According to a recent analysis from Research, the market for smart power meters is expected to increase by about tenfold between 2022 – 2030.
The Union Government has announced its plans to install 250 million smart meters by 2022 – 2023 with an investment of around Rs. 3 lakh crores. Furthermore, the launch of 5G networks is expected to provide lucrative growth opportunities to the market as the country’s communication network strengthens. (Report: Report Ocean)
How could it possibly not? It makes sense for the conventional electricity meters to hang their cape and for smart electricity meters to accept the mantle given its apparent advantages in metering and billing for both DISCOMs and consumers.
In fact, utilities will be able to boost the amount of money they can get from customers from $20.8 billion to $35 billion when smart meters become the norm.
On the contrary, there are numerous market-related elements that influence the development (or decline) of certain trends.
Let’s discuss the elements that influence the smart-meter trend and catalyze their implementation.
Plans for using Renewable Energy and Net-Zero Targets
Utilizing renewable energy sources is essential to lowering reliance on fossil fuels as the environment becomes more volatile every day. It will also play a significant role in assisting DISCOMs and energy production companies to stabilize the grids by balancing supply and demand volume, thanks to technology like smart metering and the real-time consumption analytics it facilitates.
When it gets in full swing, an increase in EV charging will significantly load the grid. Therefore, having a smart electricity meter can aid in real-time monitoring. Other smart meter-enabled use cases, such as demand forecasting and precise time-of-use tariffs, are also anticipated to give DISCOMs and EV owners information about the best times to charge their vehicles and avoid using the grids.
Decreased Grid breakdowns and brownouts
Power outages are notable in India, where only the most affluent areas of the city get 24-hour reliable power. This can be explained by the fact that there have been numerous distributions of power setbacks and that it is difficult to see the complete grid. This can be altered by smart electric meters thanks to improved end-to-end grid visibility.
With the deployment of these smart meters, DISCOMs and utilities are capable of keeping track of the health of each node in the grid and even performing predictive maintenance by examining the data from these nodes. furthermore, utilities can look for theft, which is a regular occurrence in abandoned lines found on the outskirts of cities.
Lowering Energy Bills
A desire for customized solutions that let customers optimize their consumption and lower costs will increase along with consumer demand for eco-friendly and intelligent services. Additionally, utilities are able to lower their own energy costs as a result of the use of smart power meters, which benefits both consumers and themselves.
At Neptune India Limited, we’re dedicated to offering metering solutions that assist utilities and consumers in streamlining their energy distribution and usage in order to create a more sustainable future. Visit our website to see the single-phase and three-phase meter boxes in India as well as the rest of our selection of smart metering solutions.
Additional Motivators for the Growing Adoption of Electric Meters
Here are a few additional elements that are influencing India’s adoption of Smart Meters.
The rise in demand in the residential sector can be ascribed to the growing use of household appliances such as TVs, air conditioners, refrigerators, lighting, ceiling fans, computers, and heating equipment, which use more energy.
Due to this dynamic usage, utilities must manage the rising power demand by balancing it with the use of smart electric meters, which not only improve grid operations and reliability but also assist you in power conservation to balance the demand.
Utilize Neptune India Limited’s extensive selection of metering solutions to complete your single energy meter connection and have access to a plethora of data and insights for the best possible power distribution and use.
These considerations will undoubtedly cause the adoption of smart meters in India to pick up speed. And when Smart Electricity Meters take center stage in the DISCOM space, savings, efficiency, and sustainability will follow.
And for the best metering options, Neptune India can check off every item on your efficiency checklist and provide you with metering devices and solutions that can help you save money and resources.
For more information on the aforementioned products, visit our website https://neptuneindia.com/metering-system/ You can also directly contact us to discuss our solutions, costs, and any special requests you may have.