2020-24 ASEAN smart grid market compound annual growth rate of 18.76%

Reportlinker, an international market research institution, recently released the ASEAN smart grid market research report that the ASEAN smart grid market size was about $1,248.
8 million in 2019 and is expected to increase to $2.
95 billion by 2024, with a compound annual growth rate of 18.
76%
during the period.

The growing demand for energy efficiency and the need for transparent energy consumption mechanisms are driving the rapid
growth of demand for smart grids in the ASEAN market.
In addition, there is a growing focus on reducing transmission and distribution losses throughout the supply chain to reduce power outages
.

In ASEAN, the increasing share of renewables in the energy mix can lead to congestion and complexity within the grid, so smart grids using transmission and distribution automation software, demand response technologies, and advanced metering infrastructure will alleviate the above problems
.

"Consumer energy management is becoming one of
the key technologies in the ASEAN smart grid market," the report said.
Residential homes, commercial end-users, and consumers in manufacturing are using the technology to monitor and control their energy needs
.
With the popularity of smart home control systems, consumer energy management technologies operate according to demand response procedures in order to vary electricity consumption
based on power supply during peak demand periods.
”

From the end-user perspective, the smart grid market is mainly segmented into power generation, transmission, distribution, and consumption
.
In 2019, the power distribution segment accounted for the largest share
of the market due to the increasing demand for advanced metering infrastructure.
However, during the forecast period, the consumption category is expected to show the highest growth due to the increasing demand for transparent billing mechanisms, depending on the time of consumer usage during peak hours
.

The trends in the ASEAN smart grid market vary
by country.
Singapore and Malaysia currently hold significant market share in the ASEAN smart grid market
due to continuous product innovation, expansion of automation technology in small-scale production, and favorable government support in promoting renewable energy initiatives and regulations.
In 2019, Singapore led the ASEAN smart grid market
.

Thailand and Vietnam are expected to be one of the most valuable markets for smart grid technology providers during the forecast period, thanks to government policies
.
Moreover, due to the increase in urban population and the spread of advanced technologies such as charging infrastructure for electric vehicles and vehicle-to-grid use, these countries in the ASEAN region have broad market development space
.

From the perspective of smart grid technology providers, General Electric, Itron, Autogrid Systems, ABB, Siemens, Schneider Electric, Enel X, Eaton Electric, S&C Electric, Tantalus Systems, Eaton Corporation, Landis + Gyr, Honeywell International, Wipro, etc.
will become the leading smart grid technology providers
in the ASEAN market.