Asia-Pacific Smart Grid Network Market - Growth, Trends, and Forecast (2018 - 2023)
The Smart grid market is maturing. Countries have introduced their smart grid plan to meet the increasing electricity demand, reduce the transmission and distribution loss (especially in Asia-Pacific), and establish a two-way communication for managing the consumption trend. By the end of 2016, there were an estimated 700 million smart meters installed globally, with approximately half of the deployment in China alone. Other countries in the region, similarly, have also introduced smart grid program, consequently, driving the market in the region.
Growth in Solar - Driving the Smart Grid Market
Solar PV installations in Asia-Pacific has grown the most compared to any other region, globally. The growth has been mainly due to decline in the cost of solar PV modules and pledge to fight against the climatic change. In 2014, solar PV module prices reduced by 75%, when compared to the prices in 2009. China and India have increased their installed capacity, and registered a consumption growth rate of more than 80% per annum during 2005-2016. China had exceeded 130 GW of solar power generation in 2017, and India, with a capacity of around 10GW, is planning to increase it by more than five folds in the next five years. The growing solar power market in the region is expected to drive the smart grid market.
Japan and Korea, one of the favorite Hotspots for Smart Grid
Japan and South Korea are one of the favorite hotspots for smart grid investments. Japan’s leading power utility plans for a full rollout of the residential smart meter, by 2020. As of May 2017, 10 million smart meters were deployed in Japan, and the country’s largest utility company, Tokyo Electric Power Co (TEPCO), expects to deploy 27 million residential smart meters within its service territory, by 2020. India has also launched similar initiatives, which support smart grid deployment in the country to meet the increasing demand for electricity, and to deal with the high transmission and distribution loss. Large-scale deployment of smart meters is expected to drive the market in the region, during the forecast period, 2018 - 2023.
Key Developments in the Market
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