Rising Modernization of Old Grid Networks Driving Global Smart Grid Market at 18.20% CAGR between 2013 and 2019
A research report, titled “Smart Grid Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2013 - 2019”, by Transparency Market Research projects excellent future growth prospects for the global smart grid market.
Browse the full Smart Grid Market (Advanced Metering Infrastructure, Distribution Automation, Software and Hardware, Communication Technologies, Transmission Upgrades, Cyber Security) - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2013 - 2019 report at https://www.transparencymarketresearch.com/smart-grid-market.html
The report states that the market will expand at an 18.20% CAGR between 2013 and 2019 and rise to a valuation of US$118.1 bn by 2019. The report credits factors such as the rising modernization of old grid networks and the rising popularity of pre-payment for electricity for the increased adoption of smart grids across the globe. Factors such as favorable regulations and policies, the mounting demand for power in major regional markets, high transmission and distribution losses in Asia Pacific, and the rising demand for a secure, reliable, and high-quality power supply are also propelling the market for smart grids significantly. However, the high cost associated with the deployment of smart grid networks, coupled with the absence of interoperability standards, is a factor that are hindering the market’s growth to a certain extent.
The report segments the global smart grid market on the basis of two criteria: technology and geography.On the basis of technology, the market is segmented into hardware and software, distribution automation, advanced metering infrastructure, transmission upgrades, communication technologies, and cyber security. Of these, the segment of transmission upgrades accounted for the largest share in the market in 2012. The segments of advanced metering infrastructure and distribution automation held the second and third largest share in the market in the same year. The report states that the segment of transmission upgrades will lead the global smart grid market and the segment of distribution automation will have a significant share in the global market over the report’s forecast period.
On the basis of geography, the report segments the global smart grid market into Asia Pacific, North America, Europe, and Rest of the World. Of these, the segment of Asia Pacific held more than 45% of the global market in 2012, positioning itself as the market leader. Asia Pacific is also projected to acquire a larger share in the global market over the report’s forecast period.The report examines the competitive landscape of the market on the basis of detailed business profiles of some of the key vendors in the market, recent developments, and a SWOT analysis of key market vendors. The report states that the market is fragmented owing to the presence of a large number of companies.
Some of the key participants in the global smart grid market are Aclara, Schneider Electric, Siemens, Alstom, Schweitzer Engineering Lab Inc. (SEL), Comverge, GridPoint Inc., Sensus, Itron, Silver Spring Networks, eMeter, and Landis+Gyr. Most of these companies had operations in their respective regional markets until the recent past. However, a rising focus on business expansion has been observed in the past few years in the market and is projected to lead to many mergers and acquisitions in the near future.
The global smart grid market is segmented as:
- Smart Grid Market: Technology Analysis
- Advanced Metering Infrastructure
- Distribution Automation
- Software and Hardware
- Communication Technologies
- Transmission Upgrades
- Cyber Security
- Smart Grid Market: Geography Analysis
- North America
- United States
- United Kingdom
- Asia Pacific
- Rest of the World
- North America
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