The smart electricity metering market in Asia Pacific is on track to reach its historic milestone with 1 billion devices installed.
A new research report from IoT analytics firm Berg Insight analyzes the development of smart metering technology in China, Japan, South Korea, India, Bangladesh, Indonesia, Philippines, Thailand, Vietnam, Australia and New Zealand. Studies have shown that the installed base is Smart Electricity Meters in Asia Pacific It will grow from 757.7 million units in 2021 to 1.1 billion units in 2027, at a compound annual growth rate (CAGR) of 6.2%. At this rate, we will reach the milestone of 1 billion devices installed by 2026. At the same time, meters in Asia Pacific will increase from 59% in 2021 to 74% in 2027, with cumulative shipments totaling 934.6 million units during the forecast period.
East Asia including China, Japan and Korea Smart Metering Technology in Asia Pacific The ambitious national rollout currently constitutes the most mature smart metering market in the region, accounting for more than 95% of the installed base in Asia Pacific by the end of 2021. China has already completed the launch, and so are Japan and Korea. It is expected to do so in the next few years. In China and Japan, the replacement of first-generation smart meters has actually already begun and is expected to increase significantly in the next few years.
Levi Ostling, principal analyst at Berg Insight, said:
“Replacement of outdated first-generation smart meters will be the most important driver for smart meter shipments in Asia Pacific over the next few years, accounting for 60% of cumulative shipments during 2021-2027.”
East Asia is the most mature Smart Metering Market in Asia Pacific Region, on the other hand, the fastest growing markets are both found in South and Southeast Asia, and there is a wave of smart metering projects currently sweeping the region. The biggest growth is expected in India, where a large government-funded plan has recently been introduced with a goal of installing 250 million smart prepaid meters by 2026. Large-scale smart electricity metering installations are also emerging now in neighboring Bangladesh. The government is making similar efforts to install smart prepaid meters.
“We are also seeing positive developments in early smart metering markets such as Thailand, Indonesia and the Philippines, which together constitute a potential market opportunity of around 130 million metering points.”Continue Mr. Ostling.
Together with India, these three markets will be the fastest growing smart metering markets in Asia Pacific during 2021-2027, with annual shipments projected to grow at a CAGR in the range of 65-80%.