Market Size of India Smart Grid Network Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2019 - 2022 |
| CAGR | 3.00 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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India Smart Grid Network Market Analysis
During the forecast period, the Indian smart grid network market is expected to register a CAGR of more than 3%.
The Indian smart grid network market was adversely affected by COVID-19 due to disruptions in the supply chain. However, the market rebounded in 2021.
- In terms of market growth, smart grid technologies like smart meters, EV chargers, and other smart grid infrastructure technologies are expected to drive the market in the coming years. This is because more money is being spent on and put into smart grid technologies like these. Moreover, in India, the trend to add more renewable energy sources and smart grids will play an important role in integrating these into transmission and distribution grids.
- However, the huge investment that is required for setting up and modernizing power generation, transmission, and distribution networks and weak private sector investments may restrain the smart grid network market in India during the forecast period.
- India is starting to see smart grid technology as a strategic investment in its infrastructure that will help it maintain long-term economic growth and reach its goals for reducing carbon emissions. This, in turn, is expected to give companies in the smart grid network market a lot of chances to make money in the near future.
India Smart Grid Network Industry Segmentation
A smart grid is an electrical network that uses digital and other advanced technologies to monitor and manage the transportation and distribution of electricity from all generation sources to meet the varying demands of end users. The India smart grid network market is segmented by technology application area. By technology application area, the market is segmented into transmission, advanced metering infrastructure (AMI), communication technology, and other technology application areas. For each segment, the report offers the market size and forecasts in revenue (USD million).
India Smart Grid Network Market Size Summary
The Indian smart grid network market is poised for growth, driven by the increasing adoption of smart grid technologies such as smart meters and EV chargers. These technologies are becoming integral to modernizing the country's power infrastructure, which is essential for integrating renewable energy sources into the transmission and distribution grids. Despite challenges like the significant investment required for upgrading power networks and limited private sector involvement, the market is expected to benefit from strategic government initiatives aimed at reducing carbon emissions and fostering economic growth. The government's focus on advanced metering infrastructure, supported by programs like the Smart Meter National Programme, is expected to enhance the efficiency of electricity distribution and reduce transmission and distribution losses.
The market landscape is characterized by moderate fragmentation, with key players including ABB Ltd, Siemens AG, Schneider Electric SE, General Electric Company, and Cisco Systems Inc. The Indian government's commitment to modernizing the electricity grid is evident through substantial financial allocations under initiatives like the Smart City Mission and the Power for All scheme. These efforts are complemented by private sector participation, as seen in the installation of smart meters across the country. The ongoing investments and initiatives are likely to drive the growth of the smart grid network market in India, positioning it as a critical component of the country's energy strategy.
India Smart Grid Network Market Size - Table of Contents
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1. MARKET OVERVIEW
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1.1 Introduction
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1.2 Market Size and Demand Forecast in USD million, till 2028
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1.3 Recent Trends and Developments
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1.4 Government Policies and Regulations
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1.5 Market Dynamics
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1.5.1 Drivers
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1.5.2 Restraints
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1.6 Supply Chain Analysis
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1.7 PESTLE Analysis
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2. MARKET SEGMENTATION BY TECHNOLOGY AREA
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2.1 Transmission
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2.2 Advanced Metering Infrastructure (AMI)
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2.3 Communication Technology
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2.4 Other Technology Application Areas
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India Smart Grid Network Market Size FAQs
What is the current India Smart Grid Network Market size?
The India Smart Grid Network Market is projected to register a CAGR of greater than 3% during the forecast period (2024-2029)
Who are the key players in India Smart Grid Network Market?
Seimens AG, Schneider Electric SE, Cisco Systems Inc., ABB Ltd and General Electric Company are the major companies operating in the India Smart Grid Network Market.
