Annual Smart Grid Revenue in India is Expected to Exceed $32 Billion in 2026
Country’s utilities and government regulators are focused on aggressive electrification, decentralization, and digitization efforts
A new report from Navigant Research examines smart grid solutions in the Indian marketplace and provides market forecasts for smart grid applications through 2026.
Mirroring much of the developed world, India is in the middle of fundamentally transforming its electric power system to adopt a smart grid framework. Plagued by inefficiencies across the network, the country’s utilities and government regulators are shifting their focus to electrification, decentralization, and digitization efforts that aim to bring the country’s grid into the 21st century. According to a new report from @NavigantRSRCH, smart grid revenue in India is expected to grow from $12.6 billion in 2017 to over $32.3 billion in 2026.
“Driven by the need to improve grid reliability and reduce system losses, India’s Ministry of Power has made an aggressive effort to jump-start this nascent smart grid market,” says Michael Kelly research analyst with Navigant Research. “Yesterday’s government-sponsored initiatives have evolved from simple electrification schemes and basic IT infrastructure establishment to include smart metering, distribution automation (DA), substation automation (SA), distributed energy resources development, advanced enterprise system implementation, and more.”
India began its push toward grid modernization in the mid-2000s with the implementation of various electrification and network upgrade programs. While still in its infancy, the Indian smart grid market is forecast to show strong and rapid growth in the coming decade, according to the report.
The report, FutureGrid India, analyzes the various smart grid solutions in the Indian marketplace. The study outlines the significant factors behind projected growth in the smart grid marketplace in India. Market forecasts for smart grid applications, including smart meter shipments, DA and SA, IT and analytics, distributed generation, microgrids, energy storage, and voltage power factor and control technologies, extend through 2026. The report also examines completed and ongoing project initiatives, market drivers, challenges, and emerging trends related to smart grid solutions in India.