Albany, NY -- (SBWIRE) -- 09/25/2017 -- Increased efficiency and optimization achieved through the use of smart grids is a key force driving the global market, states Transparency Market Research in its latest report. The study is titled "Smart Grid Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2013 - 2019", and indicates that registering an impressive CAGR of 18.20% from 2013 to 2019, the global smart grids market for is projected to grow from a value of US$37.7 bn in 2012 to US$118.1 bn in 2019.
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The smart grid market is fueled by a number of factors such as favorable policies and regulations, surging demand for power from across major regions, higher distribution and transmission losses in Asia Pacific, and rising demand for quality, reliable, and secure power supply. However, absence of common interoperability standards is likely to impede the growth of the smart grid market.On the basis of technology, the smart grid market is segmented into distribution automation, communication technologies, cyber security, advanced metering infrastructure, software and hardware, and transmission upgrades. In 2012, transmission upgrades made for the largest technological segment of the smart grid market, followed by advanced metering infrastructure and distribution automation. The demand for transmission upgrades is anticipated to stay strong throughout the forecast period owing to rising demand for reliable, efficient, and secure interstate electric transmission and distribution networks.On the basis of technology, the market is segmented into advanced metering infrastructure, distribution automation, cyber security, software and hardware, communication technologies, and transmission upgrades. Of these, the transmission upgrades segment not only led in the past but is expected to continue its leading position by 2019, accounting for 45.2% of the market. The market for transmission upgrades is expected to be significantly large in Asia Pacific.
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On the basis of geography, the global smart grid market is divided into North America, Europe, Asia Pacific, and Rest of the World. Accounting for a share of over 45.0% in 2012, Asia Pacific dominates the worldwide market and is anticipated to retain its lead through 2019. This market is fueled by the growth in countries such as India and China, which are expected to make Asia Pacific the most rapidly developing regional market for smart grids. Asia Pacific is followed by North America and Europe, and even though the APAC smart grid market is likely to gain additional market share by 2019, the regional rankings is projected to remain the same.
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The smart grid market is extremely fragmented in nature and there is no single player that occupies a major share of the market. While the presence of domestic players characterizes the vendor landscape of this market, these companies have begun diversifying globally by suitably and strategically pursuing mergers and alliances.Some of the most prominent players competing in the global smart grid market are eMeter, Schweitzer Engineering Laboratories, Inc., Landis+Gyr, Itron, Schneider Electric, Aclara, GridPoint, Inc., Siemens, Sensus, Comverge, Silver Spring Networks, and Alstom. Each of these companies is profiled in the smart grid market research report based on attributes such as company and financial overview, recent developments, business strategies, strengths, weaknesses, opportunities, and threats.
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