The Global Market for Smart Grid Technologies and Services is Projected to Exceed US$75 Billion by 2020

Spiraling Energy Consumption and Inefficient Grid Infrastructure Drives Demand for Smart Grid Technologies, According to a New Report by Global Industry Analysts, Inc.

GIA launches comprehensive analysis of industry segments, trends, growth drivers, market share, size and demand forecasts on the global Smart Grid market. The global market for Smart Grid Technologies and Services is projected to exceed US$75 billion by 2020, driven by spiraling energy consumption, aging and inefficient grid infrastructure, and favourable regulatory environment.

Safe and reliable delivery of electric power is vital to economic growth. However, most of the electricity networks worldwide are either more than 100 years old or are inefficiently equipped to handle the spiraling demand for electric power. A smart grid represents an ideal solution under the circumstances as it enables a cleaner, energy-efficient, cost-effective, and intelligent delivery of electric power. Smart grid is a digital technology-enabled electricity network that efficiently integrates all participants in the electricity system through a two-way digital communication method for ensuring a sustainable, safe, secure supply and quality of power with minimal losses. Additionally, smart grid is also capable of anticipating, responding to, and self-healing any disturbance in the system. Aggregation and integration of large scale renewable energy sources, demand response and distributed energy resources, including electric vehicles and distributed generation constitute the main capabilities of a smart grid system. Governments, enterprises and consumers around the world are beginning to understand that smarter electricity grids are critical for future energy infrastructure for supporting their digital economies.

Important factors driving rapid evolution of the smart grid market include legislations, standardizations, and economic, political and environmental concerns. The capabilities of smart grid to enhance safety and efficiency of the grid; improve power quality and reliability; enable better usage of the incumbent grid assets; and reduce impact on the environment are fundamentally driving the global transition to this intelligent grid system. Future growth in the market will be driven by transmission upgrades, distribution automation, increasing penetration advanced metering infrastructure (AMI), and growing smart electricity meter deployments in Asia-Pacific. Other important factors driving market expansion include rising prominence of Internet of Things (IoT) in utilities, upcoming smart cities, transition to renewable energy sources, favourable regulatory environment, increasing demand for electric vehicles, surge in energy storage projects worldwide, rising popularity of Smart Grid-as-a-Service (SGaaS) solutions, and the rapidly evolving grid-related cyber security market.

As stated by the new market research report on Smart Grid, Asia-Pacific represents the largest and the fastest growing market worldwide with a CAGR of 13.7% over the analysis period. China, along with the United States, accounted for more than 50% of the worldwide investments on smart grids in 2013. The number of smart meters installed in China is more than twice the number of households in the United States. The country is expected to achieve 100% deployment of smart electricity meters before 2020, thus benefiting market expansion in the region. China has emerged as the largest market, spurred by the huge appetite for electricity, resulting from a decade of steady economic growth and robust industrialization.

Players in the smart grid ecosystem covered in the report include ABB Ltd., Accenture Ltd., Aclara Technologies LLC, Advanced Control Systems, Inc., Alcatel-Lucent S.A., Alstom, BPL Global, Ltd., China Southern Power Grid Co., Ltd., Cisco Systems, Inc., Diehl Metering GmbH, Eaton Corporation Plc, Elster Group GmbH, Energate, Inc., GE Energy Management, Grid Net, Inc., Grid One Solutions, Inc., Gridmates Inc., GridPoint, Inc., Hewlett-Packard Development Company, L.P, Holley Metering Limited, Honeywell International Inc., IBM, Infosys Limited, Integral Analytics, Inc., Iskraemeco d.d., Itron, Inc., Landis+Gyr, Larsen & Toubro Limited, Lockheed Martin Corp., Nexgrid, LLC, Nortex Technologies Ltd., Oracle Corporation, Panasonic Corporation, Power Plus Communications AG, Schneider Electric SE, Schweitzer Engineering Laboratories, Inc., Sensus, Siemens AG, Silver Spring Networks, Tantalus Systems Corp., Tendril Networks Inc., Tollgrade Communications, Inc., Trilliant Holdings, Inc., and Wasion Group Limited, among others

The research report titled “Smart Grid: A Global Strategic Business Report” announced by Global Industry Analysts Inc., provides a comprehensive review of market trends, issues, drivers, mergers, acquisitions and other strategic industry activities of global companies. The report provides market estimates and projections in dollars for major geographic markets including the US, Canada, Japan, Europe (France, Italy, UK, Spain, Russia, and Rest of Europe), Asia-Pacific (China, South Korea, and Rest of Asia-Pacific), Middle East & Africa, and Latin America (Brazil, and Rest of Latin America). Technology segments analyzed in the report include Transmission Modernization, Distribution Automation, Networks Operations Software, AMI, and Others.

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