Press Release

Southeast Asia Smart Grid Market to Accelerate at a CAGR of Around 6.1% During 2024-30

The Southeast Asia Smart Grid Market size is projected to grow at a CAGR of around 6.1% during the forecast period, i.e., 2024-30, cites MarkNtel Advisors. The strong growth in international trade, manufacturing industries, and financial services makes Southeast Asia one of the world’s fastest-growing economic regions. 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 smart grid companies for grid reliability and electricity distribution to rural communities. Moreover, escalating population, rural electrification, 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 have a positive impact on the growth & expansion of the regional smart grid market during the forecast period.

Despite a positive market outlook, there are some obstacles to the growth & development of the smart grid industry. One of the largest barriers to the growth of the Southeast Asia Smart Grid Market is cybersecurity concerns. Because smart grids use a variety of digital technology, information sharing, and networked structures to increase the sustainability, dependability, and performance of electricity distribution, they may be easy targets for cyberattacks. Cyber dangers have numerous entry points because of the combination of IoT devices, improved metering infrastructure, and real-time information analytics. These flaws have the potential to cause extreme disruptions, inclusive of energy outages, facts breaches, and tampering with grid operations, which may have negative impacts on the economy and society of this region.

Moreover, the increasing adoption of digital twin technology is changing market dynamics and offering novel opportunities for the growth & prosperity of the market. By creating a virtual image of the actual grid structure, digital twin technology enables real-time grid operation optimization, simulation, and monitoring. The utilization of digital twin technology is increasing at a rapid pace in the regional smart grid industry. With the use of this technology, utilities and grid operators may better plan maintenance procedures and detect any problems before they arise by visualizing and analyzing the performance of their infrastructure in a digital setting. Thus increasing popularity of this modern technology is anticipated to augment the size & volume of the regional market, further states the research report, "Southeast Asia Smart Grid Market Analysis, 2024."

Southeast Asia Smart Grid Market Segmentation Analysis

Transmission Segment Holds the Largest Market Share

Based on application, the market is bifurcated into generation, transmission, distribution, and consumption. Among them, the transmission segment grabbed a sizeable market share during the historical period and is anticipated to maintain its position in the coming years as well. Transmission refers to the process of moving high-voltage power from power plants to distribution hubs and various industrial users. By integrating smart grid technology into transmission networks, grid balance, energy shipping efficiency, and actual-time monitoring of grid troubles are all improved. This segment is crucial to the modernization and reinforcement of the electric infrastructure in the region, to facilitate the incorporation of renewable power resources, and to improve usual grid resilience. Thus, due to the numerous associated benefits, this segment is witnessing remarkable revenue growth. 

Singapore Leads the Southeast Asia Smart Grid Industry

Singapore acquired a big market share in the Southeast Asia Smart Grid Market in the past few years and is anticipated to maintain its dominance in the coming years as well. The growth is attributed to snowballing energy demand, rising adoption of smart grid tools for efficiently managing energy resources, and a lift in the deployment of a smart meter in the residential and commercial sectors.

Moreover, Singapore's aim to decrease carbon emissions and increase the percentage of renewable power sources in its energy mix indicates the country's willpower in the direction of sustainability. The country is preferably located to function as a testbed and access point for smart grid technologies in Southeast Asia due to its popularity as a center for finance and technology. Increasing investments in R&D and collaborations with top smart grid companies endorse Singapore's leadership in the smart grid industry.

Competitive Landscape

With strategic initiatives, such as mergers, collaborations, and acquisitions, the leading market companies, including 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., and others are looking forward to strengthening their market positions.

Key Questions Answered in the Research Report

1. What are the industry’s overall statistics or estimates (Overview, Market Size- By Value, Forecast Numbers, Segmentation, Market Shares)?
2. What are the market trends influencing the current scenario of the market?
3. What key factors would propel and impede the industry across the region?
4. How has the industry been evolving in terms of geography & solution adoption?
5. How has the competition been shaping up across the countries?
6. How have the buying behavior, customer inclination, and expectations from product manufacturers been evolving during 2019-30?
7. Who are the key competitors, and what strategic partnerships or ventures are they coming up with to stay afloat during the projected time frame?