Market Research Report
India Smart Grid Market Forecast 2021-2026
|Published by||Inkwood Research||Product code||991401|
|Published||Content info||80 Pages
Delivery time: 2-3 business days
|India Smart Grid Market Forecast 2021-2026|
|Published: March 1, 2021||Content info: 80 Pages||
The India smart grid market is registered to project a CAGR of 13.86%, over the forecasted years. The growing investments in smart grid technology, the initiatives and programs undertaken by the Ministry of Power (MoP), and the launch of government schemes. The base year considered for the studied market is 2020, and the forecast period is from 2021 to 2026.
The power distribution sector in India has witnessed numerous initiatives launched by the Ministry of Power, in order to ensure sustainability within DISCOMs operations. This aspect is fulfilled by deploying an adaptive, safe, and digitally-enabled grid ecosystem, providing reliable and quality energy, across the country.
Globally, the smart grid has been considered a chief tool to achieve transformation, in terms of a more digital as well as a consumer-oriented grid by utilities and policymakers. In this regard, several measures have also been undertaken by the Indian government, to augment the deployment of smart grids in the country. For instance, one of the leading initiatives includes sanctioning multiple smart grid projects by the Ministry of Power, currently at diverse stages of implementation. Moreover, the country also aims to install 35 million smart meters, under the Ujwal DISCOM Assurance Yojana (UDAY), over the upcoming years. As a result, these factors are expected to drive the India smart grid market growth, during the forecast period.
Some of the distinguished companies operating in the market are, International Business Machines Corporation, Wipro Limited, Cisco Systems Inc, Sensus Inc, etc.