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India Power Metering Market Outlook (2023 to 2033)

India power metering industry size reached US$ 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 US$ 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 US$ 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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Key Trends Driving India Power Metering Market

  • Increasing awareness and regulatory structures focused on energy efficiency have driven the adoption of power metering systems in India.
  • Deployment of smart grid infrastructure, which includes advanced metering systems is boosting sales in India.
  • Growing penetration of renewable energy sources such as solar and wind power in less-developed areas has created the demand for power metering systems in India.
  • Rising industrialization, urbanization, and the demand for electricity has been steadily rising in India, pushing need for power metering systems.
  • Technological advancements such as data analytics and IoT have also led to growing networks of connected power metering systems in India.
Attributes Key Insights
Estimated Year (2023) Market Value US$ 1,423.3 million
Projected Year (2033) Market Value US$ 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.

2018 to 2022 India Power Metering Market Outlook Compared to Demand Forecast for 2023 to 2033

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 US$ 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.

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Country-wise Insights

Why is India Considered a Highly Lucrative Market for Power Metering Systems?

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.

Category-wise Insights

Which Meter Type is Dominating Sales in the Power Metering Market?

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.

Why is Single-phase Power Meters Gaining Traction in the Indian Market?

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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Competitive Landscape

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:

  • 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).

Scope of report

Attribute Details
Market value (2023) US$ 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 US$ 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

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

Frequently Asked Questions

How Big is the India Power Metering Market?

The market is valued at US$ 1.4 billion in 2023.

Who are the Leading Industry Players?

Schneider Electric, Siemens, and Secure Meters are the leading industry players.

How was the Historical Performance of the Market?

From 2018 to 2022, the market registered a CAGR of 7.3%.

What Opportunities Await the Market Players?

Integration of the Internet of Things (IoT) to boost growth.

Which is the Key Segment by Meter Type?

The smart meters segment is likely to remain preferred through 2033.

Table of Content

1. Executive Summary

    1.1. India Market Outlook

    1.2. Demand Side Trends

    1.3. Supply Side Trends

    1.4. Analysis and Recommendations

2. Market Overview

    2.1. Market Coverage / Taxonomy

    2.2. Market Definition / Scope / Limitations

3. Key Market Trends

    3.1. Key Trends Impacting the Market

    3.2. Product Innovation / Development Trends

4. Pricing Analysis 

    4.1. Pricing Analysis, by Power Meter Types

    4.2. Average Pricing Analysis Benchmark

5. Market Demand (Value in US$ million) Analysis 2018 to 2022 and Forecast, 2023 to 2033

    5.1. Historical Market Value (US$ million) Analysis, 2018 to 2022

    5.2. Current and Future Market Value (US$ million) Projections, 2023 to 2033

        5.2.1. Y-o-Y Growth Trend Analysis

        5.2.2. Absolute $ Opportunity Analysis

6. Market Background 

    6.1. Macro-Economic Factors

    6.2. Forecast Factors - Relevance & Impact

    6.3. Value Chain

    6.4. COVID-19 Crisis – Impact Assessment

        6.4.1. Current Statistics

        6.4.2. Short-Mid-Long Term Outlook

        6.4.3. Likely Rebound

    6.5. Market Dynamics

        6.5.1. Drivers

        6.5.2. Restraints

        6.5.3. Opportunities

7. Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Meter Type

    7.1. Introduction / Key Findings

    7.2. Historical Market Size (US$ million) Analysis By Meter Type, 2018 to 2022

    7.3. Current and Future Market Size (US$ million) Analysis and Forecast By Meter Type, 2023 to 2033

        7.3.1. Analog

        7.3.2. Digital

        7.3.3. Smart

    7.4. Market Attractiveness Analysis By Meter Type

8. Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Phase

    8.1. Introduction / Key Findings

    8.2. Historical Market Size (US$ million) Analysis By Phase, 2018 to 2022

    8.3. Current and Future Market Size (US$ million) Analysis and Forecast By Phase, 2023 to 2033

        8.3.1. Single Phase

        8.3.2. Three Phase

    8.4. Market Attractiveness Analysis By Phase

9. Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Application

    9.1. Introduction / Key Findings

    9.2. Historical Market Size (US$ million) Analysis By Phase, 2018 to 2022

    9.3. Current and Future Market Size (US$ million) Analysis and Forecast By Phase, 2023 to 2033

        9.3.1. Commercial

        9.3.2. Industrial

        9.3.3. Residential

    9.4. Market Attractiveness Analysis By Application

10. Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Meter Type By Application

