SINGAPORE, May 18, 2018 /CNW/ -- The Asia-Pacific energy and power industry is undergoing long-term changes with smart technology, new business models, and cross-industry digitization creating tremendous growth opportunities. While companies in this region continue to invest in alternative energy sources, the building energy management sector is moving from passive to active solutions.. Frost & Sullivan expects renewed investments in the oil and gas sector, with advantageous opportunities available in segments such as LNG and refinery.
"Efficient data collection, data monitoring, and data analytics is becoming indispensable. Market participants that offer products with highly precise data analytics capabilities will hold a competitive advantage," said Melvin Leong, Associate Director, Energy & Environment at Frost & Sullivan.
"By adopting customer-centric business models like X-as-a-Service, market participants will be able to improve the overall customer experience and also keep pace with the fast-growing technology trends," he added.
Frost & Sullivan's recent analysis, Asia-Pacific Energy & Environment Industry Outlook, 2018, reveals growth opportunities, regional trends, innovations, industry challenges, companies to actions, investment and capacity trends across key markets including oil and gas, power generation, grids, energy storage, distributed energy, buildings, and water.
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Five regional trends dominating the Asia-Pacific market and illuminating high growth opportunities include:
- China will become a refining hub in the Asia-Pacific regarding capacity addition and plant expansion. It will also continue to lead the market for solar installations and energy storage project with new government subsidies to promote energy storage;
- Japan will invest heavily in battery storage systems in the residential sector;
- Southeast Asia's annual solar power installations to grow by 66.7% in 2018, with Philippines, Singapore, and Malaysia being the key markets;
- Australia will complete the world's largest battery storage unit with strong investment expected in 2018; and
- Thailand and Indonesia will be critical hotspots in 2018.
"Understanding and leveraging cloud services will soon become vital. Companies must integrate cloud services into their portfolios – either through organic or inorganic growth," noted Leong.
Asia-Pacific Energy & Environment Outlook is part of Frost & Sullivan's Energy & Environment Growth Partnership Service program.
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Asia-Pacific Energy & Environment Industry Outlook, 2018
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SOURCE Frost & Sullivan