The electricity demand in these countries have also increased owing to the increasing population and urbanization. As a result, the ASEAN countries have started incorporating solar and wind energy sources in the energy mix. Moreover, these countries are dependent on distributed generation systems which are used as a source of power supply by injecting the surplus electricity to the grid during the time of peak load.
Read Report Overview: ASEAN Smart Grid Market
In order to implement these emerging requirements and advancements in infrastructure in the grid, smart grid is a pre-requisite for the same. Smart grid uses two-way communication for smooth and transparent supply of electricity from generators to consumers, thereby ensuring reduced power disruptions and improved power quality. In order to enhance the existing energy infrastructure by setting up a smart grid project for a country, the existing energy infrastructure should be capable to integrate the smart grid associated hardware and software components in the grid.
Moreover, these utilities are responsible for the transmission and distribution equipment and facilities. Some of the leading ASEAN power utility companies are Singapore Power, Tenega Nasional Berhad, Vietnam Electricity, and National Grid Corporation of Philippines. The consumers are the residential, commercial, and industrial end users who are also known as prosumers. The consumers are responsible generating self-owned electricity, and also responsible for injecting the surplus electricity to the grid.
According to the market intelligence published by BIS Research, ASEAN smartgrid market is estimated at $1.24 billion in 2019 and is expected to grow at a CAGR of 18.76% during the forecast period.
The countries included in the market includes Singapore, Malasysia, Thailand, Veitnam, Phillippines, Indonesia, Mynamar, Cambodia, Laos, and Brunei. During the forecast period, Thailand and Vietnam are expected to flourish as the most lucrative markets for smart grid technology providers. These countries in this ASEAN region present immense scope for market development, owing to the increasing urban population size, growing market penetration of advance technologies and favorable government investments.
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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?