Report Overview

India Smart Meter Market- Industry Trends & Forecast Report 2028

India smart meter market is witnessing promising growth and anticipated to grow at a CAGR of 6.4% during the forecast period. The growth of the smart meter market in India can be attributed to the increasing cost of electricity in the country and the growing need for energy conservation and management. In addition, stringent government initiatives to mandate the installation of smart meters in commercial and industrial facilities are expected to drive market growth during the forecast period.

India Smart Meter Market- Overview

A smart meter is an electric device, similar to a traditional meter. Nevertheless, it is a convenient alternative to traditional smart meters. A smart meter measures and records the consumption of electric energy or gas, voltage levels, current, and power factor. Not only does it record these details, but also reports at various points along the way. It also provides real-time information to users on their energy use. Because smart meters overcome the limitations of traditional meters, utility companies can charge different prices for consumption according to day and season. As a result, users can save energy while efficiently managing consumption

India Smart Meter Market Forecast and Trends

Growth Drivers

Government Initiatives to Boost Smart Meter Installation

The Government of India is taking various initiatives to boost the adoption of smart meters in the country. It has already launched initiatives such as Smart Meter National Programme that aims to replace 25 crores (250 million) conventional meters with smart meters in India. Additionally, the governments of different states in the country are investing significantly in boosting smart meter adoption state-wise. For instance, the Union government has sanctioned Rs. 119 crore (approx USD 16.0 million) for Chandigarh to convert all existing 2 lakh electricity meters into smart meters, as The Times of India reported. Such initiatives are anticipated to drive the India smart meters market growth during the forecast period.

Growing Awareness Towards Energy Consumption and Saving

The growing consumer awareness regarding their energy consumption and saving is anticipated to present growth opportunities to the India smart meter market in the forecast period. Since smart meters send meter readings automatically to suppliers as well as owners and in real-time, they can assess how much energy they are consuming and manage it accordingly and efficiently. These devices help to generate consciousness towards their energy consumption and motivate the consumers to use energy-efficient electric devices.

Restraints

High Privacy and Data Security Risks

Smart meters are similar to IoT devices since both use sensors and can record and transfer user data. However, the risks associated with data theft and privacy may act as a significant impediment to the growth of the India smart metre market. Although the government is focusing on increasing smart metre adoption, it is paying little to no attention to data security and protection. Also, the country lacks a legitimate cybersecurity law to prevent data theft from smart meters.

Impact of COVID-19 on India Smart Meter Market

The sudden outbreak of the COVID-19 pandemic in India offered lucrative growth opportunities to the country’s smart meter market. The uneven energy consumption between households and commercial & industrial facilities ended up putting an immense burden on the energy sector and utility-providing companies.  As a result of quarantine and work-from-home scenarios, electric consumption spiked during the lockdown period, while it decreased in commercial and industrial facilities due to temporary restrictions on operations. As a result, smart meters emerged as an opportunity for better management of resources.

India Smart Meter Market - By Product Type

Based on product types, the India smart meter market is segmented into smart electric meters, smart gas meters, and smart water meters. Among these, the smart electric meters segment accounted for the largest market share because of the increasing focus on better management of electricity consumption. Smart electric meters provide various benefits, such as real-time energy usage to both users as well as utility providers. Furthermore, government initiatives such as Smart Meter National Programme (SMNP) are anticipated to drive the growth of the market during the forecast period.

India Smart Meter Market - By Component

Based on components, the India smart meter market is grouped into hardware and software segments. Due to the increasing government expenditures towards installing smart meters in residential and commercial spaces, the hardware segment accounts for the largest share of the market. Similar to IoT devices, smart meters incorporate sensors that can measure vital data, such as energy consumption, voltage levels, current, etc., leading to their high demand, which in turn drives the growth of the segment.

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 accounts for the largest market share due to the increasing public-private partnership to boost the installation of smart meters in this region. For instance, Tata Power Delhi Distribution Limited (TPDDL) recently announced to have installed 200,000 smart electric meters in the consumer segment in the National Capital Region (NCR). Additionally, the government is also pushing for the commercial and industrial installation of smart meters which is anticipated to propel the market growth during the forecast 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 brand loyalty from customers. The market players offer a variety of products, including smart meters for water, gas, and electricity, and cater to different end-user needs. Additionally, they invest heavily in research and development in order to launch new features. This market is also characterized by the adoption of competitive strategies such as mergers, acquisitions, collaborations, partnerships, joint ventures, etc.

Recent Development

• In November 2021, IntelliSmart, a joint venture between National Investment and Infrastructure Fund Ltd. (NIIF) and state-run Energy Efficiency Services Ltd. (EESL), won an order of installing 600,000 smart pre-paid meters from Assam Power Distribution Company Ltd.

