07 Sep 2015 02:09:28
Global Smart Grid Industry: Rising Demand for Power Supply in Asia Pacific to Propel Market Growth
A smart grid refers to a modernized electrical grid that allows a reliable and secure electrical service by using analog or digital information. It is illustrated by a two-way communication and information technology that is capable of bridging the utility between customers, appliances connected to the grid, and the activities of the electrical systems linked to the grid. In short, by applying and connecting an existing power grid with a seamless communications system; the grid is converted into a smart grid.
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The smart grid incorporates the advantages of circulated communication and computing in the power grid to offer synchronized information dissemination to enable transitory restoration of power. It also provides the benefits of balancing the demand and supply at the linked devices. The communication systems can collect, process, and stock up high amounts of data. It can also change processed data into intelligence and communicate it among the components linked to the smart grid in any direction for automated control.
The Global Smart Grid Market to Grow at a Rate of 18%
The market for smart grid is showing healthy growth attributed to the rising demand for power supply in Asia Pacific triggered by the decline in transmission and loss in distribution. Policies and regulations passed by the governments of various economies in North America and Asia Pacific, heightened efficiency, increased quality and dependability, and security of the power supplied are other factors propelling the smart grid industry across the world.
On the other hand, the high cost of smart grid deployment of the entire smart grid network is the major challenge of the global smart grid industry. Further, the shortage of interoperability standards is also adding to the problems the market is facing. Meeting a common consensus is significant for the development of any industry. But, in the smart grid industry, every economy has its own mandates and regulations forcing various service providers to employ different standards of operating based on the geography, in which the enterprise exist. This factor leads to a slower acceptance of smart grid technology, which results in hampering the market growth.
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The global smart grid market reached US$37.7 billion in 2012. It is expected that the market will reach US$118.1 billion by 2019, rising at an 18.2% CAGR between 2013 and 2019. The advancement of old technology as well as adoption of the newer ones is the prevalent trend in the smart grid industry at present. Prepayment for electricity will be the next big thing in this market.
Asia Pacific to Continue being Market Leader in Future
Advanced metering infrastructure, hardware and software, distribution automation, transmission upgrades, communication technologies, and cyber security are the major technologies employed in the global market for smart grids. In 2012, transmission upgrades qualified for the majority share in the overall smart grid market based on technology followed by the advanced metering infrastructure and distribution automation technologies.
Asia Pacific dominated the global market for smart grids in 2012, holding over 45% of the total share. The region is projected to seize additional market share by 2019. However, the regional rankings based on the market share are not likely to change over the forecast period.
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Major Market Players to Enter into Foreign Regions
The global smart grid market is fragmented in nature. The main participants of the global smart grid market such as Aclara, Schneider Electric, GridPoint, Inc., Alstom, Siemens, Itron, Schweitzer Engineering Laboratories, Inc. (SEL), Silver Spring Networks, Comverge, Landis+Gyr, Sensus, and eMeter are confined to their respective regions. However, they have initiated expanding their business worldwide by mergers and acquisitions in foreign regions. In the future, the market is most likely to consolidate as small companies are forming strategic partnership with the leading participants in the global smart grid industry and pursue suitable mergers and acquisitions with the enterprises operating in other smart grid technologies industry.
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