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Smart Meter Market in Malaysia to See CAGR of 12%
June 10, 2015 | Business WireEstimated reading time: 1 minute
Research and Markets has announced the addition of the "Malaysia Smart Meters Market Forecast and Opportunities, 2023" report to their offering.
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 be completed within a time span of 8 years.
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 the grid. 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.
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