UPCOMING INDUSTRY TRENDS

World Is Witnessing A Surge In Adoption Of Cryotherapy Treatment Methods Involving Minimal Invasive Procedures

Cryotherapy is based on minimally invasive technologies that are widely used to treat benign and malignant tumors, pain conditions, sports injuries, and tissue damage. Cryotherapy is a method to freeze localized tissue to break them down and thus get rid of the pain or tumor cells.

The increasing prevalence of cancer, growing popularity of fitness, beauty and cosmetic surgeries, along with rising advancements and technological innovations in cryotherapy have fueled the growth of the market. For instance, as per the data by the World Health Organization (WHO), globally, cancer is the second-largest cause of mortality, leading to the death of an estimated 9.6 million people in 2018.

Based on product, the global cryotherapy market is segmented into cryosurgery devices, localized cryotherapy devices, and cryosaunas. The cryosurgery devices are further sub-segmented into epidermal & subcutaneous cryoablation devices, tissue contact probes, and tissue spray probes. The market is currently dominated by cryosurgery devices, as it is a more effective mode of tumor treatment due to higher efficiency and the ability to treat multiple tumors at the same time.

Based on application, the cryotherapy market is segmented into surgical application, pain management, and health & beauty, recovery. The major market share among all the respective segments, in the forecast period, is expected to be of surgical application as it is preferred for the treatment of an increasing number of cancer incidences due to potential benefits.

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On the basis of end users, the global market is segmented into hospitals & specialty clinics, and spas. Hospitals and specialty clinics currently account for the major share in the global cryotherapy market owing to improving healthcare infrastructure and an increasing number of patients preferring hospital over other healthcare institutions. The respective segment is also expected to have the fastest growth rate during the forecast period due to rising popularity for cryotherapy-based procedures and improving awareness among people.

However, unfavorable regulatory scenarios, limited technological expertise, and complexity of cryotherapy procedure, among others, are factors hampering the growth rate of the global cryotherapy market.

Key Questions Answered:

• What are the type of applications and products available within the global cryotherapy market?
• What are the factors acting as the drivers, restraints, opportunities, and challenges in the global cryotherapy market?
• What are the significant developmental strategies opted by the key players in the market?
• What is the expected adoption rate for cryotherapy devices in the next ten years?
• What are the pipeline products within the global cryotherapy market?
• What is the share of major companies operating within the cryotherapy market?
• What is the pricing difference among traditional technologies and cryotherapy technologies used for pain management?
• How is the industry anticipated to evolve during the forecast period of 2020-2030?
• How is each segment of the market expected to grow during the forecast period, and what is the revenue expected to be generated by each of these segments by 2030?
• Which region is expected to grow at the maximum CAGR in the market and what are the factors behind the same?
• What is the patent scenario pertaining to the global cryotherapy market?

How Directed Energy Weapon (DEW) Systems Help in Overcoming Traditional Defense Platforms

Directed energy weapons (DEWs) are largely defined as those that produce a high power beam of concentrated energy in the form of electromagnetic, atomic, and sub-atomic particles, which are used to damage or destroy objects or eliminate human adversaries. Directed energy weapons are considered a proven solution that effectively works against tech-driven threats with more precision, flexibility, and affordability than offered by traditional ammunition. However, directed energy weapon systems are meant to complement existing defense platforms instead of replacing the traditional kinetic ballistic systems.

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Directed energy weapon systems are primarily classified into three technologies: high-power laser, high-power microwave, and neutral particle beam. The growth of high-power microwave technology is expected to be high due to the inexpensive development and operation cost as compared to high power lasers. Moreover, neutral particle beam technology is currently in the theoretical stage, and adequate research is needed to develop the prototype further.

