Market Research Projects Smart Grid Market at $81 Billion by 2016
ROCKVILLE, MD, Feb 10, 2012 (MARKETWIRE via COMTEX) --
MarketResearch.com has announced the addition of the new report
"Smart Grid Technology Market - Analysis and Global Forecast by
Hardware, Software & Communication Network Technologies (2011 -
2016)" to their collection of Utilities market reports. For more
Smart grid intends to modernize the power grid by using the latest
technology that supports the utility to reduce the transmission and
distribution loss. This can be achieved with the help of advanced
metering infrastructure, software such as SCADA, DRM, DMS, MDMS,
etc., and communication networks such as Wi-Fi, ZigBee, Z-Wave, etc.
Smart grid will balance the electricity supply and demand. It will
improve the grid reliability by monitoring the frequency and duration
of power outages and the number of disturbances, including reduction
of the possibility of regional blackouts. Smart grid will improve the
efficiency and dependability in energy distribution and assist in
optimizing utilization of resources.
Reduction in transmission and distribution loss, coupled with an
increase in energy efficiency, is one of the major drivers of the
smart grid market. The governments of various countries are playing
important roles in the commercialization of the smart grid market and
passing on mandates and regulations for the same. The high cost of
installation of the entire smart grid network is one of the
restraints of the smart grid market. Another major restraint is the
lack of interoperability of standards. There are huge amounts of
investments happening in the smart grid market, which are an
opportunity for the growth of the market. Prepaid electricity is also
en-route, wherein the users will prepay for the electricity that will
be consumed by them.
Lack of interoperability standards exists at all the levels in a
system. There are numerous service providers across the globe with
different standards of operating and meeting a common consensus is
very important for the growth of any industry. This is lacking in the
smart grid market as every country has its own rules and mandates.
This leads to a slower adoption of technology and increases risks for
the industry as a whole.
The current trend prevailing in the smart grid technology market is
the upgradation of old technology as well as adopting a new
technology, which will lead to a more efficient usage of electricity.
The increase in investment from the governments as well as the
utilities' point of view is expected to reach a billion mark in the
next five years.
The global smart grid market is expected to reach $80.6 billion in
2016 from $22.8 billion in 2011 at a CAGR of 28.7% from 2011 to 2016.
Some of the players in the smart grid market include Landys+Gyr
(U.S.), Itron (U.S.), Cisco (U.S.), eMeter (U.S.), and Telvent
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