India’s smart metering market is on the cusp of exponential growth. Following the success of various pilot projects across the country and positive outcomes for stakeholders, the pace of smart meter awards and installation is gaining momentum. As of January 2024, 8.6 million smart consumer meters have been installed in the country. Notably, in 2023-24 (as of January), 3.02 million smart meters have been installed, which is nearly double the number installed in the previous year. As of December 2023, tenders for 104.3 million smart meters have been awarded. Meanwhile, tenders for 39.5 million smart meters are under evaluation, and for another 22 million smart meters, tender L1s have been decided upon and the letters of award (LoAs) are under process.
Smart meters hold the potential for substantial savings. According to industry estimates, India can save Rs 9.5 trillion by investing Rs 1.25 trillion in replacing 250 million conventional meters with smart meters. Smart meters offer a holistic overhaul of the metering landscape, providing benefits to utilities, consumers and other stakeholders. They ensure greater operational efficiency for discoms by aligning power procurement with real-time power demand, besides improving the customer value proposition and engagement.
CyanConnode Holdings plc (LON:CYAN) is a world leader in the design and development of Narrowband RF mesh networks that enable Omni Internet of Things (IoT) communications.
