DUBLIN--(BUSINESS WIRE)--The "ASEAN Smart Grid Market: Focus on Product Offerings (Software, Hardware, Services), Technology (AMI, T&D Automation, Consumer Energy Management, Energy Storage), End User, Communication Tech, Countries, Cost-Benefit, Investment - Analysis and Forecast, 2019-2024" report has been added to ResearchAndMarkets.com's offering.
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.
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 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, electricity consumption can be altered depending on the supply of electricity during peak demand.
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 a governmental initiative to make these two countries as a 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 Topics Covered
1 Market Dynamics
1.1 Market Drivers
1.1.1 Rising Demand of Renewables in the Energy Mix
1.1.2 Demand for Transparent Energy Consumption and Billing
1.1.3 Favorable Government Initiatives
1.2 Market Restraints
1.2.1 High Capital Investment
1.2.2 Data Privacy and Security Risk
1.3 Market Opportunities
1.3.1 Rise in Decentralized Operations & Management Systems due to Blockchain Technology
1.3.2 Adoption of Electric Vehicles
2 Competitive Landscape
2.1 Key Market Developments and Strategies
2.1.1 Partnerships, Collaborations, and Joint Ventures
2.1.2 Mergers and Acquisitions
2.1.3 Product Launches and Developments
2.1.4 Business Expansions and Contracts
2.2 Competitive Benchmarking of Key Players in ASEAN Smart Grid Market
3 Industry Analysis
3.1 Smart Grid Ecosystem
3.1.1 Stakeholder Analysis
126.96.36.199 Smart Grid Impact Matrix and Analysis
188.8.131.52 Power Utilities
184.108.40.206 Smart Metering Companies
220.127.116.11 ICT Solution Providers
18.104.22.168 Energy Management and Automation Companies
3.1.2 Key Ecosystem Elements
22.214.171.124 Utility Software Solutions
126.96.36.199.1 Asset Management
188.8.131.52.2 Advanced Metering Infrastructure
184.108.40.206.3 Grid Network Management
220.127.116.11.4 Grid Distribution Management
18.104.22.168 Utility Hardware Solutions
22.214.171.124.1 Smart Meters
126.96.36.199 Smart Grid Communication Solutions
188.8.131.52.1 Wired Technologies
184.108.40.206.1.4 FOUNDATION Fieldbus
220.127.116.11.2 Wireless Technologies
18.104.22.168.2.3 Bluetooth and Bluetooth Low Energy
22.214.171.124.2.4 Cellular Technology
126.96.36.199.2.5 LPWAN Technology
188.8.131.52 Smart Grid Consumer Solutions
3.2 Key Regulatory Bodies and their Impact
3.3 Investment & Funding Landscape
3.4 Key Consortiums and Associations
3.5 Cost Benefit Analysis
3.5.1 Introduction: The Need
3.5.2 Pre-Defined Boundaries
3.5.3 Objective & Methodology
3.5.4 Cost Benefit Analysis: 100 MW Smart Grid in Singapore
4 ASEAN Smart Grid Market (by Product Offering)
4.1 Market Overview
4.4 Support Services
5 ASEAN Smart Grid Market (by End User)
5.1 Market Overview
6 ASEAN Smart Grid Market (by Technology)
6.1 Market Overview
6.2 Transmission and Distribution Automation
6.3 Advanced Metering Infrastructure (AMI)
6.4 Energy Storage
6.5 Consumer Energy Management
6.6 Wide Area Monitoring
6.7 Other Technologies
7 ASEAN Smart Grid Market (by Country)
7.1.1 Singapore Smart Grid Market Trends
7.1.2 Singapore Smart Grid Market Size, Forecast & Analysis
7.1.3 Key Investment & Funding: Singapore Smart Grid Market
8 Company Profiles
Energy Management and Automation Companies
8.2 ABB Ltd.
8.2.1 Company Overview
8.2.2 Role of ABB in the ASEAN Smart Grid Market
8.2.4 Key Insights about the Financial Health of the Company
8.2.5 SWOT Analysis
8.3 Eaton Corporation PLC
8.4 General Electric
8.5 Honeywell International Inc.
8.6 Mitsubishi Electric Corporation
8.7 Siemens AG
8.8 Schneider Electric
8.9 Rockwell Automation Inc.
8.10 Johnson Controls
8.11 Ingersoll Rand PLC
8.13 Emerson Electric Co.
8.14 AutoGrid Systems, Inc
8.15 Enel X North America, Inc.
8.16 Singapore Power Ltd.
8.17 Tenaga Nasional Berhad
Information and Communication Technology Companies
8.18 IBM Corporation
8.19 Oracle Corporation
8.20 Fujitsu Limited
8.21 Wipro Limited
8.22 CISCO Systems Inc.
8.23 Huawei Technologies Co. Ltd.
8.24 Trilliant Networks, Inc.
8.25 Nokia Networks
8.26 C3 IoT, Inc.
Other Smart Grid Companies
8.27 Itron Inc.
8.28 S&C Electric Company
8.29 Aclara Technologies LLC
8.30 Tantalus Systems Corp.
8.31 Landis+Gyr Inc.
8.32 Esyasoft Technologies Pvt. Ltd.
8.33 eSmart Systems AS
8.34 Kamstrup A/S
8.36 EDMI Limited.
8.37 Holley Technology Limited
8.38 ProMinent GmbH
8.39 Krizik Malaysia Sdn. Bhd. (KMSB)
8.40 Smart Meters Technologies (M) Sdn. Bhd.
8.41 Xylem Inc.
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