 2030

Published | 29 June 2024

India Smart Grid Network Market is flourishing due increasing investments in renewable energy, the government’s supportive initiatives, a spurring demand for energy efficiency, and rapid adoption of advancements in communication technologies.

BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, estimated the India Smart Grid Network Market size by value at USD 578.32 million in 2023. During the forecast period between 2024 and 2030, BlueWeave expects the India Smart Grid Network Market size to boom at a robust CAGR of 13.24% reaching a value of USD 2,431.56 million by 2030. The Smart Grid Network Market in India is propelled by the increasing investments in and deployment of smart grid technologies, such as smart meters and electric vehicle (EV) chargers. Also, the integration of renewable energy sources into India’s transmission and distribution grids is accelerating the adoption of smart grid infrastructure. These technologies are not only pivotal for enhancing the efficiency and reliability of the grid but are also crucial for supporting India's long-term economic sustainability and carbon reduction objectives. Consequently, the strategic focus on smart grid technology is set to create substantial opportunities for companies operating in this market during the period in analysis.

Opportunities – Increasing focus on advanced metering infrastructure (AMI)

The advanced metering infrastructure (AMI) is crucial in enhancing the growth of the India Smart Grid Network Market. AMI enables two-way communication between utilities and consumers, significantly improving the operational efficiency of electricity distribution companies (DISCOMs). With AMI, DISCOMs can remotely access real-time meter data, allowing for better load management and reducing transmission losses. This infrastructure also empowers consumers to monitor and manage their energy usage, promoting energy efficiency and potentially lowering costs. Government initiatives like the Smart Meter National Program are driving the adoption of AMI across India. By providing dynamic pricing signals, AMI supports the integration of renewable energy and the development of smart grids, making it a key element in India's transition to a sustainable energy future.

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Impact of Escalating Geopolitical Tensions on India Smart Grid Network Market

Intensifying geopolitical tensions across the world can have a multifaceted impact on the India Smart Grid Network Market by introducing uncertainties in supply chains, affecting technology imports, and disrupting international collaborations crucial for advanced grid infrastructure. Such tensions may lead to increased costs, delays in project timelines, and hindered investments from global stakeholders. Moreover, geopolitical instability can undermine investor confidence and regulatory predictability, crucial for sustained market growth. To mitigate these impacts, robust domestic manufacturing capabilities and diversified supply chains are essential, along with proactive diplomatic efforts to ensure stable international relationships conducive to technology transfer and investment in smart grid technologies.

India Smart Grid Network Market

Segmental Coverage

India Smart Grid Network Market – By Technology

On the basis of technology, the India Smart Grid Network Market is divided into Transmission, Advanced Metering Infrastructure (AMI), and Communication Technology segments. The AMI segment holds the highest share in the India Smart Grid Network Market by technology. The AMI, also known as smart metering, integrates smart meters, communication networks, and data management systems to facilitate bi-directional communication between utilities and customers. This advancement from automated meter reading (AMR) enhances operational efficiency for electricity distribution companies (DISCOMs) and benefits consumers and society at large. The Government of India is actively promoting AMI to curb electricity wastage and reduce metering costs. The "Smart Meter National Program" exemplifies this effort, aiming to deploy smart meters across all electrified households in India. For instance, in February 2022, Madhya Pradesh secured USD 157.5 million from Germany's KfW Bank to upgrade its electricity infrastructure with smart meters and grid technologies. These initiatives underscore India's commitment to modernizing its grid and minimizing transmission and distribution losses, thereby driving growth in the AMI market.

India Smart Grid Network Market – By Region

Geographically, the India Smart Grid Network Market is divided into North India, South India, East India, and West India regions. The South India region holds the highest share in the India Smart Grid Network Market and is expected to maintain its dominance during the forecast period. The region's advanced infrastructure, strong government support, and proactive adoption of renewable energy are key drivers. South Indian states, Tamil Nadu, Karnataka, Kerala, Andhra Pradesh, Telangana, and the Union Territory of Puducherry, have been leaders in implementing smart grid technologies. For instance, Puducherry’s pioneering smart grid project, the first in India, exemplifies this leadership. Initiated by the Power Ministry, it involves the INR 77-crore investment, with INR 52 crore funded by the Power Grid Corporation of India Limited (PGCIL). This project features advanced metering infrastructure and a Central Data Control unit, allowing consumers to manage energy usage and enabling the Electricity Department to monitor patterns and reduce transmission losses significantly. These initiatives underscore South India’s sustained dominance in the India Smart Grid Market.

Competitive Landscape

The India Smart Grid Network Market is fragmented, with numerous players serving the market. The key players dominating the India Smart Grid Network Market include ABB Ltd, Accenture PLC, Capgemini SE, Cisco Systems Inc., General Electric Company, HCL Technologies Ltd, Honeywell International Inc., Power Grid Corporation of India Limited, Schneider Electric SE, and Siemens AG. The key marketing strategies adopted by the players are facility expansion, product diversification, alliances, collaborations, partnerships, and acquisitions to expand their customer reach and gain a competitive edge in the overall market.

Don’t miss the business opportunity of the India Smart Grid Network Market. Consult our analysts to gain crucial insights and facilitate your business growth.

The report's in-depth analysis provides information about growth potential, upcoming trends, and the India Smart Grid Network Market statistics. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in the India Smart Grid Network Market along with 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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