The global directed energy weapon systems market is expected to witness significant growth during the forecast period 2020-2030 owing to the integration programs of directed energy weapon systems on different platforms like ground defense systems (main battle tank, infantry fighting vehicles, and multi-purpose armored vehicles), airborne (unmanned aerial vehicles and combat aircraft) and ship-based platforms. Additionally, the adoption of cutting-edge technologies such as electromagnetic beam, fiber laser, solid-state laser, robotics, artificial intelligence, and Internet of Battle Things (IoBT), among others, are changing the landscape of warfare. A rise in the number of drone attacks has raised the need for an advanced weapon with the attributes of high speed, precision, and low operation cost.

The ground-based platform segment currently leads the market and is estimated to continue to lead during the forecast period, as defense forces of leading countries seek to deploy directed energy weapon systems in their ground defense systems such as main battle tank, infantry fighting vehicle, and a multi-purpose armored vehicle to counter the adversaries from the ground. For instance, in August 2019, the U.S. Army awarded a contract to Northrop Grumman Corporation for developing a prototype for a 50 KW laser weapon system that will be integrated into Stryker vehicle family by 2022.

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Military forces and all its wings, such as Army, Navy, Airforce, and Homeland Security, are the prominent end-users of directed energy weapons. Defense forces from leading countries are actively working in collaboration with defense contractors to develop the directed energy-based weapons systems. These directed energy weapon systems such as high-power laser, microwave, and neutral particle beam weapons are used to counter the threat from advanced adversaries like unmanned aerial vehicles, mortars, missiles, and small boats. Budget allocation for research and development of directed energy weapon systems is rising from the government of leading countries like the U.S., the U.K., Germany, France, China, India, and Russia.

5G Infrastructure Market is Witnessing a Transition Due to the Increasing Data Traffic

The evolution of science and technology in the telecommunication sector has led to the deployment of 5G infrastructure in the market. Considered as an update to its preceding 4G infrastructure, 5G is bound to reach new heights with its increased network capacity, higher bandwidth, and high speed, among others. The incorporation of small cells or the installation of macro cell sites forms the base for the transmission of millimeter waves in the environment. The use of distributed antenna systems (DAS) ensures that the signal is transmitted in wide areas with low power and higher reliability. All these components, along with the radio access network (RAN), can ensure the full deployment of the 5G system in the industry.

The role of traditional hardware becomes limited when it comes to storage and computing needs in data centers, corporate offices, and campus environments, among others. The use of software-defined networking (SDN) and network function virtualization (NFV) provides a dynamic and flexible approach in situations where there are fluctuations in data usage and traffic patterns. Additionally, the current situation demands networks to be flexible so that a great number of devices can be accommodated but, at the same time, be secure enough to protect data and assets, and meet the standard regulations. The use of software, such as SDN and NFV, ensures such conditions are fulfilled and meets the user’s requirement.

Since traditional hardware networking techniques are static and inflexible, they are not useful for new business ventures. As such, the use of software such as SDN makes the network programmable during the time of deployment as well as in the later stages, thereby helping the business ventures with virtualization, flexibility, and agility, among others. The traditional networking requires the functions to be implemented in the appliances such as switches and routers, where most of the functionality is performed in dedicated hardware. Therefore, it becomes time-consuming for an IT administrator to add or remove a single device. However, in SDN, no such problem arises due to the separation of control plane and data plane because a separate SDN controller is used, which makes network virtualization possible.

The use of SDN helps in the integration of multivendor and multiple technologies from the end-to-end transport view. Additionally, SDN and NFV also help in facilitating the network slicing technique used in 5G infrastructure. Since 5G requires networks to be flexible, it is possible to launch new services without any redesign of servers, cables, or other networks. The flexible networks can be further used for adapting changing traffic patterns. They find their applications in V2X communications as well, which require 5G networks, i.e., a network having low latency and high reliability. Other than these, they find applications in multi-access edge computing and RAN cloudification, which form an integral part of 5G infrastructure.

