India Smart Meter Market was valued at US$ 223.4 million and is projected to attain a market size of US$ 3,267.7 million by 2031 at a CAGR of 34.57% during the forecast period 2023-2031.
The India Smart Meter Market is experiencing remarkable growth, with its valuation projected to reach US$ 3,267.7 Million by 2031, up from US$ 223.4 Million in 2022. This substantial growth, forecasted at a Compound Annual Growth Rate (CAGR) of 34.57% during the period from 2023 to 2031, reflects the increasing adoption of smart metering solutions across the country.
- Government Initiatives and Regulations:
- The Indian government’s initiatives such as the Smart Meter National Program (SMNP) and the Ujwal DISCOM Assurance Yojana (UDAY) are driving the deployment of smart meters nationwide. These initiatives aim to improve energy efficiency, reduce losses in the power distribution system, and empower consumers with real-time energy usage data.
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