A new report by Northeast Group estimates that Australia and New Zealand will invest some US$6.8 billion in smart grids over the next decade.
According to the analysts, New Zealand is a top market for smart energy infrastructure, with smart meters reaching nearly all homes. More importantly, New Zealand achieved its success on the back of a positive business case, rather than government regulation, the researchers pointed out.
Australia has different rates of adoption for smart meters, primarily because of the different regions. While Victoria is very advanced in its smart meter roll out as a result of government mandates, other states are still lagging behind.
Northeast said the rest of Australia is poised to begin roll out of smart meters in the next 1-3 years, which will lead to opportunities for the rest of eco-system, including smart grids, distribution automation and home energy management.
The analysts added the rest of Oceania, including Papua New Guinea, French Polynesia and Fiji, are also poised for smart energy infrastructure growth.