Scope of the Report

By Product Type

• Smart Gas Meters
• Smart Water Meter

By Communication Type

• Programmable Logic Controller
• Radio-Frequency
• Cellular

By Component

• Hardware
• Software

By Technology

• AMI
• AMR

By End-User

• Residential
• Commercial
• Industrial

By Region

• North India
• South India
• East India
• West India

1. Research Framework
   1. Research Objective
   2. Product Overview
   3. Key Market Segments
2. Research Methodology
   1. Qualitative Research
   2. Methodology
   3. Regional Split of Primary & Secondary Research
   4. Secondary Research
   5. Primary Research
      1. Breakdown of Primary Research Respondents, By Region
      2. Breakdown of Primary Research Respondents, By Industry Participants
   6. Market Size Estimation
   7. Assumptions for the Study
   8. Market Breakdown & Data Triangulation
3. Executive Summary
4. Industry Insight and Growth Strategy
   1. Value Chain Analysis
   2. DROC Analysis
      1. Market Drivers
         1. Growing Awareness Towards Energy Consumption And Saving
         2. Government Initiatives To Boost Smart Meter Installation
      2. Market Restraints
         1. High Privacy And Data Security Risks
      3. Market Challenges
         1. Poor Cellular Network Strength in Small Towns and Rural Areas
      4. Market Opportunity
         1. Developing Advanced Metering Infrastructure
         2. Increasing Adoption Of Smart Meters In Households
   3. Recent Developments
   4. Porter’s Five Forces Analysis
      1. Bargaining Power of Buyers
      2. Bargaining Power of Suppliers
      3. Intensity of Rivalry
      4. Threat of New Entrants
      5. Threat of Substitutes
5. India Smart Meter Market Overview
   1. Market Size & Forecast by Value, 2018-2028
   2. Market Size and Forecast, By Segment
      1. By Product Type
         1. Smart Electric Meters
         2. Smart Gas Meters
         3. Smart Water Meter
      2. By Communication Type
         1. Programmable Logic Controller
         2. Radio-Frequency
         3. Cellular
      3. By Component
         1. Hardware
         2. Software
      4. By Technology
         1. AMI
         2. AMR
      5. By End-User
         1. Residential
         2. Commercial
         3. Industrial
      6. By Region
         1. North India
         2. South India
         3. East India
         4. West India
6. Competitive Landscape
   1. List of Key Players and Their Offerings
   2. Market Share Analysis (2021)
   3. Competitive Benchmarking by Operating Parameters
7. Impact of COVID-19 on India Smart Meter Market
8. Company Profiles (Company Overview, Financial Matrix, Key Product landscape, Key Personnel, Key Competitors, Contact Address, and Strategic Outlook) *
   1. HPL Electric & Power
   2. Melange Systems Private Limited
   3. Maven Systems Pvt. Ltd.
   4. Analogics Tech India Ltd.
   5. Advanced Electronics Company
   6. Itron
   7. Elster Group
   8. Genus Power Infrastructures Ltd
   9. Avon Meters
   10. Zen Meter
   11. Other Prominent Players
9. Key Strategic Recommendations

List of Figures

Figure 1: India Smart Meter Market Segmentation

Figure 2: India Smart Meter Market Value Chain Analysis

Figure 3: Company Market Share Analysis, 2021

Figure 4: India Smart Meter Market Size, By Value (USD Million), 2018-2028

Figure 5: India Smart Meter Market Share (%), By Product Type, By Value, 2018-2028

Figure 6: India Smart Meter Market Share (%), By Communication Type, By Value, 2018-2028

Figure 7: India Smart Meter Market Share (%), By Component, By Value, 2018-2028

Figure 8: India Smart Meter Market Share (%), By Technology, By Value, 2018-2028

Figure 9: India Smart Meter Market Share (%), By End-User, By Value, 2018-2028

Figure 10: India Smart Meter Market Share (%), By Region, By Value, 2018-2028

List of Tables

Table 1: India Smart Meter Market Size, By Product Type, By Value, 2018-2028

Table 2: India Smart Meter Market Size, By Communication Type, By Value, 2018-2028

Table 3: India Smart Meter Market Size, By Component, By Value, 2018-2028

Table 4: India Smart Meter Market Size, By Technology, By Value (USD Million), 2018-2028

Table 5: India Smart Meter Market Size, By End-User, By Value (USD Million), 2018-2028

Table 6: India Smart Meter Market Size, By Region, By Value (USD Million), 2018-2028

Table 7: HPL Electric & Power Financial Analysis

Table 8: HPL Electric & Power Business Overview

Table 9: Melange Systems Private Limited Financial Analysis

Table 10: Melange Systems Private Limited Business Overview

Table 11: Maven Systems Pvt. Ltd. Financial Analysis

Table 12: Maven Systems Pvt. Ltd. Business Overview

Table 13: Analogics Tech India Ltd. Financial Analysis

Table 14: Analogics Tech India Ltd. Business Overview

Table 15: Advanced Electronics Company Financial Analysis

Table 16: Advanced Electronics Company Business Overview

Table 17: Itron Financial Analysis

Table 18: Itron Business Overview

Table 19: Elster Group Financial Analysis

Table 20: Elster Group Business Overview

Table 21: Genus Power Infrastructures Ltd Financial Analysis

Table 22: Genus Power Infrastructures Ltd Business Overview

Table 23: Avon Meters Financial Analysis

Table 24: Avon Meters Business Overview

Table 25: Zen Meter Financial Analysis

Table 26: Zen Meter Business Overview