January 28, 2021
As cited by the business intelligence report titled ‘South East Asia Smart Grid Market Analysis, 2020’ available with Market Study Report LLC, South East Asia smart grid market is projected to register a healthy compound annual growth rate of 5% during the forecast period of 2020 to 2025.
Factors such as increasing investments towards infrastructural development of smart grids, introduction of cost-efficient smart solutions, and integration of automation technologies are positively swaying the South East Asia smart grid market dynamics.
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According to seasoned experts, inclination of domestic consumers towards smart grid technology for enhancing efficiency of electric consumption coupled with increasing deployment of smart meters in the region are further augmenting the industry expansion.
Additionally, shifting preferences towards the utilization of clean as well as renewable energy, ongoing technological advancements in the business vertical, rising disposable incomes, and growing efforts towards curbing transmission and distribution losses across the supply chain for reducing the frequency of power outages are stimulating the South East Asia smart grid market outlook.
Based on component, the industry is segmented into services, software, and hardware. With regards to application spectrum, the overall market is bifurcated into consumption, distribution, transmission, and generation.
The end-user terrain of the market comprises of industrial, commercial, and residential. Among these, the industrial segment is calculated to exhibit the highest year-on-year growth rate over 2020-2025, owing to flourishing manufacturing sector, growing preference towards renewable energy sources such as geothermal and solar for industrial applications, and increasing adoption of smart meters for efficient power consumption.
Alternatively, the residential segment is also expected to emerge as a major revenue generator for the industry during the stipulated timeframe, on account of escalating electricity consumption along with launch of smart grid projects for electrification.
As per the country level analysis of the report, the overall industry is fragmented into Brunei, Laos, Cambodia, Myanmar, Vietnam, Indonesia, Philippines, Malaysia, Thailand, and Singapore.
Established companies which influence the South East Asia smart grid industry trends include Huawei Technologies Co. Ltd., Cisco Systems Inc., Rockwell Automation Inc., Mitsubishi Electric Corporation, Eaton Corp, IBM Corp, Oracle Corp, Honeywell International Inc., Landis+Gyr, Itron Inc., Schneider Electric, Emerson Electric Co., Siemens AG, ABB Ltd., and General Electric Co.