Asia-Pacific Smart Grid Network Market Size
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2020 - 2022 |
| CAGR | > 15.00 % |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Asia-Pacific Smart Grid Network Market Analysis
The Asia-Pacific smart grid network market is expected to grow at a CAGR of more than 15% during the forecast period. Factors such as the increasing focus of governments, such as China and India, on adopting smart technology in power grid infrastructure and rising challenges, such as aging transmission and distribution (T&D) infrastructure, electric vehicle charging, and distributed generation, are expected to benefit the growth of smart grid network across Asia-Pacific. Moreover, the growing solar power market in the region is expected to drive the smart grid market, owing to increased solar PV installations across Asia-Pacific. The challenge, however, is the problem of low accessibility to electricity in some nations and poor government regulations and initiatives to expand and modernize the grid infrastructure, which in turn is expected to limit the growth of the market studied.
- Advance metering infrastructure is expected to witness significant growth during the forecast period owing to the increasing deployment of smart grid technologies across Asia-Pacific.
- A number of governments of both emerging and underdeveloped nations across the world are increasingly viewing smart grid technology as a strategic infrastructural investment that will sustain their long-term economic prosperity and help them to achieve their carbon emission reduction targets. This, in turn, is expected to provide an ample amount of opportunity to the companies involved in smart grid market in the near future.
- China is expected to be the largest market for smart grid network, owing to increased investment to meet the demand of electricity in the country.
Asia-Pacific Smart Grid Network Market Trends
This section covers the major market trends shaping the APAC Smart Grid Network Market according to our research experts:
Advance Metering Infrastructure to be the Fastest Growing Segment
- Advanced metering infrastructure (AMI) or smart metering is an integrated system of smart meters, communications networks, and data management systems that enables two-way communication between utilities and customers.
- The metering industry has taken rapid strides in the recent past few years by traversing from automated meter reading (AMR) to smart metering, using bi-directional communication, thereby enabling greater benefits to electricity distribution companies (DISCOMs), customers and society.
- AMI provides significant operational benefits, which translate to utility cost savings and convenience to customers. AMI can significantly reduce operating costs by remotely reading meters, connecting/disconnecting service, and identifying outages-all previously manual functions, and generate more accurate bills faster and enable utilities to provide customers digital access to their usage information.
- In December 2019, State Grid Corporation of China signed a USD 1.1 billion deal for smart meter contract with Saudi Arabia, manufacturing around 5 million smart meters to be installed in western and southern areas of Saudi Arabia.
- Hence, with the increasing efforts to modernize the electricity grid and reduce T&D losses, governments across Asia-Pacific are investing in advance metering infrastructure. This, in turn, is expected to drive the AMI market during the forecast period.
China is Expected to Dominate the Market
- China is the world's largest market for power transmission and distribution (T&D) and is also poised to become a major consumer pf smart grid technology, supported by its policy to reduce carbon emission and commitment for green development.
- China has the ambition to become a world leader in electrical power equipment by 2025. This is a national strategy outlined in the Technology Roadmap (2017) of the Made in China 2025 programme. Innovation and technology are heavily focused on in the national programme and large amounts of funding are allocated to support the development.
- State Grid Corporation of China has rolled out 'Global Energy Internet' concept, based on having smart grid connections to an ultra-high voltage power grid that would have the potential to deliver clean energy. This in turn is expected to drive the smart grid network market in the country during the forecast period.
- In December 2019, State Grid Corporation of China signed a USD 1.1 billion deal for smart meter contract with Saudi Arabia, manufacturing around 5 million smart meters to be installed in western and southern areas of Saudi Arabia.
- Also, in 2019, China's State Grid sanctioned world's largest smart grid facility, with first phase of this project concluding in 2021, and completing it in 2024. This project is expected to bolster the smart grid network market in China and hence drive it during the forecast period.
Asia-Pacific Smart Grid Network Industry Overview
The Asia-Pacific smart grid network market is moderately fragmented. Some of the key players in the market include ABB Ltd, Siemens AG, Schneider Electric SE, Cisco Systems Inc., and General Electric Company.
Asia-Pacific Smart Grid Network Market Leaders
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ABB Ltd
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Siemens AG
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Eaton Corporation
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Cisco Systems Inc.
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General Electric Company
*Disclaimer: Major Players sorted in no particular order
Asia-Pacific Smart Grid Network Market Report - Table of Contents
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1. INTRODUCTION
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1.1 Scope of the Study
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1.2 Market Definition
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1.3 Study Assumptions
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2. RESEARCH METHODOLOGY
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3. EXECUTIVE SUMMARY
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4. MARKET OVERVIEW
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4.1 Introduction
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4.2 Market Size and Demand Forecast in USD billion, till 2025
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4.3 Recent Trends and Developments
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4.4 Government Policies and Regulations
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4.5 Market Dynamics
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4.5.1 Drivers
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4.5.2 Restraints
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4.6 Supply Chain Analysis
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4.7 Porter's Five Forces Analysis
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4.7.1 Bargaining Power of Suppliers
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4.7.2 Bargaining Power of Consumers
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4.7.3 Threat of New Entrants
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4.7.4 Threat of Substitutes Products and Services
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4.7.5 Intensity of Competitive Rivalry
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5. MARKET SEGMENTATION
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5.1 Application
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5.1.1 Transmission
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5.1.2 Demand Response
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5.1.3 Advanced Metering Infrastructure (AMI)
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5.1.4 Others
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5.2 Geography
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5.2.1 India
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5.2.2 Japan
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5.2.3 China
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5.2.4 South Korea
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5.2.5 Rest of Asia-Pacifc
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6. COMPETITIVE LANDSCAPE
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6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
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6.2 Strategies Adopted by Leading Players
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6.3 Company Profiles
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6.3.1 ABB Ltd
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6.3.2 Siemens AG
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6.3.3 Eaton Corporation
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6.3.4 Cisco Systems Inc.
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6.3.5 General Electric Company
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6.3.6 Accenture Plc
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6.3.7 Capgemini SE
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6.3.8 Cisco Systems Inc.
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- *List Not Exhaustive
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7. MARKET OPPORTUNITIES AND FUTURE TRENDS
Asia-Pacific Smart Grid Network Industry Segmentation
The Asia-Pacific smart grid network market report include:
| Application | |
| Transmission | |
| Demand Response | |
| Advanced Metering Infrastructure (AMI) | |
| Others |
| Geography | |
| India | |
| Japan | |
| China | |
| South Korea | |
| Rest of Asia-Pacifc |
Asia-Pacific Smart Grid Network Market Research FAQs
What is the current Asia-Pacific Smart Grid Network Market size?
The Asia-Pacific Smart Grid Network Market is projected to register a CAGR of greater than 15% during the forecast period (2024-2029)
Who are the key players in Asia-Pacific Smart Grid Network Market?
ABB Ltd, Siemens AG, Eaton Corporation, Cisco Systems Inc. and General Electric Company are the major companies operating in the Asia-Pacific Smart Grid Network Market.
What years does this Asia-Pacific Smart Grid Network Market cover?
The report covers the Asia-Pacific Smart Grid Network Market historical market size for years: 2020, 2021, 2022 and 2023. The report also forecasts the Asia-Pacific Smart Grid Network Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Asia Green Grid Network Industry Report
Statistics for the 2024 Asia Green Grid Network market share, size and revenue growth rate, created by Mordor Intelligenceā¢ Industry Reports. Asia Green Grid Network analysis includes a market forecast outlook 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
