India’s Smart Meter Market to Top $3 Bn by 2032

  • April 11, 2024
  • Joyce Deuley

There’s a new report out by AstuteAnalytica India Pvt. Ltd., that states the India smart meter market to Reach $3,179.5 million by 2032. This is following on after the country’s commitment to roll out 250 million smart meters nationwide by 2025 to achieve grid modernization and reach energy efficiency.

AstuteAnalytica projects a dramatic uptick in market size from 2023 ($219.7 million) with a CAGR of 34.57% between 2024-2032. The Smart Meter National Program (SMNP) leads the charge and has seen the installation of more than 8 million smart meters so far.

In addition to the installations, domestic manufacturing has a big role to play, too. The meters are made in India showing a self-reliance in this sector not often seen. The Indian government has pushed for a 50% value addition to enhance their manufacturing industry, with seeming success.

Comparatively, India is on trend with the rest of the world. China boasts 500 million meters, while the US claims 110million smart meters in deployment. The European Union looks to achieve 80% smart meter replacements by 2024. 

It is an exciting time to be in smart meters and next-gen meter manufacturing deployments. It seems business case, collective will, and government directives is spurring adoption over the next decade.