Asia-Pacific Smart Grid Network Market Size

Asia-Pacific Smart Grid Network Market Analysis

The Asia-Pacific smart grid network market is expected to grow at a CAGR of more than 15% during the forecast period. Factors such as the increasing focus of governments, such as China and India, on adopting smart technology in power grid infrastructure and rising challenges, such as aging transmission and distribution (T&D) infrastructure, electric vehicle charging, and distributed generation, are expected to benefit the growth of smart grid network across Asia-Pacific. Moreover, the growing solar power market in the region is expected to drive the smart grid market, owing to increased solar PV installations across Asia-Pacific. The challenge, however, is the problem of low accessibility to electricity in some nations and poor government regulations and initiatives to expand and modernize the grid infrastructure, which in turn is expected to limit the growth of the market studied.

• Advance metering infrastructure is expected to witness significant growth during the forecast period owing to the increasing deployment of smart grid technologies across Asia-Pacific.
• A number of governments of both emerging and underdeveloped nations across the world are increasingly viewing smart grid technology as a strategic infrastructural investment that will sustain their long-term economic prosperity and help them to achieve their carbon emission reduction targets. This, in turn, is expected to provide an ample amount of opportunity to the companies involved in smart grid market in the near future.
• China is expected to be the largest market for smart grid network, owing to increased investment to meet the demand of electricity in the country.