Singapore Smart Grid Market Size, Trends, Share, Growth Opportunity & Demand, Industry Analysis, And Forecast 2016-2024

Singapore Smart Grid Market 

Market Overview

Singapore smart grid market is outperforming on the lines of the government initiatives to make Singapore a smart nation by developing and enhancing their strategies not only towards addressing immediate challenges, but also for the long term urban development plan. They are proactive in investing in smart grid instead of being demand driven, so that they have new areas for economic development, strengthening economic security and making the smart grid market more efficient.

Goldstein Research analyst forecast the smart grid market size is set to reach USD 1.6 billion by 2024, growing at a CAGR of 10.41% from the current market size of USD 765 million over the forecast years.

Covered in This Singapore Smart Grid Market Report

The report covers the present ground scenario and the future growth prospects of the smart grid market for 2016-2024 along with the statistics of the shipment of smart grids. We calculated the market size and revenue share on the basis of revenue generated from major players supplying electricity.

Singapore Smart Grid Market Segmentation

By Hardware

• Sensors
• PLC (Programmable Logic Controller)
• Smart Meter
• Networking Hardware

By Software

• Advanced Metering Infrastructure Software
• Grid IT and Asset Management System Software
• Smart Grid Communication Software
• Cyber security Software
• Distribution Automation Software

By Services

• Consulting Services
• Integration and Installation Services
• Maintenance Services

By Geography

• Tier-1 Cities
• Tier-2 Cities
• Tier-3 Cities

On the basis of hardware, smart meter held the largest market share of 48.7% in 2016 of the total Singapore smart grid market, owing to the government plan of installing smart meters by 2017 across all electricity consumers which will be in use from 2018. The business consumers are already having smart meters from electricity retailers, and it will be available for households also. This sudden rise in demand has increased the sale of smart meters in Singapore.

Singapore Smart grid market outlook 2016-2024, has been prepared based on an in-depth market analysis from industry experts. The report covers the competitive landscape and current position of major players in the smart grid market. The report also includes porter’s five force model, SWOT analysis, company profiling, business strategies of market players and their business models. Singapore smart grid market report also recognizes value chain analysis to understand the cost differentiation to provide competitive advantage to the existing and new entry players.

Market Trends, Drivers and Challenges

According to our Singapore market study on the basis of extensive primary and secondary research, “The rising trend is the use of grid sensing and analytics to sense power disruptions so that power infrastructure can be repaired before power fails. Government is focused to spend USD 7.46 million, which will enhance the Singapore initiative to make “smart nation” by using the technology to improve society and monitor its citizens in complete way.

According to the report, major driving factor for expansion of Singapore smart grid market is the use of energy tri-lemma; energy security, economic competitiveness and environment sustainability. This enables the management of distributed energy resources and the integration of new initiatives, such as electric vehicles for energy efficiency.

Further, one of the challenges Singapore smart grid market facing is regarding the micro-grid test-bed. It assesses the reliability of the supply of electricity within the micro-grid infrastructure using intermittent renewable energy sources such as photovoltaic (PV) technology, which is a huge source of Singapore energy mix. Therefore, it is very important to carefully manage the amount of energy produced to ensure reliable supply of electricity to consumers.

Singapore Smart Grid Market Analysis                                                      

Singapore being a tropical country has a huge potential of generating electricity from solar energy. 2.8 MW Micro-grid has been installed to integrate gas, electricity and thermal energy into unified smart energy network, with solar energy having the highest share. Government has planned to spend USD 17.78 million on the solar energy research and development. In 2016, Energy Market Authority (EMA) had awarded USD 7.4 million under various 5 projects of smart grid, such as enhancing security against cyber-attacks, solar energy power generation, and development of other energy efficient systems.

Key Players

Singapore smart grid market report comprises of the following companies as the key players in the smart grid market: Silver Spring, GE, Jenko, Omnetric group, Seimens, Schneider Electric,  EnerNOC.

Other high-flying vendors in the smart grid market are: NEC, Space Time Insight, Pacific Light.

The study was conducted using an objective combination of primary and secondary information including inputs from key participants in the industry. The report contains a comprehensive market and vendor landscape in addition to a SWOT analysis of the key vendors.

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Key questions answered in this Singapore Smart Grid Market Report

• What is the total market size by 2024 and what would be the expected growth rate?
• What is the revenue of singapore smart grid market in 2015-16 and what would be the expected demand over the forecasted period?
• What are the key market trends?
• What are the factors which are driving this market?
• What are the major barriers to market growth?
• Who all are the key vendors in this market space?
• What are the market opportunities for the existing and entry level players?
• What are the recent developments and business strategy of the key players?

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