Transparency Market Research has announced the release of a report titled “Smart Grid Market (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.”
This report states that growing at a CAGR of 18.2% from 2013 to 2019, the global smart grid market will reach US$118.1 billion in 2019, up from US$37.7 billion in 2012.
The global smart grid market is propelled by rising demand for power, greater government initiatives, increasing investment, and higher distribution and transmission losses. A smart grid is the modernized version of the conventional power grid. A smart grid ensures a more secure and reliable electrical service. It is expected that in the forthcoming years, the global smart grid market will be dominated by transmission upgrades. Also, the distribution automation segment is estimated to hold the highest share in the smart grid market. Open standards and lack of interoperability are some of the hindrances facing the global smart grid market.
Geographically, the global smart grid market is classified into Asia Pacific, Europe, North America, and Rest of the World. In 2012, Asia Pacific dominated the global smart grid market. As per industry estimates, Asia Pacific is expected to retain its leading position in the market during the forecast period.
The leading market players are regionally confined, however, several acquisitions and mergers are taking place in the global smart grid market. Also, current industry trends show that the transmission upgrades segment will shrink in the forthcoming years. Silver Spring Networks, Siemens, Schweitzer Engineering Laboratories, Inc. (SEL), and Schneider Electric are a few leading companies in the global smart grid market.