2021: The year that was
As we all know, the year 2021 was quite challenging for all of us. Despite these ups and downs, we have bagged many contracts and orders. We have received numerous contracts, apart from an order of INR 372 crore for switchgear, cables, and other relevant accessories for low-cost housing projects in Andhra Pradesh, we have also secured the order for INR 178.9 crore for supplying smart meters. The order was received from the state’s largest private utility in eastern India. These prestigious orders were won in the face of stiff competition. Such achievements are a big win for us, strengthening our position as one of the country’s major electrical equipment manufacturers.
We have a strong R&D foundation with an emphasis on developing technological advancements in electrical equipment solutions for a variety of applications and requirements. We have various sets of equipment to cater to the needs of the market. Recently, we have launched three new switchgear products – DC switch disconnector up to 1500 V DC and 800 V AC in 2, 3, and 4 pole configuration at 14th Edition of Renewable Energy Expo 2021. These products are best-in-class and offer the latest technology and innovative design for long-term durability. The USP of the recent product launched is that it can be used in solar/ PV applications as well as traditional PV applications.
The load break switch is a high-performance, well-built switch with a small footprint. From low voltage to 800V AC, it provides safe isolation. Furthermore, the switches include an inbuilt safety feature. This provides efficiency that leads to low power losses.
The new DC Disconnectors are designed specifically for PV applications and are extremely durable.
Whereas in the smart meter’s category, we have announced the launch of the smart meter with Narrowband- Internet of Things (NB-IoT). This is a new 4G and 5G technology that gives smart meters their own dedicated channel for smart metering, avoiding any reduction in performance from interference or obstruction on the public network. Data would flow smoothly through a dedicated channel using this technology, and problems caused by public network congestion would no longer impact the smart meter performance. It will also enable the collection of a greater number of remote meter readings, assuring consumer safety.
2022: The year that will be
After the government’s initiative of vaccination, the gradual opening of the economy has resulted in a 23 percent YoY increase in firm revenue to INR 280 crores in Q2 FY22. The metering and consumer segments grew by 22 percent YoY and 20 percent YoY, respectively, in Q2 FY22.
We see ourselves as the front runners in the smart metering field by providing the latest technology to the state-owned and private utilities. HPL Electric can produce approximately 9 million energy meters per year. The capacity is distributed over a variety of meters, mostly conventional and smart meters. The company’s current capacity in terms of energy meter use is 70-75 percent, which is sufficient to satisfy rising demands. We position ourselves as the market leaders in smart meter areas and are committed to improving smart meter technologies.
Also Read: Interview with HPL Electric & Power Limited.
Key Trends Driving the Growth
The smart meter market is expected to grow at a CAGR of 9.34 percent by 2022, reaching USD 19.98 billion. The residential application category is predicted to be the fastest-growing market. The meters measure and review energy, water, and gas consumption to the central utility system. The Advanced Metering Infrastructure (AMI) technology segment is predicted to grow at the quickest rate, because of its advanced technology. It is predicted to be the fastest expanding market by 2022 in terms of technology. Furthermore, AMI lowers labour costs for a number of electricity, water, and gas utilities around the world.