ASEAN Smart Grid Market Trends, Opportunity And Global Forecast To 2024

>

ASEAN Smart Grid Market Trends, Opportunity and Global Forecast To 2024

The rising share of renewable energy in the energy mix across ASEAN countries has propelled the need for increasing usage of smart grids. Moreover, there is an essential concern for transparent energy consumption and billing to track the pattern of energy consumption of consumers. In countries such as Singapore and Malaysia, there is huge availability of renewable energy. As a result, the smart grid market currently exhibits a stable growth.

However, the smart grid market in the countries such as Thailand, Vietnam, and Indonesia is anticipated to display huge growth prospects supported by innovative technological advancements in the energy sector. The ASEAN smart grid market is expected to progress at a healthy rate in the future, supported by the gradually growing affinity to reduce transmission and distribution (T&D) losses and integrate distributed generation systems in the electrical grid.

The rapid market penetration of the smart grid for the ASEAN countries has led to the enhancement of the ancillary services, load management, integration of surplus electricity into the grid by the prosumers with specific focus on smart grid technologies such as energy storage systems, advanced metering infrastructure, transmission and distribution automation, and wide area monitoring system, among others. The power utilities of the ASEAN countries such as Tenaga Nasional Berhad, Electricity Generating Authority of Thailand, Manila Electric, Lao PDR, and Ministry of Electricity and Energy, among others are increasing their investments in smart grid technologies, to improve operations and reduce downtime.

Obtain the Sample Report at: https://bisresearch.com/requestsample?id=845&type=download

However, there lies a challenge for the power utilities and investors to continuously evaluate smart grid projects to define a specific tenure for return of investment (ROI). Moreover, the setup of a smart grid project involves in advance economic analysis to estimate the cost the benefits associated with that particular project. The economic analysis will give a clear idea about the capital cost invested in a particular project, its scope, and the benefits associated with the same. For developing countries such as Singapore, the benefit can be easily identified by analyzing a customized smart grid project. One such method for evaluating the smart grid investment is cost benefit analysis. Therefore, a customized smart grid project has been considered to analyze the cost and benefit associated with that project for Singapore.

The trends in the ASEAN smart grid market vary across different countries. The ASEAN smart grid market currently holds a prominent share in Singapore, followed by Malaysia, owing to constant product innovation, expansion of automated technologies in small-scale holdings, and favorable government support in terms of initiatives and regulations to promote renewable energy. In 2019, Singapore held the highest market share in the ASEAN smart grid market.

Share:

Keywords: asean smart grid market

Comments

Other related blogs

Global Aircraft Communication System Market

By : Maximize Market Research

  Global Aircraft Communication System Market was valued at US$ XX Mn in 2019 and is expected ..


Global Retinoscopes Market

By : Maximize Market Research

  Global Retinoscopes market is expected to reach $XX Mn by 2026 from $XX Mn in 2019, at a CAG..


Global Seamless Pipes Market

By : Maximize Market Research

  Global Seamless Pipes Market size was valued US$ XX Bn in 2019 and the total revenue is expe..


Global Healthcare IT outsourcing market

By : Maximize Market Research

  Global Healthcare IT outsourcing Market was valued ~US$ 40.11 Bn in 2019 and is expected to ..