According to a new report from Navigant Research, southeast Asia largely reflects a fundamental shift in its power systems toward a smart grid framework, as seen in developed countries.

Future grid revenue in southeast Asia is expected to grow from about $5.5 billion in 2018 to nearly $13 billion in 2027, with a compound annual growth rate (CAGR) of 9.7 percent, the report said.

Although the market is developing slowly, it is changing due to urbanization, population growth and consumption patterns.

"In southeast Asia, Singapore and Malaysia have become leaders in the region's smart grid, and countries like Vietnam and Indonesia are just beginning to see a very broad market," said Michael Kelly, a Research analyst with Navigant Research.

Market forces, including distributed energy and government support, also help push the region beyond simple electrification plans and basic IT infrastructure deployment. As the transformation of southeast Asia continues and a long-term stable smart grid roadmap becomes increasingly popular, distributed generation and utilities are expected to spend more on IT and analytics markets.