As the Smart Grid and Smart Energy markets begin to gear up it is unsurprising given their rapid growth that the Asian nations have both some of the most ambitions deployment plans for Smart Technologies, as well as some of the most extensive technology export opportunities.
South Korea is a case in point with their commitment to roll out a Smart grid across the peninsula by 2030. There is no doubt they will achieve this, partly due to their significant industry experience in this field, which, through working with a proactive government, enables them to make the necessary upfront investment. In China the numbers are quite astounding, accounting for a predicted 24% of the global market by 2020. However, unlike Korea, whilst China has a number of advanced technology companies the scale of their need will outstrip domestic supply.
- On the one hand Korean companies, many of whom are not well embedded in the EU market, will need local, innovative supply chain companies to help them bring their products to the EU.
- Conversely the Chinese market which is so large and growing so rapidly that they need to pull in expertise and talent from across the globe to drive their transformation to a more knowledge intensive economy.
Tapping into these opportunities are not as difficult as it might first seem.
For example, as is often the case with large technology providers, the large Korean companies do not see smaller innovative companies as competition, quite the opposite collaboration is a key part of their business model.
In China there is a real drive to support inward investment with significant government incentives and IP protection, often linked to new high tech focal points such as the Sino-Singapore Guangzhou Knowledge City project.
Whilst different European countries are undoubtedly making great progress in this area, with growth remaining stagnant the overseas opportunity is not to be missed. This is particularly pertinent as the same basic rules apply not just to Korea and China but to all the other counties who are either technology leaders or rapidly growing and modernizing societies.