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. During the forecast period, Thailand and Vietnam are expected to flourish as the most lucrative markets for smart grid technology providers. These countries in this ASEAN region present immense scope for market development, owing to the increasing urban population size, growing market penetration of advance technologies and favourable government investments.
For the companies operating in the ASEAN smart grid market have been adopting strategies such as partnerships, collaborations and joint ventures, and mergers and acquisitions. The ASEAN smart market comprises four types of players, namely power utilities, energy management and automation companies, smart metering companies, and IT solution providers. Some of the leading power utilities are Singapore Power, Tenega Nasional Berhad, Manila Electric, Electricity Authority of Cambodia, Enel Group, and Electricity du Laos, among others. Similarly, some of the prominent energy management and automation companies include Siemens AG, Schneider Electric, General Electric, ABB Ltd, and Honeywell International, among others. The leading smart metering include Landis+Gyr, S&C Electric, Aclara Technologies, EDMI Ltd, and Kamstrup LLC, among others. Some of the most prominent IT solution providers in the ASEAN smart grid market include Microsoft Corporation, Accenture Plc, IBM Corporation, Huawei Technologies, Intel Corporation.
The competitive landscape for the ASEAN smart grid market demonstrates an inclination toward companies adopting strategies such as partnerships, collaborations, and joint ventures as well as mergers and acquisitions. With the increasing growth in the ASEAN market, companies operating in this industry are compelled to come up with collaborative strategies in order to sustain in the intensely competitive market. For instance, In October 2019, Xcel Energy entered into a collaboration with Itron Inc. for the automation of power distribution system to improve reliability of grid infrastructure. In March 2019, Itron, Inc. entered into partnership with Utilidata, Inc. for the deployment of smart meters and advanced metering infrastructure, which will help the power utilities optimize the electrical grid.
Strategies such as mergers and acquisitions have also been significantly employed by the players across the supply chain to expand in the ASEAN smart grid market. For instance, in February 2019, Mitsubishi Electric, one of the leading players in the ASEAN smart grid market, acquired OVO Energy, to enhance its distributed energy storage technology for the power utilities. In May 2018, Itron Inc. acquired Silver Spring Networks to enhance its product portfolio of smart grid solutions. The acquisition also aimed at providing smart meters and grid software to the power utilities.
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The major established players in the market are also focusing on product launches and developments to introduce new technologies or developing further on the existing product portfolio. Key players operating in this market have ramped up their product launch activities over the recent years, in order to generate public awareness about their existing and new products and technologies and compete with the competitors’ product portfolio. For instance, In February 2019, ABB Ltd launched e-mesh software solution for the integration of battery storage system and variable renewable energy by the power grid operators. In November 2018, Schneider Electric launched EcoStruxure solutions for the optimization of microgrid and improve the grid performance.
Key companies in the market have also adopted certain business expansion strategies to enter new markets. One of the key players, General Electric. in January 2019, expanded its business by combining residential distributed energy resources business such as renewable energy and storage systems with smart grids. In March 2018, ABB Ltd expanded its business in Singapore by inaugurating a digital solution center for digitalizing the country’s grid infrastructure.
The newly added Smart Grid market research report by Value Market Research disclose all the important information associated with the market such as value, growth factor, trends, market share, size, and challenges for the forecasted timeline 2020-2027.
Basically, this report is designed to give a proper understanding of industry structure and competition intensity attractiveness.The report also covers detailed competitive landscape including company profiles of key players operating in the global market.
An in-depth view of the competitive outlook includes future capacities, key mergers & acquisitions, financial overview, partnerships, collaborations, new product launches, new product developments and other developments with information in terms of H.Q.Get more information on "Global Smart Grid Market Research Report" by requesting FREE Sample Copy at https://www.valuemarketresearch.com/contact/smart-grid-market/download-sampleMarket DynamicsThe rising government support in the form of funding and favorable policies are driving market growth.
Modernization of existing grid infrastructure with improved grid reliability and efficient outage response is again accelerating the market growth.
On the other hand, high initial costs for deployment and cybersecurity and vulnerabilities associated with the smart grid technology solutionmay hamper market growth.
Whereas, upcoming smart cities projects in developing regions are expected to offer an opportunity over the forecast period.This detailed market study is centered on the data obtained from multiple sources and is analyzed using numerous tools including porter’s five forces analysis, market attractiveness analysis and value chain analysis.
