|
Forecast Period
|
2025-2029
|
|
Market Size (2023)
|
USD 627.91 million
|
|
CAGR (2024-2029)
|
7.35%
|
|
Fastest Growing Segment
|
Residential
|
|
Largest Market
|
West Region
|
|
Market Size (2029)
|
USD 1,009.02 million
|
Smart meter is an important component of the smart grid network that aids in remote monitoring of electricity supply using communication and wireless technologies. Smart meters enable two-way communication between the meter and central system wherein, users have the option of transferring surplus power generated at the consumer’s end through solar power panels, back to thegrid. Malaysia had an electricity access rate of 96.83% as of 2013. In order to reduce domestic consumption of natural gas for electricity generation, the Malaysian government is encouraging use of renewable sources. Further, increasing government focus to enhance electricity transmission and distribution efficiency has led to the roll out of smart meter implementation program in the country.
According to “Malaysia Smart Meters Market Forecast & Opportunities, 2023”, the smart meter market in Malaysia is projected to grow at a CAGR of around 12% during 2016-20. Increasing concerns over security and reliability of the grid, rising share of renewable electricity and introduction of electric vehicles have raised concerns over smooth and continuous electricity supply across the country. Electricity demand in Malaysia increased by about 78% from 2000 to 2013. Moreover, during 2004-14, Tenaga Nasional Berhad (TNB), the largest electricity utility in Malaysia with a customer base of 8.5 million, is estimated to have incurred USD1.5 billion in transmission and distribution losses. TNB has been authorized by the government to conduct pilot study on smart meters in Malaysia. The project is under pilot phase, and nationwide roll-out of smart meters is expected to commence from the first quarter of 2016 and completed within a time span of 8 years. “Malaysia Smart Meters Market Forecast & Opportunities, 2023” report elaborates following aspects about the smart meter market in Malaysia:
Smart Meters Market Size, Share & Forecast
Policy & Regulatory Environment
Changing Market Trends & Emerging Opportunities
Strategic Recommendations & Competitive Landscape
Why You Should Buy This Report?
To gain an in-depth understanding of Smart Meters Market in Malaysia
To identify the on-going trends and anticipated growth in the coming years
To help industry consultants, power generators, transmission and distribution utilities to align their market-centric strategies
To obtain research based business decision and add weight to presentations and marketing materials
To gain competitive knowledge of leading players
To avail 10% customization in the report without any extra charges and get the research data or trends added in the report as per the buyer’s specific needs
Report Methodology
The information contained in this report is based upon both primary and secondary sources. Primary research included interviews with smart meter suppliers and electricity utilities. Secondary research included an exhaustive search of relevant publications like company annual reports, financial reports and proprietary databases.