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Driven by the Growing Demand for Power and Private Investments in Rural Electrification, four ASEAN Markets will Account for 86.9% of the Total Revenue in 2025
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This research service analyzes the growth opportunities in the ASEAN microgrid market, and the countries covered are Malaysia, Singapore, Indonesia, Thailand, Myanmar, Cambodia, Laos, Brunei, Vietnam, and the Philippines. The base year is 2018 and the forecast runs through to 2025. The ASEAN microgrid market is a high-growth market, and revenue is anticipated to register a compound annual growth rate (CAGR) of 25.7% from 2018 to 2025. Market size represents the total annual revenue generated by microgrid vendors. Revenue calculations include both brownfield and greenfield projects. For brownfield projects, the revenue generated from software, power distribution components, and control and automation systems is included; for greenfield projects, the revenue generated from software, control and automation, power distribution components, and distributed energy resources is included. The Philippines is the highest revenue share holder, while Cambodia and Vietnam will record strong growth. Singapore and Brunei will not generate any market opportunity during the forecast period. A number of pilot projects have been set up across the region, and this will influence future market growth. Technological advancements such as peer-to-peer (P2P) trading, blockchain, and the rising peak demand in urban areas will drive the commercialization of microgrid projects in urban areas, while the electrification of remote communities, uptake of distributed energy resources (DERs), the need for resilient and reliable power supply, and government initiatives and regulations will fuel market growth in Myanmar, Cambodia, and Indonesia. Most of the projects in the region are funded by foreign companies and global organizations such as The World Bank, the Asian Development Bank, and other non-governmental organizations (NGOs). However, the absence of strong political will and challenges in terms of maintaining assets and revenue collection will slow down market growth.
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Author: Rajalingam Arikaarampalayam Chinnasamy
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