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Certain network partners, such as Huawei Technologies Co., Ltd., Intel Corporation, and Nokia Corporation, among others, rely on software-based technologies for providing 5G infrastructure. In December 2018, the 5TONIC laboratory in Madrid was given responsibility for testing the EU-backed 5G-TRANSFORMER project. The aim of the project was to use SDN, NFV, and mobile edge computing (MEC) for enabling technological frameworks for network slicing. In June 2018, VMware Inc. launched NFV platform vCloud NFV-OpenStack Edition 3.0 for communications service providers, which is expected to help in improving network performance and providing better intent-based service assurance.

With the global increase in the number of internet users, factors such as ongoing advancements to connect process industry with industry 4.0 to enable efficient and fast production and rising requirement of a network service which can provide increased capacity, improved throughput, and improved quality of service, has led the mobile industry to develop a network which is expected to provide better services than the existing network. The introduction of 5G, the next generation of mobile technology, is expected to create a fully connected and networked society, which can enhance not only mobile broadband but also introduce new modes of communication with high reliability and service guarantee.

Discover Rising Market Applications and Opportunities of Autonomous BVLOS Drones Globally

The drones are majorly used for several commercial applications and military operations, such as package delivery, inspection, ISR, combat targeting, as well as border security and surveillance by military and security agencies. These varied applications have led to a rising demand for drones in the commercial sector and unlocked newer opportunities for drone manufacturers in the coming time. The autonomous Beyond Visual Line of Sight (BVLOS) drones market is expected to witness a high growth rate during the forecast period 2019-2029 owing to the emergence of new commercial applications that specifically require BVLOS, increase in safety in commercial and military applications, and considerable reduction in time and cost.

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However, stringent regulatory frameworks and inadequate supporting infrastructure and technologies act as the major challenges for the market. The rising demand for drone delivery in the commercial domain is expected to create viable opportunities for the BVLOS drone market. Before a firm venture into a forthcoming market, it is essential for the firm to consider certain factors that can be helpful in its establishment as a strong market player in the industry. These diverse factors govern the demand and supply of autonomous BVLOS drones.

Most of the traditional methods used to carry out inspections include the use of labor and helicopters for taking photographs from an altitude. These methods were not only expensive but also dangerous, time-consuming, and expensive. Photos taken from helicopters are often not clear, and notes made using pen and paper are not accurate. Using drones for the same operation solves these issues. BVLOS drone operations have enabled operations of drones in hard to reach places and take photos using high definition cameras and sensors, which has increased the safety of operations. Using autonomous technology further reduces human intervention, thereby reducing the chances of a crash due to human error. Using autonomous BVLOS drones also saves time as large areas can be covered very quickly as compared to manual inspection and monitoring.

BVLOS drones have been particularly useful for well pad inspections in the oil and gas industry. Traditionally, a technician can inspect ten well pads within a 3-mile radius in a day. However, with the use of BVLOS drones, 100-125 well pads can be investigated in a 40-mile radius. Further, autonomous drones can be programmed to carry out such operations at regular intervals. Infrared (IR) cameras on the drone can detect rising equipment temperatures on the site and keeps the workforce away from dangerous well pads. In the utility industry, helicopters have been used to carry out inspections of towers and powerlines, which involves the risk of helicopter blades getting entangled in the powerlines and the helicopter crashing. Using BVLOS drones can easily avoid such situations. Thus, the use of autonomous BVLOS drones has increased the safety of operation and saved time. This has attracted many companies to opt for BVLOS drones to carry out their day-to-day work.

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The strategies adopted by the significant companies in the global autonomous BVLOS drone market to gain a considerable market share in the growing industry of UAVs have been varying from product launches to acquisitions to partnerships over time. A company can lead the market and gain overall growth by adopting several strategies, such as introducing innovative products from time to time, improving the framework of its existing products, collaborating with other market leaders, and acquiring relatively weaker companies into its domain.

Discover how UHT Milk Market is Promoting Milk Consumption in a Health-Conscious Era!

Benefits such as convenience, safety, and longer shelf life, have encouraged customers to increase uptake of UHT milk is growing at a fast pace in major developing countries. Increasing disposable income, rising health consciousness, growing lactose-intolerant population, and a weak cold chain industry are driving the UHT milk market globally.

