Asia Pacific Smart Grid Market Size - By Technology, By Service (Consulting, Deployment & Integration, Support & Maintenance), By Deployment (Generation, Transmission, Distribution, End Use) & Forecast, 2024 – 2032

Asia Pacific Smart Grid Market Size

Asia Pacific Smart Grid Market size was accessed at USD 22.7 billion in 2023 and is projected to grow at a CAGR of 11.9% between 2024 and 2032. Rapid urbanization and industrialization in countries like China and India are increasing the demand for reliable and efficient energy infrastructure. Government initiatives aimed at modernizing power grids and integrating renewable energy sources are also fuelling market expansion.
 

For instance, in 2022, India initiated a program worth USD 38 billion aimed at bolstering power distribution companies and enhancing distribution infrastructure. Additionally, the need to improve energy efficiency, reduce carbon emissions, and enhance grid reliability and resilience are driving investments in smart grid technologies across the region, further accelerating market growth.
 

Asia Pacific Smart Grid Market Trends

Asia Pacific smart grid industry is anticipated to grow at a substantial rate owing to factors including the rapid adoption of renewable energy sources, such as solar and wind power, driving the need for grid modernization. As per IRENA, in 2022, China's renewable energy capacity surged to nearly 1.2 terawatts, marking a significant increase from the previous year by approximately 14 percent, which in turn aligns with market growth trends. Additionally, advancements in digitalization and IoT technologies are facilitating grid optimization and demand-side management. Moreover, government initiatives promoting smart city development and electrification of transportation are further propelling the growth of smart grid solutions across the region.
 

Asia Pacific Smart Grid Market Analysis

Based on technology, the advanced metering infrastructure segment is poised to witness USD 26.5 billion by 2032. AMI enables utilities to remotely monitor and manage energy consumption, enhancing grid efficiency and reliability. With the increasing focus on energy conservation and demand-side management, coupled with government mandates for smart meter deployments, the demand for AMI solutions is rising across the region. Additionally, AMI facilitates real-time data analytics and integration with other smart grid components, driving further market expansion in the Asia Pacific region.
 

Asia Pacific smart grid market from deployment across distribution sector is projected to expand at 11.5% CAGR through 2032. Utilities in the region are increasingly investing in smart grid technologies to enhance grid resilience, reliability, and efficiency. The deployment of smart meters, distribution automation systems, and grid management software enables utilities to optimize operations, reduce losses, and improve outage management. Additionally, government initiatives promoting grid modernization, renewable energy integration, and electrification of transportation further drive the adoption of smart grid solutions across the distribution sector, fostering significant market growth in the Asia Pacific region.
 

China smart grid market is anticipated to cross USD 37.5 billion by 2032, owing to the government's focus on energy security, grid modernization, and environmental sustainability drives substantial investments. For instance, over the span of 2021 to 2025, China intends to invest USD 442 billion to modernize and expand its power grid infrastructure. Rapid urbanization and industrialization increase demand for reliable and efficient energy infrastructure.
 

Additionally, the integration of renewable energy sources necessitates grid upgrades. Technological advancements, particularly in digitalization and IoT, enable grid optimization and demand-side management. Furthermore, initiatives promoting electric vehicles and smart cities foster the adoption of smart grid solutions, collectively contributing to significant growth in China's market.
 

Asia Pacific Smart Grid Market Share

Siemens holds a significant position in the Asia-Pacific smart grid industry due to its comprehensive portfolio of innovative solutions, extensive regional presence, and strategic partnerships. Its advanced grid technologies, such as intelligent substations and grid automation systems, cater to the region's evolving energy needs, ensuring efficient and reliable power distribution. This, coupled with Siemens' reputation for quality and reliability, solidifies its substantial market share in the region.
 

Asia Pacific Smart Grid Market Companies

Some of the key market players operating across the Asia Pacific smart grid industry are:

• ABB
• Belden Inc.
• Cisco Systems, Inc.
• Eaton
• Fujitsu
• General Electric
• Honeywell International Inc.
• Hubbell
• IBM
• Itron Inc.
• Landis+Gyr
• Oracle
• Schneider Electric
• Siemens
• Trilliant Holdings Inc.
• Wipro
   

Asia Pacific Smart Grid Market Industry News

• In February 2023, Siemens teamed up with EnergyHub to expand its grid software business. This strategic alliance aimed to bolster utilities' capabilities in managing Distributed Energy Resources (DER), fostering a more integrated approach to grid management. By integrating their solutions, they offered utilities a comprehensive DER management solution, enhancing visibility, forecasting, and operation efficiency.
   
• In July 2020, Trilliant entered into a strategic partnership with Grid4C to integrate AI-powered solutions into Trilliant's smart metering platform. Grid4C's AI grid edge solutions offer energy managers actionable insights and predictions, complementing Trilliant's capabilities in communications and edge device integrations. The combined platform enhances operational efficiency, proactive device management, revenue stream identification, and security for improved business outcomes and customer success. The collaboration aimed to provide real-time intelligence and analytics across various technology layers for both existing and new customers.
   

The Asia Pacific smart grid market research report includes an in–depth coverage of the industry with estimates & forecast in terms of revenue in USD Million from 2019 to 2032, for the following segments:

Market, By Technology

• Smart T&D equipment
• Distribution & network automation
• Advanced metering infrastructure
• Consumer interface
• Communication & wireless infrastructure

Market, By Service

• Consulting
• Deployment & integration
• Support & maintenance

Market, By Deployment

• Generation
• Transmission
• Distribution
• End use

The above information has been provided for the following countries:

• China
• Australia
• Japan
• South Korea
• India
• Malaysia