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Asia Pacific Smart Grid Market Trends

Report ID: GMI8748
Published Date: Mar 2024
Report Format: PDF

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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.

Authors: Ankit Gupta, Vishal Sain

Frequently Asked Questions (FAQ) :

The market size for smart grid in Asia Pacific reached USD 22.7 billion in 2023 and is set to record a CAGR of 11.9% through 2032, led by rapid urbanization and industrialization.

Advanced metering infrastructure technology segment of Asia Pacific smart grid industry held a decent share in 2023 and is anticipated to grow over USD 26.5 billion by 2032, as it enables utilities to remotely monitor and manage energy consumption, enhancing grid efficiency and reliability.

China market is projected to surpass USD 37.5 billion by 2032, owing to the government's focus on energy security, grid modernization, and environmental sustainability.

ABB, Belden Inc., Cisco Systems, Inc., Eaton, Fujitsu, General Electric, Honeywell International Inc., Hubbell, IBM, Itron Inc., Landis+Gyr, Oracle, Schneider Electric are some of the major industry contenders.