Albany, NY -- (SBWIRE) -- 06/09/2014 -- Transparency Market Research Reports included a detailed market survey and analysis trends on “Smart Grid Technologies Market”. This report also includes more info about basic overview of the industry including definitions, applications and global market industry structure.
The growing need of nations across the globe to reduce the cost of blackouts is driving the market for smart grids. The conventional electrical grids installed in many countries are now aging and this is causing massive electrical blackouts. Governments of many countries are incurring huge losses in order to maintain conventional electrical grids, owing to which they are now focusing on smart grid technologies.
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The market is primarily driven by the growing need of robust electrical supply technologies that cannot be interrupted. According to a study, power outages and blackouts costs nearly USD 80 billion annually in the United States. To reduce these costs, governments are continuously looking for new technologies which are more effective and efficient.
Some other factors the market desires include the characteristics of these technologies such as the ability to generate higher quality power and the fact that these are self correcting. However, the market is inhibited by huge initial capital required to set up these technologies and the lack of awareness amongst under developed countries.
Some of the leading companies operating in this industry segment are Alvarion Inc, Ambient Corp, American Superconductor Corp, Comverge Inc, and 3 M Company.
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