Market Trends of Asia Pacific Smart Meter Industry
This section covers the major market trends shaping the APAC Smart Meter Market according to our research experts:
Smart Electricity Meters Market is Anticipated to Grow at the Robust Pace
- The smart electric meter is important in the industrial, residential, manufacturing, and commercial sectors since it measures the amount of energy consumed by customers. By upgrading electricity infrastructure to smart meters, the electric power industry continues to move toward cleaner energy. It will allow electric firms to improve the resilience and operations of the electricity grid, as well as obtain more visibility into system operations and thereby avoid disruptions.
- Furthermore, the government's role in influencing the growth of the smart meter market in the Asia Pacific is influenced by the mandate and policy of installing smart meters throughout end-user sectors. During the pandemic in Malaysia, government regulatory bodies delayed the installation of smart meters. Nonetheless, with metering operations resumed, according to Tenaga Nasional Berhad (TNB), the number of smart meter customers will rise to more than 1.8 million by the end of 2021. When the 1.4 million analog meters in Singapore expire in 2024, they will be gradually replaced with smart meters.
- The creation of a strategic alliance by leading market vendors with communication technology providers to boost their offering and position is also likely to promote the smart electric meter in the Asia-Pacific market. With rising energy prices and environmental concerns about power generation and distribution, industries all over the world are looking for innovative, time-and cost-effective ways to manage power generation and distribution.
- For instance, the Indian government launched the Revamped Distribution Sector Scheme (RDSS) in 2021, which calls for the deployment of 25 crore smart prepayment meters by March 2025. Also, under the government of India's Smart Meter National Programme, India's state-owned Energy Efficiency Services Limited (EESL) completed the installation of about 10 lakh smart meters across the country. Over the next few years, EESL plans to deploy 25 million smart meters.
- In addition, Japan is heavily investing in the deployment of smart electric meters in order to keep energy expenditure low. Furthermore, it is concentrating on improving energy supply safety vulnerabilities that were exposed by the Fukushima Daiichi disaster's environmental catastrophe and huge outages in 2011.
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China is Expected to become as the Most Lucrative Market for Smart Meters
- China is investing extensively in smart grids that include metering. In the next few years, the smart meter industry will benefit from rising urbanization and increased demand for electric vehicles in the country. The ongoing actions in China to improve meters, transmission systems, distribution networks, and generating capabilities are assisting the country's smart meter market growth.
- Furthermore, according to the Council on Foreign Relations, China is the world's largest emitter of greenhouse gases and has been on the safe side due to the early implementation of smart meters. This has aided China's energy deployment optimization. As a result, a number of Chinese smart meter manufacturers are partnering with foreign firms to adapt their technology and develop their smart meter distribution market in China.
- As a result, the Smart Grid Corporation of China (SGCC) has been updating the power industry (including energy-equipment manufacture), minimizing the deployment of new coal-fired power plants, assuring a dependable power supply, and maintaining national power security over the last five years. These measures are propelling the smart meter data management industry forward.
- Also, According to China Academy of Information and Communications Technology (CAICT), China's smart grid market was worth almost 80 billion yuan in 2020, and it was projected to increase to about 85.5 billion yuan by the end of 2021. One of the most crucial phases in China's aim to establish low-carbon smart cities was the creation of the smart grid.
- Additionally, Increased infrastructure investments are driving the growth of the smart meter industry in the region. According to the Groupe Speciale Mobile Association, China is investing heavily in infrastructure to build a new 40,000-kilometer gas pipeline that will connect 470 million people. Such increased expenditures and infrastructural improvements are being used by industry participants to move the smart meter business forward.
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