The Rise of Smart Metering in Asia-Pacific: Approaching 1 Billion Installed Devices

The expansion of smart metering in Asia-Pacific is still ongoing. The market for smart electricity meters in the region is approaching 1 billion installations. A recent report from IoT analyst company Berg Insight looks at the progress of smart meter technology in various countries in Asia-Pacific, including China, Japan, South Korea, Taiwan, India, Bangladesh, Indonesia, the Philippines, Thailand, Vietnam, Australia, and New Zealand.

Based on the research, the number of smart electricity meters in use in Asia-Pacific is expected to increase by 6.4 percent annually, reaching nearly 1.2 billion units by 2029 from 818.6 million units in 2023. It is projected that by mid-2026, there will be 1 billion smart meters installed. The adoption rate of smart electricity meters in Asia-Pacific is anticipated to rise from 61 percent in 2023 to 80 percent in 2029, with a total of 872.7 million units shipped between 2024 and 2029. East Asia, which includes countries like China, Japan, South Korea, and Taiwan, has been at the forefront of implementing smart metering technology in the region. As of the end of 2023, East Asia accounted for over 90 percent of the smart meters installed in Asia-Pacific. China has completed its nationwide rollout of smart meters, while Japan is in the final stages of its rollout. South Korea, however, has faced delays in its nationwide rollout, with the national utility KEPCO aiming to complete it by the end of 2024.

Taiwan has the smallest market for smart meters in East Asia, with only 2.8 million installed. In China and Japan, there are already plans to replace first-generation smart meters, especially in China where the lifespan of meters is short. The replacement of old smart meters will drive the shipment of smart meters in the Asia-Pacific region. The State Grid of China is expected to tender around 65-70 million units per year. While East Asia is the most developed market for smart meters in Asia-Pacific, the fastest growth is happening in South and Southeast Asia. India, in particular, has introduced a new funding scheme to install 250 million smart prepayment meters. This modernization of the grid has led to a significant reduction in losses for India in recent years.

In Bangladesh, there is a growing trend of installing smart electricity meters on a large scale, driven by the government's initiative to implement smart prepayment metering. Positive progress is also being seen in countries like Thailand, the Philippines, Indonesia, and Taiwan, particularly in the last two mentioned. The smart metering market in Taiwan is steadily growing, with a state-owned utility that consistently meets its goals. Although Indonesia's smart metering market is still in its early stages, it presents a significant market opportunity due to its expanding economy and a large user base of almost 86 million electricity consumers. According to Mr. Carlsson, these developments are outlined in the report on Smart Metering in Asia-Pacific.

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