A new Transparency Market Research report states that the global smart grid market is predicted to reach US$118.1 bn by 2019. It is predicted to expand at a whopping CAGR of 18.20% from 2013 to 2019. The title of the report is “Smart Grid Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2013 – 2019.”
A smart grid is a type of evolved grid system managing the demand for electricity in a reliable, economic, and sustainable manner. It is majorly responsible for electricity distribution, control of production, and electric power conditioning. Smart grids consist of computers, controls, automation, new equipment, and new technologies working in collaboration. The key benefits of smarts grids include enhanced electricity transmission, swift electricity restoration post power disturbances, and enhanced security, among others.
As per the report, the increasing demand for power owing to increasing distribution losses and greater transmission, especially within the region of Asia Pacific, is amongst the prime factors stimulating the market for smart grids. In addition, the enhanced efficiency achieved due to grid optimization along with the rising security, quality, and reliability of the power supply is also a key factor augmenting the growth of the market. Furthermore, the supportive regulations and policies within the region of North America and Asia Pacific will also boost the market in these two regions, hence propelling the overall market. On the other hand, the absence of interoperability is the key factor that may restrain the growth of the market in forthcoming years.
On the basis of technology, the report segments the market into advanced metering infrastructure, software and hardware, distribution automation, transmission upgrades, communication technologies, and cyber security. Amongst these, the segment of transmission upgrades is predicted to lead the market in forthcoming years. This is owing to the increasing demand for reliable, secure, and efficient interstate electrical distribution and transmission networks. On the other hand, the segment of distribution automation is also predicted to hold a large share in the market and will be trailed by the segment of advanced metering infrastructure in the coming years.
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In terms of geography, the report segments the smart grid market into Europe, North America, Asia Pacific, and Rest of the World (RoW). Amongst these, Asia Pacific led the market for smart grids in 2013 and was trailed by Europe and North America. This is owing to the increasing need for reliable and secure power supply and the increasing investments in Asia Pacific. The Asia Pacific smart grids market is predicted to grow exponentially by 2019 owing to the increasing demand for smart grids from India and China.
As stated in the report, the market for smart grids is fragmented in nature and this is why no company holds a leading position in the market. The prime players operating in the market for smart grids are Alstom, Aclara, Comverge, GridPoint, Inc., eMeter, Landis+Gyr, Schweitzer Engineering Laboratories, Inc. (SEL), Schneider Electric, Siemens, and Sensus, among others.
The global smart grid market is segmented as:
Smart Grid Market: Technology Analysis
- Advanced Metering Infrastructure
- Distribution Automation
- Software and Hardware
- Communication Technologies
- Transmission Upgrades
- Cyber Security
Smart Grid Market: Geography Analysis
North America
- United States
- Canada
Europe
- Italy
- Germany
- United Kingdom
- France
- Spain
Asia Pacific
- China
- India
- Japan
Rest of the World
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