The growth of the global smart grid market is mainly driven by the increased global demand for power supplemented by higher transmission and distribution losses.
Increased policy and regulatory support by governments are likely to play a key role in the rise in demand for smart grid market over the forecast period. The growing need for increased reliability, quality, and the secure power and the increased energy efficiency achieved through grid optimization are expected to augment the global demand for the smart grid market. Lack of interoperability and open standard are likely to restrain the growth in the global smart grid market. However, prepayment of electricity is anticipated to create a promising global market for the smart grid technologies.
The smart grid refers to the modernization of the conventional power grid, which allows for a more reliable and secure electrical service. The smart grid is characterized by a two-way flow of communication and information, capable of monitoring the consumer preference, grid connected appliances, and the activities of the grid connected electrical systems. It incorporates the benefits of distributed computing and communication in the power grid, to provide the real-time information as well as enable the momentary restoration of power, and balance the demand and supply at the connected device. The application of the seamless communication system is expected to make the existing grid as the smarter grid. The communication system stores, gather, and process large amount of data, converts it into intelligence, communicate intelligence omni-directionally among the components that are connected to the smart grid.
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The global smart grid market was dominated by Asia Pacific region followed by North America and Europe. Asia Pacific is expected to account for maximum demand for the global smart grid market on account of increasing investment and growing need for secure and reliable power in the region. The region is expected to display high growth rates as compared to other regions, mainly driven by the countries such as China and India.
This research is designed to estimate, analyze, and forecast the market revenue of the global smart grid market. The research provides in-depth analysis of the market size of the global smart grid market, in terms of revenue. The report covers key smart grid technology segmented as advanced metering infrastructure, distribution automation, software and hardware, communication technologies, transmission upgrades, and cyber security market. It also provides detailed analysis, historical data and statistically refined forecast for the segments covered.
The market size of the global smart grid has been estimated on the basis of indicators in the technology segment. Furthermore, the market is analyzed based on geography that constitutes a geographic region such as North America, Europe, Asia Pacific, and Rest of the World with country wise analysis for Asia Pacific, North America and Europe. Each geographical region has been segmented further on the basis of technology, and revenue forecasts and estimates for each segment have been provided for the forecast period of 2013-2019.
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