Global Smart Grid Market to Expand at 18.20% CAGR Fueled by Rising Power Demand
The smart grid refers to the modernization of the conventional power grid, which allows for a more reliable and secure electrical service.
The global market for smart grids has shown a steady growth in recent times. The increased demand for power supply in the global arena has stimulated the market to a great extent. According to a research study, published by Transparency Market Research (TMR), the global smart grid market stood at US$37.7 bn in 2012. Analysts at TMR project this market to expand at a CAGR of 18.20% during the period from 2013 to 2019 and attain a value of US$118.1 bn by the end of 2019.
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Quality of Power Supply Smart Grid Market in Coming Future
Smart grids enhance the quality of power supply. Coupled with efficient measures to ensure safety and security, this factor is likely to bolster the demand for smart grids across the world. In addition, the novel policies in Asia Pacific and North America, encouraging installation of smart grids for hassle-free power supply, are expected to propel the global smart grid market over the next few years.
Asia Pacific is the leading smart grid market among all the regions. It accounted for more than 45% of the global market in 2012. The rapid rise in the investment and augmenting demand for secure and reliable power supply have been driving the Asia Pacific market for smart grid, which is projected to maintain its dominance in the coming years.
Increasing Investments and Strategic Partnerships to Shape Future of Global Smart Grid Market
The major players in the highly fragmented global smart grid market are Aclara, GridPoint, Siemens, Schweitzer Engineering Laboratories, Comverge, Sensus, eMeter, Schneider Electric, Alstom, Itron, Silver Spring Networks, and Landis+Gyr.
Siemens, one of the world’s leading electrical products manufacturers, is working aggressively on building its presence in the global smart grid market. Recently, the company has announced that it will be making a significant investment in Korea to build the next-generation electrical grid. The firm aims at constructing a high voltage direct current (HVDC) transmission ecosystem in the nation.
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The electrical giant has also entered into a partnership with AES Eletropaulo, the electricity distributor in Brazil, in order to manufacture smart electronic meters for the latter, which plans to install 62,000 smart electronic meters in homes in Barueri, Sao Paulo.
Other prominent companies have also been focusing on expanding their bases in the global smart grid market. Schneider Electric, a multinational energy corp., plans to invest a hefty sum of US$71 mn in Singapore over the next few years in order to build up a control tower and headquarters in the Asian region. The main objective of the firm is to provide innovative energy management solutions and assist smart grid market in registering a massive development in Singapore and the rest of Asia.
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