The Surging Growth of Smart Metering in Asia-Pacific: Approaching 1 Billion Installed Devices
The smart metering industry in Asia-Pacific is still expanding. The market for smart electricity meters in the region is approaching the significant achievement of having 1 billion smart meters installed. A recent study by Berg Insight, a firm specializing in IoT analysis, examines 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 the Asia-Pacific region is expected to increase by 6.4% annually, reaching nearly 1.2 billion units by 2029 from 818.6 million units in 2023. It is projected that the region will reach the milestone of 1 billion installed devices by mid-2026. The adoption rate of smart electricity meters in Asia-Pacific is estimated to grow from 61% in 2023 to 80% in 2029, with a total of 872.7 million units expected to be shipped between 2024 and 2029. East Asia, which includes countries like China, Japan, South Korea, and Taiwan, has been at the forefront of adopting smart metering technology in the region, accounting for over 90% of the installed base in Asia-Pacific by the end of 2023. China has completed its nationwide rollout of smart meters, Japan is in the final stages of its rollout, and South Korea has faced delays in its rollout, with the national utility KEPCO aiming to complete it by the end of 2024.
Taiwan has a relatively small market for smart meters compared to other countries 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 State Grid of China is expected to consistently tender around 65-70 million smart meters per year. While East Asia is the most developed market for smart meters in Asia-Pacific, the fastest growth is seen in South and Southeast Asia. India, in particular, is expected to see significant growth with a government funding initiative aiming to install 250 million smart prepayment meters. This modernization of the electricity grid in India has already led to noticeable reductions in losses over the past two 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 developments in smart metering installations are also being seen in countries like Thailand, the Philippines, Indonesia, and Taiwan, especially in the latter two. Taiwan's smart metering market is experiencing steady growth, with a state-owned utility company that consistently meets its targets. Indonesia's smart metering market is still in its early stages, but presents a significant opportunity due to its growing economy and large user base of almost 86 million electricity consumers. Mr. Carlsson highlighted these trends in the Asia-Pacific region in a report on smart metering.
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