LONDON, Jan. 21, 2016 /PRNewswire/ -- Executive Summary
The Asia-Pacific smart grid market generated $ million in 2014 and is expected to grow to $ million by 2019. In 2014, the total market comprised of North Asia region at %, Australia and New Zealand (ANZ) at %, and Southeast Asia at %.
- Investments in smart grid test-bed in Thailand, home energy management systems (HEMS) installations in Singapore, and advanced metering infrastructure (AMI) rollouts in the Philippines are expected to drive the market. South Korea and Japan will continue to be the hot spots for smart grid project deployment in North Asia during the forecast period. Southeast Asia (SEA) is estimated to be the fastest growing market in the Asia-Pacific region.
- About million electric vehicles (EV) chargers are expected to be installed in the AsiaPacific region by 2020. EV smart charging and vehicle-to-grid charging technologies are expected to enforce the implementation of smart grid in the region. Smart chargers, which perform off-peak charging and vehicle-to-grid charging during peak load hours, can be introduced with the implementation of smart grid.
- Necessity of a fault-predicting, fast-restoring power grid attracts investments in transmission and distribution (T&D) grid automation in the long term. Smart renewable energy (RE) and smart energy storage systems (ESS) are expected to be integrated into the smart grid network in future. Government mandates will continue to be the primary driver for AMI deployment.
Uncertainty in communication standards and security issues plays a major role. Meter companies, network companies, meter data management (MDM) system vendors, and key market participants work in partnerships or with associations to address interoperability challenges. Smart grid development across various regions is likely to have an effect on AMI growth.
- In the purview of smart meter communication, cellular connectivity is gaining more visibility as a feasible, primary connectivity technology, with subscription costs reducing and utilities becoming more optimistic to using public networks for their smart meter deployments.
- ESS with batteries enables storage of electricity produced and its use when there is a need. With the increase in electricity prices in Asia-Pacific and the need to improve grid reliability, demand for ESS continues to rise.
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