2014-01-22 10:05:01 - Analyzing the Global Smart Grid - a new market research report on companiesandmarkets.com
Smart Grids are electrical grids which use information and communications technology to gather and act on information, such as information about the behaviors of suppliers and consumers, in an automated fashion to improve the efficiency, reliability, economics, and sustainability of the production and distribution of electricity. For a century, utility companies have had to send workers out to gather much of the data needed to provide electricity.
The market for smart grids in Asia-Pacific is expected to rise thoroughly in the coming years ahead. The region is the global leader in the installation of smart grids with a share of nearly 50%. China, India, Japan and Indonesia are poised to be the biggest smart grid users in the region. Aiding the
growth of the smart grid in Asia Pacific is the fact that the Asian smart building market will cross US$1,000 billion by 2020, driven by the urbanization, smart cities and government commitment on carbon reduction.
Smart grid technology and infrastructure development has never been this relevant and necessary as in Asia-Pacific energy markets today. It is forecast to grow by almost 35% over the next five years, leading the world in Smart Grid applications and deployment. Dynamic pricing for electricity has long been the holy grail of the smart grid, particularly for smart metering.
Meanwhile, the market for smart grids in Europe is expected to increase significantly every year until 2020. Customers in Europe tend to take a proactive approach to new technologies. Despite awareness of smart grids being relatively low, deployment can be seen on a large scale. The significant difference between the deployment of smart grid technology in Europe and developing nations is the risk-taking attitude towards utilities in the former. Consumers across Europe are also eager to adopt technology that will help them to increase their participation in the power distribution system. This in turn is encouraging utilities´ research and development activities.
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