Asia Pacific smart energy market will grow by 17.9% annually with a total addressable market cap of $763 billion over 2021-2027 owing to the rising adoption of smart grid technologies, increasing regulations on using energy-efficient equipment, and the growing demand for clean energy. Smart Energy are being implemented all over the world with the purpose of improving the efficiency of electricity networks. As a result, smart power meters, which are an important part of Smart Energy, are gaining in popularity around the Asia-Pacific region. Countries across the Asia-Pacific region are implementing emission control measures to fight pollution's negative impacts on the environment. The implementation of smart technologies such as analytics and cloud computing has increased significantly in the Asia-Pacific smart electric meter market. Several governments in the region have initiated smart city programs, which provide these businesses with a considerable growth opportunity. Furthermore, rising demand for remote monitoring and control of energy would boost technological penetration in Asia-Pacific.
Moreover, with smart city developments in China, Japan, India, and Australia, the need for smart water and smart gas meters in the region is predicted to rise in line with the UN's 2030 Agenda for Sustainable Development. In addition, pilot programs have been developed in Thailand and Malaysia, with more initiatives in Indonesia and the Philippines in the works. India has proven to be a difficult market for utility companies to convert to smart meters due to the country's low literacy rate.
Electricity theft is higher than usual in India and Japan, although this can be reduced by using smart meters. In many underdeveloped economies, large-scale installations are prohibitively expensive due to low per capita electricity rates. Smart meter will boost smart energy market growth in the next years. Aside from that, both domestic and international smart metering providers are entering the market. As governments aim to solve energy sector concerns such as increases in energy demand and improve power quality, deployments of smart meters in China, Japan, Australia, and India are projected to increase in the Asia Pacific region. China and South Korea are two especially isolated marketplaces with a significant number of local vendors serving their respective national utilities. Similarly, in the smart meter communications space, the countries have seen largely independent technology trajectories, with RF mesh, domestic PLC technologies, and cellular. In India's planned mass deployments, as well as in Australia's market-driven installations, cellular communications is projected to be a preferred alternative.
The smart electric management is important in the industrial, residential, manufacturing, and commercial sectors since it measures the amount of energy consumed by customers. By upgrading electricity infrastructure to smart meters, the electric power industry continues to move toward cleaner energy. It will allow electric firms to improve the resilience and operations of the electricity grid, as well as obtain more visibility into system operations and thereby avoid disruptions.
The creation of a strategic alliance by leading market vendors with communication technology providers to boost their offering and position is also likely to promote the smart electric meter in the Asia-Pacific market. With rising energy prices and environmental concerns about power generation and distribution, industries all over the world are looking for innovative, time-and cost-effective ways to manage power generation and distribution.
For instance, the Indian government launched the Revamped Distribution Sector Scheme (RDSS) in 2021, which calls for the deployment of 25 crore smart prepayment meters by March 2025. Also, under the government of India's Smart Meter National Programme, India's state-owned Energy Efficiency Services Limited (EESL) completed the installation of about 10 lakh smart meters across the country. Over the next few years, EESL plans to deploy 25 million smart meters.
Impact of COVID-19
Due to the implementation of lockdown in practically all major countries and the halting of non-essential operations, the COVID-19 pandemic has slowed the proliferation of smart meters. Due to a lack of focus on the development of the end user's industry, this had a negative impact on smart meters. Aside from that, manufacturing and supply chain delays have been seen, posing a barrier to smart meters. As people's movement was restricted, the manpower required for the initial arrangement of meters and installations was also hampered.
Highlighted with 27 tables and 34 figures, this 85-page report “Asia Pacific Smart Energy Market 2020-2027 by Component (Hardware & Equipment, Solution & Service), Product Type (Smart Grid, Digital Oilfield, Smart Solar), End Use (Residential, Commercial, Industrial), and Country: Trend Outlook and Growth Opportunity” is based on a comprehensive research of the entire Asia Pacific smart energy market and all its sub-segments through extensively detailed classifications. Profound analysis and assessment are generated from premium primary and secondary information sources with inputs derived from industry professionals across the value chain. The report is based on studies on 2017-2019 and provides estimate/forecast from 2020 till 2027 with 2019 as the base year. (Please note: The report will be updated before delivery so that the latest historical year is the base year and the forecast covers at least 5 years over the base year.)
In-depth qualitative analyses include identification and investigation of the following aspects:
• Market Structure
• Growth Drivers
• Restraints and Challenges
• Emerging Product Trends & Market Opportunities
• Porter’s Fiver Forces
The trend and outlook of Asia Pacific market is forecast in optimistic, balanced, and conservative view by taking into account of COVID-19. The balanced (most likely) projection is used to quantify Asia Pacific smart energy market in every aspect of the classification from perspectives of Component, Product Type, End Use, and Country.
Based on Component, the Asia Pacific market is segmented into the following sub-markets with annual revenue for 2017-2027 included in each section.
• Hardware & Equipment
• Solution & Service
Based on Product Type, the Asia Pacific market is segmented into the following sub-markets with annual revenue for 2017-2027 included in each section.
• Smart Grid
• Digital Oilfield
• Smart Solar
• Smart Home Energy Management System
• Other Products
Based on End Use, the Asia Pacific market is segmented into the following sub-markets with annual revenue for 2017-2027 included in each section.
• Residential Use
• Commercial Use
• Industrial Use
Geographically, the following national/local markets are fully investigated:
• South Korea
• Rest of APAC (further segmented into Malaysia, Singapore, Indonesia, Thailand, New Zealand, Vietnam, Taiwan, and Philippines)
For each key country, detailed analysis and data for annual revenue are available for 2017-2027. The breakdown of key national markets by Component, Product Type, and End Use over the forecast years are also included.
The report also covers current competitive scenario and the predicted trend; and profiles key vendors including market leaders and important emerging players.
Key Players (this may not be a complete list and extra companies can be added upon request):
Elster Group SE
General Electric Company
Honeywell International Inc.
International Business Machines Corp.
Robert Bosch GmbH
S&T Smart Energy
Schneider Electric SE
Solar Grid Storage LLC
(Please note: The report will be updated before delivery so that the latest historical year is the base year and the forecast covers at least 5 years over the base year.)
Asia-Pacific dominates the market and is the largest and fastest-growing market in the animal growth promoters industry globallyDownload Sample