India to be third largest smart grid market after China and the US

IEEE- Standards Association (IEEE -SA), the standards development body of IEEE predicts that India is set to become the third largest smart grid market in the world. IEEE-SA is looking forward to collaborate with Indian academics, standards bodies, experts, industry leaders, and government to develop India-specific standards to meets it unique and specific needs. “Without proper standards, the realization of smart grid would be difficult. IEEE-SA is investing in creating awareness and bringing multiple stakeholders together to transfer best practices and knowledge from Smart Grid markets and perspectives,” Mr Srikanth Chandrasekaran, Chairperson of IEEE-SA India SIG (Standards Interest Group), said. “IEEE-SA has taken a lead role in the identification and development of standards for the smart grid.” Earlier this year,IEEE-SA launched Smart Grid Interoperability standards project in India  under the India Standards Interest Group, which will closely work with their global parent group IEEE P2030 to introduce the Interoperability standards enabling faster Smart Grid Implementation.

According to recent ZPRYME report, Indian smart grid market is going to reach $1.9 billion by 2015 growing at CAGR rate of 16.3%. During the initial years, the smart grid growth may be normal, however it is set to explode towards the end of the decade as India plans to invest $900 billion in electrical infrastructure by 2020. During the same period, India plans to install 20,000 MW of solar power. The successful integration of various power sources and efficient utilization of this energy can only happen through smart intelligent grid. To meet these objectives, the country plans to install 130 million smart meters by 2021 providing huge opportunity for smart grid companies.