Factors Driving Growth of Global Smart Grid Market through 2019 and Beyond
The global market for smart grid demonstrates a considerably fragmented business landscape, states a new research report by Transparency Market Research (TMR). Schneider Electric, Aclara, Alstom, GridPoint Inc., Siemens, Schweitzer Engineering Lab Inc. (SEL), Itron, Sensus, Silver Spring Networks, Landis+Gyr, Comverge, and eMeter are some of the key players in the global smart grid market, reports the market study.
According to the research report, the global smart grid market that projects the market to attain a value of US$118.1 billion by 2019, expanding at a CAGR of 18.2% between 2013 and 2019. Based on technology, the segment of transmission upgrades accounted for the leading position in the global market in 2012. The advanced metering infrastructure segment and the distribution automation technologies segment stood at the second and third position in the smart grid industry across the world, states the research report.
Asia Pacific to Remain Dominant
The geographical analysis of the global market for Smart grid is also presented in this research report. As per the report, North America, Europe, Asia Pacific, and Rest of the World are the main regional markets for the smart grid, across the globe. Asia Pacific dominated the global market for smart grid in 2012, holding over 45% of the total share in the global smart grid industry. The region is projected to seize additional market share by 2019; however, the regional rankings based on the market share are not likely to change over the forecast period, states the market report.
Rising Demand for Power Supply in Asia pacific to Support Market’s Growth
“The market for smart grid is showing healthy growth attributed to the rising demand for power supply in Asia pacific triggered by the decline in transmission and loss in distribution,” says a TMR analyst. Policies and regulations passed by the governments of various economies in North America and Asia Pacific, heightened efficiency, increased, quality, dependability, and security of power supplied are other factors propelling the smart grid industry across the world.
On the other hand, the high cost of smart grid deployment of the entire smart grid network is the major challenge of the global smart grid industry. Further, the shortage of interoperability standards is also adding to the problems the market is facing. Meeting a common consensus is significant for the development of any industry. But, in the smart grid industry, every economy has its own mandates and regulations forcing various service providers to employ different standards of operating based on the geography, in which the enterprise exist. This factor leads to a slower acceptance of smart grid technology, which results in hampering the market growth, notes the research study.
The review is based on a report by Transparency Market Research (TMR), titled “Smart Grid Market (Technology - 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.”
The global smart grid market is segmented along the following lines:
- Advanced Metering Infrastructure
- Distribution Automation
- Software and Hardware
- Communication Technologies
- Transmission Upgrades
- Cyber Security
- North America
- Asia Pacific
- Rest of the World
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