Indian electricity sector has a lot of untapped potential and has witnessed a tremendous growth in energy demand, generation capacity, transmission and distribution network. India is estimated to invest US$44.90Bn in smart metering, distribution automation, battery storage and other smart grid market segments. This investment will help India reduce the 22.7% transmission and distribution loss.
India is regarded as the second largest electricity customer market size in the world. The current size of the energy market in India is US$340.82 million and is expected to grow at a CAGR of 8-10% over the next 4-5 years. India is expected to install 35 million smart meters by 2019. (Source: http://dst.gov.in/sites/default/files/India%20Country%20Report%20on%20Smart%20Grids.pdf )
Prime Minister of India, Sri Narendra Modi launched Smart Cities Awas Yogna Mission (Smart Cities Mission) in June 2015 with the goal of developing 100 smart cities all over the country. Government identified various areas of improvement for the Smart Cities development and Smart Meters is one of the mission for Smart Cities.
Check out the Infographic below to more about India’s position globally in the Smart Meter Market and how Smart Meter can help your business/city/utility.
To know how MosChip can help you implement Smart Metering Solution, mail us at [email protected] and our IoT expert will get back to you with the details of our Smart Metering Solution.