ASEAN Smart Grid Market to grow at a CAGR 18.76% from 2019 to 2024 according to a new research report

Published onApril 30, 2020

The increasing demand for energy efficiency and the need for transparent energy consumption mechanism has propelled the need for smart grid in the ASEAN market. Moreover, there is an increased concern to reduce transmission and distribution losses across the supply chain to reduce power outages. The ASEAN smart grid market is projected to grow from $1,248.8 million in 2019 to $2,949.6 million by 2024, at a CAGR 18.76% from 2019 to 2024. High growth in the market is expected to be driven by the rising share of renewable energy in the energy mix, growing market penetration of decentralized power generation, and increasing demand for energy consumption and billing. The development of a country’s energy infrastructure is an important parameter to evaluate its growth. In the present decade, a country’s energy infrastructure is adjudged as equipped when it comprises of minimum setup and elements to integrate advanced technologies and improve infrastructure.