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Retail sales of UHT milk involves the sale of regular consumption of milk, such as white milk and flavored milk. White milk is for daily milk consumption, while flavored milk is aimed at children and teenagers. The sale through retail channels is carried out through supermarkets, hypermarkets, small retail stores, convenience stores, kiosks, and specialty stores.

The direct/institutional sales of UHT milk account for the sale to the establishments, such as workspaces, governmental institutions, and the foodservice industry, especially widespread food chains. Such end-users purchase UHT milk in bulk for daily consumption. The need for sale to food chains arose to fill the gap between the requirement of milk, especially with higher whipping capacity. Greater whipping capacity enables these establishments to save on the cost of milk per unit of the food item sold. The requirement of UHT milk is also driven by the defense and security personnel for their daily consumption.

The majority of the leading market shareholders are actively investing in the manufacture of UHT skimmed milk, which lies in the most premium category. With factors such as enhanced amounts of vitamin D and calcium, health, and dietary benefits, this category has seen higher popularity in consumption among a large section of the UHT milk consuming population. Additionally, UHT skimmed milk is highly preferred over UHT whole milk by consumers, such as health-conscious individuals, young women, and the elderly, as it fulfills their dietary requirements.

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The major producers of UHT milk adopt numerous distribution channels in order to grow their existing customer base further. The distribution channels for consumer goods are evaluated based on which type of channel is most dominant in which region. For instance, the European and Scandinavian countries are mostly dominated by supermarkets and hypermarkets. The use of UHT milk is also found in food services, such as restaurants and food chains.

Discover a Detailed Examination of the Cloud-Based Smart Robotics (Cloud Robotics) Market

As the advancements in cloud computing are progressing, and industrial automation is also taking place at a rapid pace. Apart from the demand for robots in an industrial environment, service robots are also gaining traction across commercial and residential end-users. Over the last decade (2009-2018), the rising popularity of the Internet of Things (IoT), and the concept of connected devices have boosted the growth of this market.

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The growth of the global cloud-based smart robotics market is driven by numerous factors that include growing popularity of connected robots across various industries, rise in popularity of industry 4.0, advancement in artificial intelligence technologies, the emergence of high-speed 5G communication, increased productivity and efficiency at the workplace, minimal infrastructure, and flexible operation, declining costs of cloud robotics and high return on investment, among others. Furthermore, the rise in awareness about cloud robotics is propelling its demand, especially in developing nations. An increase in investment and a rise in trend of connected devices and IoT are some of the factors creating viable opportunities for players operating in the global cloud-based smart robotics market. However, security-related concerns and requirements of high initial cost are some of the factors that are restraining its market growth.

The overall ecosystem of the global cloud-based smart robotics market comprises software providers, system designers, technology providers, and software integrators, among others. The global cloud-based smart robotics market dominates the developed regions, such as North America and Europe, and the market is gradually gaining popularity in regions such as the Asia Pacific and Middle East & Africa (ME&A). The market is expected to achieve a high growth rate in the upcoming years (2018-2023) owing to technological improvement, massive demand from different end-users, and a rise in awareness about the cloud robotics.

The global cloud-based smart robotics market is becoming increasingly competitive as new players are entering the market. Several new entrants have debuted in the market that provides advanced cloud robotics platforms for different industries and applications and compete in terms of technological innovation, the functionality of the system, and cost. Leading companies, such as Amazon Robotics, IBM Corporation, Intel Corporation, Google LLC, Microsoft Corporation, and C2RO Cloud Robotics, are adopting inorganic growth strategies such as mergers & acquisitions to strengthen their product portfolio.

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The competitive landscape for the global cloud-based smart robotics market shows an inclination towards companies adopting strategies, such as product launches, partnerships, business expansion through funding, and acquisition, among others. Among all the strategies adopted, product launches have dominated the market and are the most widely adopted strategy among the cloud robotics providers.

