ELECTRICITY meter engineers and manufacturers take note: the market in Southeast Asia is set to boom, according to Frost & Sullivan.
According to the researchers, the electricity meters market in Southeast Asia is gaining pace, driven by a growing residential segment and the industry's replacement of obsolete electromechanical meters with more recent technologies, particularly in the Philippines, Malaysia and Vietnam.
Revenues for the market (including electromechanical, electronic, prepaid and advanced metering infrastructure (AMI) / automatic meter reading meters) were US$403.9 million in 2013 -- and is expected to grow to US$483 million in 2018.
The governments of the Philippines and Indonesia are also working to increase the electrification ratio and improve grid efficiency, further boosting demand for electricity meters.
The analysis report, titled "Electricity Meters Market in Southeast Asia", says manufacturers who want to successfully penetrate the growing market should offer highly accurate electricity meters that are durable and have power back up capabilities.
"Indonesia will be a particularly lucrative market for electricity meter manufacturers, as utility companies - who are looking to reduce their operational expenses, electricity pilferage, and power loss - are implementing a widespread meter replacement project to install prepaid meters in the residential segment," said Frost & Sullivan Energy & Environmental Senior Research Analyst Avanthika Satheesh.
"Other worthwhile markets include Thailand, where AMI trial projects are expected to commence, and Singapore, where AMI meter installation in the commercial and residential segments has already started," she added.
However, the replacement of electromechanical meters with newer technologies has resulted in more accurate readings and higher billings for customers. This has created resentment and stiff resistance to newer meters.
The electricity meter upgrades are also being slowed by a lack of planning, skilled labour and budget constraints.