India power metering industry size reached USD 994.0 million in 2018. Demand in the power metering market recorded a Y-o-Y growth of 8.9% in 2022. The Indian market is expected to reach USD 1,423.2 million in 2023.
During 2023 to 2033, power metering sales in the country are projected to exhibit an 11.1% CAGR. It is expected to reach a total of USD 4,092.6 million by 2033-end as per recent analysis by Future Market Insights (FMI).
Adoption of smart meters and advanced metering infrastructure (AMI) continues to expand in the country for several reasons. Smart meters enable two-way communication between utilities and consumers. It provides real-time data on energy consumption. They also offer benefits such as remote meter reading, dynamic pricing, and demand response programs.
Deployment of AMI allows utilities to improve grid management, optimize energy distribution, and enhance customer service. The integration of data analytics capabilities with power metering systems is gaining prominence.
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.
The internet of things (IoT) plays a significant role in power metering systems. By connecting power meters to IoT networks, utilities and consumers can access real-time data, and monitor energy consumption remotely. IoT integration enables better monitoring, control, and management of energy usage.
There has been a recent uptick in the adoption of renewable sources. Power metering systems are increasingly used to measure and manage energy generated from solar panels and wind turbines.
As power metering systems become more connected and data-intensive, ensuring cybersecurity and data privacy has become crucial. The protection of sensitive customer data, prevention of unauthorized access, and resilience against cyber threats have become important touchpoints. They are the key considerations for power metering system developers and operators.
Growing demand for real-time energy information among consumers, businesses, and utility companies is driving demand for power metering tools. Real-time data on energy consumption enables proactive energy consumption and management. Consumers are also increasingly interested in understanding their energy usage patterns to make informed decisions.
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| Attributes | Key Insights |
|---|---|
| Estimated Year (2023) Market Value | USD 1,423.3 million |
| Projected Year (2033) Market Value | USD 4,092.6 million |
| CAGR% (2023 to 2033) | 11.1% |
| Top 5 Vendors Market Share | 54.9% |
Increasing usage of power meters to measure the amount of electricity consumed in residential, commercial, or business premises has been noted over recent years. This is driving demand for power meters in the Indian market. Power meters are also utilized for instruments and machines that require a large supply of electricity for several purposes. It includes quality assurance, efficiency measurement and production line testing. Power meters measure the voltage and current to obtain the results.
India power metering industry accounts for nearly 9.5% of the global power metering market.
India power metering industry expanded at a CAGR of 7.3% during 2018 to 2022. It is further projected to expand at 11.1% during 2023 to 2033. It stood at a total of USD 1,318.5 million in 2022.
Currently, numerous state governments in India are undertaking smart metering projects to improve existing infrastructure. They are providing power meters to remote and rural areas where the supply of electricity is not regular. These initiatives are increasing the demand for power meters in the Indian market.
Several Indian households are installing home-based chargers for their electric vehicles (EVs) and solar cells to power their appliances. This trend is contributing to the growing demand for accurate energy readings. Development of smart grids in the country is estimated to further drive the implementation of both traditional power meters and smart meters.
Power meters provide governing bodies and users with information regarding their electricity consumption. These meters provide data on units of electricity consumed, enabling governing bodies to determine the appropriate charges for end-users.
Users can assess their electricity consumption based on their monthly bills and make necessary adjustments to stay within their budget. Power meters can also serve as evidence in cases where users are billed for more electricity than they have actually used.
It is important to note that the installation of power meters is compulsory in India for any premises receiving electricity. Therefore, they are considered essential commodities for Indian users. As urbanization and industrialization continue to soar in the country, the demand for power meters is also likely to also increase. Even in well-established areas, there is a market drive for upgrading the technology of power meters.
Principal Consultant
Adoption of Renewable Energy and Smart Grid Initiatives Set to Prime India as a Market Hub for Power Meters
The power metering market in India is set to experience significant growth over the forecast period. This can be attributed to the rising need for reliable and efficient energy management solutions across several sectors. Over the next few years, the market is projected to expand steadily, driven by crucial domestic factors.
These include the government's emphasis on renewable energy and smart grid initiatives, increased investments in the power sector, and the growing demand for energy-efficient solutions.
A key driver of the India power metering market is the government's focus on smart grid and energy conservation initiatives. The Indian government has implemented several schemes and programs to promote the adoption of smart grid technologies. This includes advanced metering infrastructure. This drive towards smart meters and related solutions is expected to boost the demand for power metering.
