New Delhi: With global demand for energy surging, and the uncertain and periodical nature of demand affecting supply, discoms and utilities are increasingly opting for smart meters, as an energy efficient solution. According to a report by Polaris Market Research, the global electricity smart meters size will reach $9.5 billion by 2034, expanding by 16.91% CAGR.
Drivers of Demand
The demand for this growth has been fueled by several factors:
- Sustainability Goals: Governments are increasingly aligning their energy infrastructure with net-zero sustainability targets, prompting the adoption of technologies that reduce carbon footprints.
- Technological Evolution: The integration of AI, IoT, and cloud computing is transforming homes into “intelligent energy hubs” capable of real-time tracking and automated load management.
India: A Fast-Growing Hub for Smart Metering
For India, with its rapid urbanization, increased consumption, and the government’s target of installing 250 million smart electricity meters under the goverment’s Revamped Distribution Sector Scheme (RDSS) have been the main growth drivers.
The Indian government is looking to minimize transmission losses and boost efficient use of resources. Till December 31, 2025, the government has already installed over 39 million smart meters, with the government aiming to complete installing smart meters to every retail and commercial establishment by 2028. The central government has also allocated about ₹1.3 lakh crore towards the RDSS scheme.
Why smart meters matter more than ever
Smart meters redefine how consumers interact with power usage. By providing real time visibility through mobile applications, these devices will allow users to monitor consumption, manage budgets and optimize usage to lower costs. With adoption continuing to accelerate, smart energy monitoring is expected to play a pivotal role in shaping the next generation of connected, energy efficient homes.