Amazon Robotics, IBM Corporation, Intel Corporation, and Microsoft Corporation are some of the prominent companies because of their wide range of product launches and partnerships, collaborations, contracts, and agreements. These companies gained high competitive strength in the global cloud-based smart robotics market and also have a significant regional presence.

Electric VTOL Aircraft Market: A Faster, Convenient, and Environment-Friendly Transport Solution

With the population growing exponentially in the urban areas, traffic on roads is also increasing, which is a significant factor that is expected to drive the airspace travel. Land infrastructure is limited, and further expansion is expensive. Therefore, there is a need for advancement in the mode of transportation, such as airspace travel. Air commutes are faster and efficient compared to road transport. The air vehicles used in airspace are UAVs, air taxi, and air ambulance, and drones, which are more environmentally friendly and energy-saving than the land-based transport. The passenger air vehicles are a potentially viable solution to roadway congestion.

The eVTOL aircraft market is growing at a fast rate, with an increasing demand for the aircraft for air taxi and personal aerial vehicle (PAV) applications. The eVTOL aircraft are in different phases, such as initial design, scaled prototype, flight testing, in-service, and defunct. The eVTOL aircraft need thrust to operate, and the same is provided with the help of different forms of technologies such as vectored thrust, lift & cruise, rotorcraft (single rotor and multi-rotor), and hoverbikes.

These aircraft have a different set of components incorporated in it. The components are an essential part of the eVTOL aircraft, as the set of applications are decided on the basis of components and payload used. The majority of the components used in the eVTOL aircraft are sensors, camera, airframes, lidar, radar, battery, motor, INS, and GPS. A Rotorcraft is a 21st century, a heavier-than-air flying machine that lifts into the air with the help of rotary blades or rotary wings. Rotorcraft requires one or more motors to provide the thrust to the aircraft throughout the flight. Rotorcraft are primarily classified into two types- single rotor and multi-rotor.

Partnerships, agreements, product launches, mergers and acquisitions, and contracts turned out to be a preferred strategy of key players in the expansion of the eVTOL aircraft market. Companies received numerous contracts by offering high-end products at competitive prices. The companies with similar goals are forming joint ventures to assist each other. Such alliances help companies to improve their technological expertise, expand and increase their range of services, and thus facilitate each other in achieving the objectives faster.

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The eVTOL aircraft market can be divided into four sub-segments based on technology, i.e., rotorcraft (single rotor and multi-rotor), vectored thrust, lift + cruise, and hoverbikes. The key players such as Airbus, Bell Helicopter, Textron System, Kitty Hawk, Lilium, and EHang are actively working on various aircraft prototypes to serve the eVTOL aircraft market.

Deep Space Exploration and Technology Market to Grow due to the Increasing Efforts from the National Space Agencies

The global market deep space exploration and technology is one of the emerging space industries, which is expected to witness numerous developments in the coming years. Since the past three decades, space agencies such as the National Aeronautics and Space Administration (NASA) and European Space Agency (ESA) have carried out numerous uncrewed missions not only to the International Space Station (ISS) but to different planets in the solar system, whereas the number of crewed missions beyond the ISS is comparatively less. In line with deep space exploration missions, the space industry aims to carry out more human spaceflight missions.

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The space sector has been undergoing numerous developments since the past years, due to several factors such as cost-effective systems due to technological advances, increasing private investments by emerging players in the industry, increasing need for better communication and connectivity. Moreover, the increased application of space technologies for investigation on weather, surveillance for the military sector, and real-time imaging requirements by different sectors are also leading to the evolution of the space industry. To cater to the applications mentioned above, an increase in the number of satellites is launched every year. For the same, the industry has also witnessed a demand for small satellites, which allow for enhanced operations as well as cost-effective missions. In addition to this, upgraded launch vehicles with heavy lift capabilities are being developed.

