2014-02-18 20:09:02 - Global Grid Optimization Solutions Market 2012-2016 - a new market research report on companiesandmarkets.com
The Global Grid Optimization Solutions market is to grow at a CAGR of 40.32 percent over the period 2012-2016. One of the key factors contributing to this market growth is the emergence of smart grids. The Global Grid Optimization Solutions market has also been witnessing the exposure to cyber-attacks. However, the exposure to cyber-attacks could pose a challenge to the growth of this market.
Governments across the globe have been supporting the implementation of smart grids. Funds are being raised to support the deployment of smart grid optimization solutions, resulting in an increased number of smart grid solutions being built by grid optimization vendors across the globe. A large scale of smart grid construction was incorporated in Chinas twelfth five-year development
plan and it began in 2011. The US, too, offered a grant, under the Smart Grid Investment Grant program, through which the Obama Government has allotted US$4.3 billion for the development of smart grid applications. A part of this grant will be diverted to the development of grid optimization solutions as they are an integral part of the Smart Grid sector.
One of the major drivers is the emergence of smart grids, which has resulted in the integration of various new technologies/communication devices into existing power grids. This helps power utilities improve power transmission and distribution and helps them solve issues such as power failures/outages at a faster rate. Thus, the electricity distribution process is controlled and monitored, and thus, the efficiency of the existing grid is improved.
One of the major challenges in this market is its exposure to cyber-attacks. As the deployment of grid optimization solutions includes communication networks and internet technologies, there is an increased risk of cyber-attacks and viruses. This can affect consumers, and thus will hinder the growth of the market.
Key vendors dominating this space include ABB Group, GE Energy LLC, S and C Electric Co. Inc., Schneider Electric SA, and SEL Inc. Other vendors mentioned in the report are Siemens AG, Ambient Corp., BPL Global Ltd., and Oracle Corp.
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