Malaysia Smart Meter Market to Grow at 12% through 2020
Growing need to lower transmission and distribution losses to drive adoption of smart meters in Malaysia
Smart meters help in efficiently managing load and enable utilities identify real time energy consumption patterns of users, and thereby, formulate demand and supply dynamics. Smart meter also facilitate smooth supply of surplus domestic power generated from renewable energy sources such as wind energy and roof top solar panels back to the grid, thereby enhancing efficiency of the overall grid system. Deployment of smart meters in Malaysia would enable remote recording of meter readings using wireless and communication technologies. Tenaga Nasional Berhad (TNB), the largest electricity utility in Malaysia with a customer base of 8.5 million, has been authorized by the government to conduct pilot study on smart meters in the country. The nationwide roll-out of smart meters is projected to commence from the first quarter of 2016 and is expected to be completed by 2023. With an electricity access rate of 96.83% as of 2013, installation of smart meters in Malaysia is expected to increase the capabilities of power transmission and distribution utilities.
According to TechSci Research report “Malaysia Smart Meter Forecast and Opportunities, 2023” the market for smart meters in Malaysia is projected to grow at a CAGR of around 12% during 2016-20. Major factors projected to drive adoption of smart meters in the country include higher operational efficiencies, need to reduce aggregate technical and commercial (AT&C) losses, improvements in outage management and reduction in consumption on inactive meters. Additionally, favorable legislations such as electricity for all and growing demand for secure power transmission and distribution equipment would further boost the adoption of smart meters in the country.
“Malaysia is one of the fastest growing economies in South East Asia and a leading gas producer in region. Growing focus on renewable sources for electricity generation in the country is projected to increase the need for smart meter deployment. With increasing number of electricity subscribers, growing industrialization and urbanization in the country, the deployment of smart meters in Malaysia has become one of the top government priorities, and the project is expected to be completed by 2023”, said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
“Malaysia Smart Meter Market Forecast and Opportunities, 2023” has analyzed the potential of smart meters market in Malaysia and provides statistics and information on market size, information on market structure, industry behavior and trends. The report will suffice in providing the intending clients with cutting-edge market intelligence and help them in taking sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers and key challenges faced by the smart meter market in Malaysia.