Major space agencies, as well as private space companies, are focused on developing reusable launch vehicles, which can provide cost-efficiency as well as reduce space debris. Prominent space agencies such as the National Aeronautics and Space Administration (NASA), European Space Agency (ESA), China National Space Administration (CNSA), Japan Aerospace Exploration Agency (JAXA), Roscosmos State Corporation for Space Activities (Russian Space Agency) and the Indian Space Research Organisation (ISRO) are looking toward the development of earth independence which includes human presence beyond low Earth orbit and cislunar space and onto Mars. A deep space exploration mission ranges from two to three years with a safe return of the crew to Earth.

Deep space exploration missions require enhanced subsystems, which aid in propelling the system into space, navigate through space among the space debris as well as on the planetary surface, and maintain contact with the space stations or the space ground stations. The leading space centers are focused on developing advanced in-space propulsion technologies that can aid satellites, spacecraft, and other interplanetary vehicles. They also focus on the development of an enhanced propulsion system that can support not only space missions to the ISS but also the planetary missions and other deep space explorations. The command and control system enables the spacecraft to connect with the space ground stations as well as provide critical data of its mission.

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In various deep space exploration missions planned to be launched from 2020, the navigation and guidance system proves to be an integral part, as it requires high-precision tracking and guidance. Significant technological advancements in this area include the development of Deep Space Atomic Clock (DSAC), Deep Space Positioning System (DPS), and autonomous navigation using artificial intelligence (AI). These developments are expected to help in mitigating any small navigational error so that the spacecraft reach their intended destination and successfully carry out their space operations.

Explore How GIS Software Captures the Agriculture Industry Like Never Before!

To cater to the rising demand for food from the limited agricultural land and labor available, technology providers are introducing innovative solutions in the farming arena. A relatively new technology that interprets analyzes and helps farmers take smart farming decisions is Geographic Information System (GIS). This system allows farmers to capture, store, manipulate, analyze, manage, and present spatial or geographic data for their farms.

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The advent of precision farming in this sector has brought about substantial technological changes by the implementation of Information and Communication Technologies (ICT), Internet of Things (IoT), integration of remote sensing equipment, application of Artificial Intelligence (AI), and predictive analytics in the farming scenario, which have significantly boosted the use of GIS technologies for crop monitoring, yield forecasting, irrigation monitoring, pest monitoring, and soil analysis, among others. With the advent of drones in agriculture, the need for drone-compatible GIS software has risen. Numerous GIS software providers are now progressing toward making their solutions compatible with popular brands that offer drones for agriculture.

The trend of GIS software in the agricultural industry is not only prevalent in developed countries, but developing countries are also gradually realizing its importance. Governments of several countries have also recognized the need and advantages of these technologies, and thereby, their initiatives to promote these smart farming techniques are expected to drive the growth of the market further.

The application areas of GIS software solutions in agriculture cover a wide range of farm assessment aspects. They may include irrigation, field monitoring, soil mapping, yield forecasting, plant health management, and data management, among others. The irrigation sector represents the most significant application market for GIS software in agriculture technologies. This is mainly to fulfill the need for precision irrigation. Precision irrigation has the capability to efficiently utilize water by finely matching irrigation inputs to yields in each area of a field.

Crop monitoring applications are expected to dominate the GIS software in the agriculture market by application. During the forecast period, the irrigation monitoring application area is expected to display the maximum growth, owing to the high possibilities of value addition in farm management and productivity. The advent of monitoring solutions through precise imagery is one of the most beneficial applications of GIS software in agriculture. This has replaced traditional approaches, such as manual crop inspection and soil monitoring, thus saving time and avoiding inaccuracy. Thus, the application of GIS software in agriculture in the crop monitoring process of collecting georeferenced data and other related information reduces potential threats and boosts viable economic opportunities.

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Key players in the GIS software in the agriculture market are coming up with new products and various developmental activities to generate awareness amongst the farmer community and agricultural stakeholders about their existing and new products and compete with the competitors’ product portfolio.

Identify Global Interest and Untapped Opportunities in the ASEAN Smart Grid Market!

