The strong growth in international trade, manufacturing industries, and financial services makes Southeast Asia one of the world’s fastest-growing economic region. The Southeast Asia Smart Grid market is projected to grow at an astronomical rate due to rising government initiatives to increase energy efficiency by inclining toward renewable energy, an increase in energy consumption, and growing collaborations with foreign companies for grid reliability and electricity distribution to rural communities. Moreover, escalating population, rural electrification, and bolstering government investment toward the development of large-scale transmission and distribution (T&D) infrastructure, and extensive spending on grid expansion projects are the major factors anticipated to place a positive impact toward the growth of the market in the forecast period.
According to MarkNtel Advisors’ research report titled “Southeast Asia Smart Grid Market Analysis, 2020”, the Southeast Asia Smart Grid market is anticipated to grow at a CAGR of around 5% during 2020-25. Based on Application, Distribution and Transmission acquired a considerable market share in the Southeast Asia Smart Grid market in 2019. The rising issue of electricity transmission and distribution due to intermittent brownouts and power losses in the countries such as Indonesia, Singapore, and Thailand, and the growing inclination toward rural electrification in order to increase electricity access in remote and island communities are anticipated to promote the growth of the market in the forthcoming years.
“Southeast Asia Smart Grid Market Analysis, 2020” provides comprehensive qualitative and quantitative insights on the industry potential, key factors impacting sales and purchase decisions, hotspots, and growth opportunities available for Smart Grid providers across the region. Moreover, the report also encompasses the key strategic imperatives for success for competitors along with strategic factorial indexing measuring competitor's capabilities on 16 parameters. This will help companies in the formulation of Go to Market Strategies and identifying the blue ocean for its offerings.
Singapore Exhibited a Significant Market Share
Singapore acquired a significant market share in the Southeast Asia Smart Grid market in 2019. The growth is attributed to snowballing electricity demand, rising adoption of smart grid technology for efficient and effective handling of power, and a boost in the deployment of a smart meter in the residential and commercial sectors. Moreover, Thailand and Vietnam markets are also growing at a sturdy rate owing to high economic growth, boost in government investment in smart grid transmission, substation, and distribution upgrades and burgeoning inclination toward renewable energy are strongly contributing towards the market growth of the Smart Grid in the forthcoming period as stated in the MarkNtel Advisors’ research report “Southeast Asia Smart Grid Market Analysis, 2020”.
According to MarkNtel Advisors, the key players with a considerable market share in Southeast Asia include General Electric, ABB Ltd, Siemens AG, Emerson Electric Co., Schneider Electric, Itron Inc., Landis+ Gyr, Honeywell, Oracle, IBM, Eaton Corporation, Mitsubishi Electric Corporation, Rockwell Automation Inc., Cisco Systems Inc., Huawei Technologies Co. Ltd etc.
Key questions answered in the study