Global Smart Grid Market To Reach Around USD 120.0 Billion by 2020
Deerfield Beach, FL -- (SBWIRE) -- 07/18/2017 -- Zion Market Research has published a new report titled "Smart Grid (Advanced Metering Infrastructure, Distribution Automation, Software & Hardware, Communication Technologies, Transmission Upgrades and Cyber Security) Market: Global Industry Perspective, Comprehensive Analysis, and Forecast, 2014-2020." According to the report, global smart grid market was valued at approximately USD 40.0 billion in 2014 and is expected to reach around USD 120.0 billion in 2020, growing at a CAGR of slightly above 18% between 2015 and 2020.
The smart grid is an innovative power distribution technology that facilitates secure, efficient and effective control of the production and distribution of electricity. Electronic control, metering, and monitoring are major aspects of smart grid. A smart grid includes several instruments and appliances that work together to scrutinize the flow of current. Smart grid effectively measures and balance the demand and supply of electricity at the connected device across the remote areas. A smart grid is a very beneficial system for electricity distribution that collects, stores and processes huge data.
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Loss of electricity during transmission and distribution has remained major concern in Asia Pacific. Smart grid provides effective and efficient distribution of electricity with minimum loss during the transmission. This is one of the most important driving factors for growth of smart grid. Additionally, change in government policies and regulations in emerging economies are expected to fuel the growth of smart grid industry. Higher reliability, safety, and efficiency are also expected to trigger smart grid market across the world. However, the high cost of installation is expected to hamper the growth of smart grid industry to some extent.
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Advanced metering infrastructure, distribution automation, software and hardware, communication technologies, transmission upgrades and cyber security are the key technologies involved in the global smart grid market. The distribution automation was one of the largest technological segments that account for significant share of the total revenue generated by smart grid industry in 2014. Advanced metering infrastructure was the second largest segment of the smart grid market in 2014. The transmission upgrades is another important technology segment that is projected to experience significant growth in the years to come owing to the efficient and reliable installation and distribution in the remote regions.
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Smart grid market was dominated by Asia Pacific with around 30% share of the total revenue generated in 2014. Strong demand from emerging economies such as China and India is a major driving force for growth of smart grid market in the region owing to rapid industrialization. North America was the second largest market for smart grid in 2014. Europe, Latin America, and Middle East & Africa are other important regional markets for smart grid industry, which are further expected to exhibit significant growth in the years to come.
Some of the key players in global smart grid market include Aclara, Alstom, Comverge, eMeter, GridPoint, Inc., Landis+Gyr, Schneider Electric, Schweitzer Engineering Laboratories, Inc. (SEL), Sensus, and Siemens.
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