The government's commitment to renewable energy is anticipated to create additional opportunities for the power metering market in India. The country continues to prioritize renewable energy sources, the integration of which into the power grid will require efficient metering and monitoring systems.
India power metering market is poised for growth due to the convergence of several factors. It includes government initiatives, increased investments, and the growing demand for energy management solutions. It is expected to command shares worth 52.1% in the power metering market for South Asia & Pacific by 2033.
Rapid Deployment of Smart Meters is Driving India's Energy Monitoring Revolution
The state governments in the country and the governing bodies are focusing on the purchase and deployment of smart meters across the country.
As per the Uttar Pradesh Electricity Regulatory Commission, there are plans to build 6.7 million paid electronic meters in 14 districts of Uttar Pradesh. The power company Pashchimanchal Vidyut Vitran Nigam Limited (PVVNL) granted IntelliSmart Infrastructure a contract in April 2023 to this end.
According to IntelliSmart, this project is one of the most prominent projects for installations of smart meters being undertaken in India. Smart meters offer real-time monitoring of energy, accurate billing, and remote monitoring and control. They are a better choice for installation in smart grids. These factors are facilitating the rapid growth of smart meters over the forecast period in India.
The market for smart meters is estimated to exhibit a CAGR of 13.6% over the forecast period 2023 to 2033.
Single-phase Power Meters in High Demand from Residential and Small Commercial Premises
Single-phase power meters dominate the Indian power metering market. They are primarily used in residential and small commercial premises. There is a sizeable presence of numerous small and unorganized businesses in both rural and urban areas in India. This is a significant factor driving demand for single-phase power meters in the country.
Due to the large presence of residential areas in the country, the use of power meters in India has been significant. Urbanization has been rising at a rapid rate in the country, with more people migrating to cities, leading to the expansion and construction of residential infrastructure.
Owing to the above mentioned factors the market share of single phase power meters was estimated to have been 68.8% in 2022.
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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 Developments:
| Attribute | Details |
|---|---|
| Market value (2023) | USD 1,423.2 million |
| Value-based CAGR (2023 to 2033) | 11.1% |
| Share of top 5 players | 54.9% |
| Forecast Period | 2023 to 2033 |
| Historical Data Available for | 2018 to 2022 |
| Market Analysis | USD million for Value |
| Key Segments Covered | Meter Type, Phase, Application and Meter Type by Application |
| Key Companies Profiled | Schneider Electric; Siemens; Secure Meters; Genus Power Infrastructures; Larsen & Toubro; HPL Electric & Power; Elmeasure; EMCO; Kamstrup; C&S Electric |
| Report Coverage | Market Forecast, Company Share Analysis, Competition Intelligence, DROT Analysis, Market Dynamics and Challenges, and Strategic Growth Initiatives |
The market is valued at USD 1.4 billion in 2023.
Schneider Electric, Siemens, and Secure Meters are the leading industry players.
From 2018 to 2022, the market registered a CAGR of 7.3%.
Integration of the Internet of Things (IoT) to boost growth.
The smart meters segment is likely to remain preferred through 2033.
1. Executive Summary 2. Market Overview 3. Key Market Trends 4. Pricing Analysis 5. Market Demand (Value in USD million) Analysis 2018 to 2022 and Forecast, 2023 to 2033 6. Market Background 7. Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Meter Type 7.1. Analog 7.2. Digital 7.3. Smart 8. Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Phase 8.1. Single Phase 8.2. Three Phase 9. Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Application 9.1. Commercial 9.2. Industrial 9.3. Residential 10. Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Meter Type By Application 10.1. Digital Meter Type 10.1.1. Commercial 10.1.2. Industrial 10.1.3. Residential 10.2. Smart Meter Type 10.2.1. Commercial 10.2.2. Industrial 10.2.3. Residential 10.3. Analog Meter Type 10.3.1. Commercial 10.3.2. Industrial 10.3.3. Residential 11. Market Structure Analysis 12. Competition Analysis 12.1. Schneider Electric 12.2. Siemens 12.3. Secure Meters 12.4. Genus Power Infrastructure 12.5. Larsen & Toubro (L&T) 12.6. HPL Electric & Power 12.7. Elmeasure 12.8. EMCO 12.9. Kamstrup 12.10. C&S Electric 13. Assumptions and Acronyms Used 14. Research Methodology
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India Power Metering Market