    10.1. Introduction / Key Findings

    10.2. Historical Market Size (US$ million) Analysis By Phase, 2018 to 2022

    10.3. Current and Future Market Size (US$ million) Analysis and Forecast By Phase, 2023 to 2033

        10.3.1. Digital Meter Type

            10.3.1.1. Commercial

            10.3.1.2. Industrial

            10.3.1.3. Residential

        10.3.2. Smart Meter Type

            10.3.2.1. Commercial

            10.3.2.2. Industrial

            10.3.2.3. Residential

        10.3.3. Analog Meter Type

            10.3.3.1. Commercial

            10.3.3.2. Industrial

            10.3.3.3. Residential

    10.4. Market Attractiveness Analysis By Application

11. Market Structure Analysis

    11.1. Market Analysis by Tier of Companies

    11.2. Market Share Analysis of Top Players

12. Competition Analysis

    12.1. Competition Dashboard

    12.2. Competition Deep Dive

        12.2.1. Schneider Electric

            12.2.1.1. Business Overview

            12.2.1.2. Product Portfolio

            12.2.1.3. Profitability by Market Segments (Business Segments/Country)

            12.2.1.4. Key Strategy & Developments

        12.2.2. Siemens

            12.2.2.1. Business Overview

            12.2.2.2. Product Portfolio

            12.2.2.3. Profitability by Market Segments (Business Segments/Country)

            12.2.2.4. Key Strategy & Developments

        12.2.3. Secure Meters

            12.2.3.1. Business Overview

            12.2.3.2. Product Portfolio

            12.2.3.3. Profitability by Market Segments (Business Segments/Country)

            12.2.3.4. Key Strategy & Developments

        12.2.4. Genus Power Infrastructure

            12.2.4.1. Business Overview

            12.2.4.2. Product Portfolio

            12.2.4.3. Profitability by Market Segments (Business Segments/Country)

            12.2.4.4. Key Strategy & Developments

        12.2.5. Larsen & Tourbo (L&T)

            12.2.5.1. Business Overview

            12.2.5.2. Product Portfolio

            12.2.5.3. Profitability by Market Segments (Business Segments/Country)

            12.2.5.4. Key Strategy & Developments

        12.2.6. HPL Electric & Power

            12.2.6.1. Business Overview

            12.2.6.2. Product Portfolio

            12.2.6.3. Profitability by Market Segments (Business Segments/Country)

            12.2.6.4. Key Strategy & Developments

        12.2.7. Elmeasure

            12.2.7.1. Business Overview

            12.2.7.2. Product Portfolio

            12.2.7.3. Profitability by Market Segments (Business Segments/Country)

            12.2.7.4. Key Strategy & Developments

        12.2.8. EMCO

            12.2.8.1. Business Overview

            12.2.8.2. Product Portfolio

            12.2.8.3. Profitability by Market Segments (Business Segments/Country)

            12.2.8.4. Key Strategy & Developments

        12.2.9. Kamstrup

            12.2.9.1. Business Overview

            12.2.9.2. Product Portfolio

            12.2.9.3. Profitability by Market Segments (Business Segments/Country)

            12.2.9.4. Key Strategy & Developments

        12.2.10. C&S Electric

            12.2.10.1. Business Overview

            12.2.10.2. Product Portfolio

            12.2.10.3. Profitability by Market Segments (Business Segments/Country)

            12.2.10.4. Key Strategy & Developments

13. Assumptions and Acronyms Used

14. Research Methodology

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