ASEAN Smart Grid Market
Key Questions Answered in this Report:
- What is the ASEAN smart grid market size in terms of revenue from 2018-2024, and what is the expected growth rate during the forecast period 2019-2024?
- What is the expected future outlook and revenue generated by the different types of product offerings including software, hardware, and support services?
- What is the revenue generated by smart grid in different end users including generation, transmission, distribution, and consumption?
- What is the revenue generated by different technologies of smart grid across ASEAN countries including transmission and distribution automation, advanced metering infrastructure, energy storage, consumer energy management, wide area monitoring, and others?
- What is the market size and opportunities of smart grid across different ASEAN countries?
- What are the major driving forces that are expected to increase the demand for the ASEAN smart grid market during the forecast period?
- What are the key market trends and market opportunities in the market pertaining to ASEAN smart grid?
- What are the major challenges inhibiting the growth of the ASEAN smart grid market?
- What kind of new strategies are being adopted by the existing market players to expand their market position in the industry including partnerships, collaborations, and joint venture, mergers and acquisitions, product launches and developments, and business expansion and contracts?
- What is the competitive strength of the key players in the smart grid market on the basis of analysis of their recent developments, product offerings, and their country-level presence?
- How is the funding and investment landscape in the ASEAN smart grid market?
- Which type of players and stakeholders are present in the smart grid market and what is their significance?
- Which are the leading consortiums and associations in the ASEAN smart grid market and what is their role in the market?
- Which are the key regulatory bodies in the ASEAN countries for smart grids and what is their role in the market?
ASEAN Smart Grid Market Forecast, 2019-2024
The ASEAN smart grid market is projected to grow from $1,248.8 million in 2019 to $2,949.6 million by 2024, at a CAGR 18.76% from 2019 to 2024.
The increasing demand for energy efficiency and the need for transparent energy consumption mechanism has propelled the need for smart grid in the ASEAN market. Moreover, there is an increased concern to reduce transmission and distribution losses across the supply chain to reduce power outages. Furthermore, the rising share of renewable energy in the energy mix can lead to congestion and complexity within the grid. Therefore, smart grid using transmission and distribution automation software, demand response technology, and advance metering infrastructure will mitigate the abovementioned issues, which is currently existing in the traditional grid. Therefore, the growth of the market is likely to be encouraged by the abovementioned factors, along with the growing digitalization in the ASEAN countries.
Frequently Asked Questions (FAQs)
Consumer energy management is emerging as one of the prominent technologies in the ASEAN smart grid market. Consumers at residential households, commercial end user, and at the manufacturing industries are using this technology to monitor and control their energy demand. Catering to the residential households, the consumer energy management software, known as smart home controller, communicates with the all the household components. The batteries in smart homes get charged through the rooftop solar panel throughout the day. The electricity stored in the batteries are also used to charge the electric vehicles. The surplus electricity generated is fed to the electrical grid. The consumer energy management technology in smart grid works on demand response programs. With demand response programs, the electricity consumption can be altered depending on the supply of electricity during peak demand.
Scope of the ASEAN Smart Grid Market
The ASEAN smart grid market research provides a detailed perspective regarding the smart grid product offerings, technologies, and the impacted end users. Market size estimation and forecast has been provided for the entire region, for individual countries and for the respective market segmentations. The purpose of this market analysis is to examine the impact of smart grids in ASEAN countries in terms of factors driving the market, business trends, technological developments, and funding scenario, among others.
The report further takes into consideration the market dynamics and the competitive landscape along with the detailed financial and product portfolio of the key players operating in the market. The ASEAN smart grid market report is a compilation of different segments including market breakdown by product offerings, technologies, end users, and countries. The report also includes a comprehensive industry analysis chapter which includes comprehensive illustration of the smart grid ecosystem, key regulatory bodies and their impact on ASEAN smart grid market , investment and funding landscape for smart grid projects in the region, stakeholder analysis, key consortiums and associations, and cost benefit analysis of smart grids in the region.
ASEAN Smart Grid Market Segmentation
The ASEAN smart grid market by end user has been segmented into generation, transmission, distribution, and consumption. In 2019, the distribution segment accounted for the largest share in the market as a result of the increasing necessity for advance metering infrastructure. However, during the forecast period, consumption segment is expected to display the highest growth owing to the increasing demand for transparent billing mechanism depending upon the time of use across consumers during the peak load hours.
The trends in the ASEAN smart grid market vary across different countries. Singapore and Malaysia currently hold a prominent market share in the ASEAN smart grid market, owing to constant product innovation, expansion of automated technologies in small-scale holdings, and favorable government support in terms of initiatives and regulations to promote renewable energy. In 2019, Singapore was witnessed to be the frontrunner in the market. During the forecast period, Thailand and Vietnam are expected to flourish as one of the most lucrative markets for smart grid technology providers, owing to governmental initiative to make these two countries as smart nation. Also, these countries in this ASEAN region present immense scope for market development, owing to the increasing urban population size and growing market penetration of advance technologies such as electric vehicles charging infrastructure and vehicle to grid.
Key Companies in the ASEAN Smart Grid Market
The prominent players in the ASEAN smart grid market include Itron Inc., General Electric, Autogrid Systems, ABB Ltd. Siemens AG, Schneider Electric, Enel X, S&C Electric, Aclara Technologies, Tantalus Systems, Eaton Corporation, Landis+Gyr, Honeywell International, Wipro Limited, IBM Corporation, Mitsubishi Electric, Oracle Corporation, Fujitsu Limited, Esyasoft Technologies, eSmart Systems, Kamstrup LLC, Sympower, EDMI Ltd., Holley Technology, Prominent GmbH, Krizik Malaysia Sdn Bhd, Smart Meter Technologies, Singapore Power, Tenaga Nasional Berhad, Xylem Inc., Cisco Systems, Huawei Technologies, Trilliant Networks, Nokia Networks, Rockwell Automation, Johnson Controls, Ingersoll Rand, ENGIE, and Emerson Electric.
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