The development of a country’s energy infrastructure is an important parameter to evaluate its growth. In the present decade, a country’s energy infrastructure is adjudged as equipped when it comprises of minimum setup and elements to integrate advanced technologies and improve infrastructure. The minimum elements include the electrification status, grid connectivity, transmission and distribution substations to monitor the electricity supply, high capacity transmission lines, capacitor banks, and step up and down transformers, among others. Countries in the ASEAN region are also working toward ensuring these elements in their respective power grids. According to the data provided by the United Nations Economic and Social Commission for Asia and Pacific (UNESCAP) 2016, the electrification percentage of all the ASEAN countries have improved in the past decade.

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The electricity demand in these countries has also increased owing to the increasing population and urbanization. As a result, the ASEAN countries have started incorporating solar and wind energy sources in the energy mix. Moreover, these countries are dependent on distributed generation systems, which are used as a source of power supply by injecting the surplus electricity to the grid during the time of peak load. In order to implement these emerging requirements and advancements in infrastructure in the grid, the smart grid is a pre-requisite for the same.

A smart grid uses two-way communication for the smooth and transparent supply of electricity from generators to consumers, thereby ensuring reduced power disruptions and improved power quality. In order to enhance the existing energy infrastructure by setting up a smart grid project for a country, the existing energy infrastructure should be capable of integrating the smart grid associated hardware and software components in the grid. Moreover, for smart grid hardware and software to work, communication, and IT infrastructure also play a crucial role in integrating all the product offerings with the IT infrastructure using communication protocols. The network infrastructure helps to communicate the smart grid products within themselves, which, in return, helps the power utilities to gain real-time insights about the flow of electricity, time of peak demand, integration of distributed generation units in the grid, reduce T&D losses, and transparent energy consumption and billing, among others.

Amongst the ASEAN countries, Singapore has been declared as the smart nation, owing to its advanced energy infrastructure, smart mobility, enhanced safety, making the country more focused toward digitalization, thereby assuring smart, healthy, and safe living country for its residents. The energy infrastructure of Singapore has been developed the most amongst all the ASEAN countries based on the smart grid implementation, grid reliability, capacity of transmission and distribution network, and the average electrical system interruption duration index. Owing to the APAEC 2016-2025 initiative, Singapore has also set up a target to install an additional 350MW of solar energy by the end of 2020. As of the first quarter of 2019, the country has 45GW capacity for renewable energy installation in the country. Since the 2016-2017, the country has started deploying smart meters in the country in order to ensure transparent electricity consumption and billing. As a result, Singapore is now equipped with a smart grid infrastructure to ensure a continuous supply of electricity to its end users.

The rising share of renewable energy in the energy mix across ASEAN countries has propelled the need for increasing usage of smart grids. Moreover, there is an essential concern for transparent energy consumption and billing to track the pattern of energy consumption of consumers. In countries such as Singapore and Malaysia, there is a massive availability of renewable energy. As a result, the smart grid market currently exhibits a stable growth.

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However, the smart grid market in countries such as Thailand, Vietnam, and Indonesia is anticipated to display substantial growth prospects supported by innovative technological advancements in the energy sector. The ASEAN smart grid market is expected to progress at a healthy rate in the future, supported by the gradually growing affinity to reduce transmission and distribution (T&D) losses and integrate distributed generation systems in the electrical grid.

The rapid market penetration of the smart grid for the ASEAN countries has led to the enhancement of the ancillary services, load management, integration of surplus electricity into the grid by the prosumers with a specific focus on smart grid technologies such as energy storage systems, advanced metering infrastructure, transmission and distribution automation, and wide-area monitoring system, among others. The power utilities of the ASEAN countries such as Tenaga Nasional Berhad, Electricity Generating Authority of Thailand, Manila Electric, Lao PDR, and Ministry of Electricity and Energy, among others, are increasing their investments in smart grid technologies, to improve operations and reduce downtime. For instance, in June 2019, World Bank invested $537 million in the Ministry of Electricity and Energy of Myanmar for the enhancement of the existing electrical grid of the country.