India Smart Grid Industry is Predicted To Grow at a CAGR of 27.20% During 2024-2032

Written by Tushar Imarc » Updated on: November 01st, 2024

India Smart Grid Market Overview

Base Year: 2023

Historical Years: 2018-2023

Forecast Years: 2024-2032

Market Growth Rate: 27.20% (2024-2032)

The India smart grid industry is rapidly evolving, driven by government initiatives and technological advancements. It focuses on improving energy efficiency, integrating renewable energy, and modernizing power infrastructure to meet growing energy demands and enhance grid reliability. According to the latest report by IMARC Group, the market is projected to exhibit a growth rate (CAGR) of 27.20% during 2024-2032.

India Smart Grid Market Trends and Drivers:

The growth of the India smart grid market is driven by the increasing demand for reliable and efficient electricity supply across the country. A key factor is the government's commitment to modernizing outdated power infrastructure through initiatives like the National Smart Grid Mission (NSGM), which focuses on integrating advanced technologies such as smart meters, automated control systems, and real-time data monitoring to enhance grid reliability and minimize transmission losses. Additionally, the rising use of renewable energy sources like solar and wind further necessitates smart grids for efficient integration of distributed energy resources.

Key trends in the market include the adoption of advanced metering infrastructure (AMI) and demand response systems, which help utilities and consumers manage electricity use more effectively, improve real-time monitoring and billing, and reduce operational costs. The increasing emphasis on cybersecurity measures within smart grid systems is also notable, given the critical nature of the infrastructure. Furthermore, the integration of energy storage solutions with smart grids is enhancing grid stability and supporting a shift towards more sustainable energy sources. Ongoing investments in grid modernization and smart technologies are expected to drive continued growth in the India smart grid market.

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India Smart Grid Industry Segmentation:

The report has segmented the market into the following categories:

Breakup by Component:

• Software

o Advanced Metering Infrastructure

o Smart Grid Distribution Management

o Smart Grid Network Management

o Substation Automation

o Others

• Hardware

o Sensor

o Programmable Logic Controller

o AMI Meter

o Networking Hardware

o Others

• Services

o Consulting

o Support and Maintenance

o Deployment and Integration

Breakup by End User:

• Residential

• Commercial

• Industrial

Breakup by Region:

• North India

• West and Central India

• South India

• East and Northeast India

Competitive Landscape:

The competitive landscape of the industry has also been examined along with the profiles of the key players.

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Key Highlights of the Report:

• Market Performance (2018-2023)

• Market Outlook (2024-2032)

• Market Trends

• Market Drivers and Success Factors

• Impact of COVID-19

• Value Chain Analysis

• Comprehensive mapping of the competitive landscape

Note: If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.

About Us:

IMARC Group is a global management consulting firm that helps the world’s most ambitious changemakers to create a lasting impact. The company provide a comprehensive suite of market entry and expansion services. IMARC offerings include thorough market assessment, feasibility studies, company incorporation assistance, factory setup support, regulatory approvals and licensing navigation, branding, marketing and sales strategies, competitive landscape and benchmarking analyses, pricing and cost research, and procurement research.

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