Global Smart Grid Market Expected to be worth $120Bn by 2020: Report
FREMONT, CA: With the increase in need for more responsive and automated power grid, smart grid market is evolving rapidly. The smart grid market is expected to reach $120Bn in 2020, growing at a CAGR of 18 percent approximately – according to a recent report from Zion Research.
The report titled “Smart Grid Market: Global Industry Perspective, Comprehensive Analysis and Forecast, 2014-2020,” that includes historic data of 2014 along with a forecast from 2015 to 2020 based on revenue. This report from Zion Research details the segment analysis for technology and region, as well as competitive scenario and product portfolio of key vendors in the global smart grid market, reports Market Research Store.
Being an innovative power distribution technology, Smart Grid replaces the traditional power grids that facilitate secure, efficient and effective control of the production and distribution of electricity which is considered to be the major driving factor for its rapid growth. Higher reliability, safety and efficiency are also expected to trigger smart grid market worldwide.
The key technology segments considered in the report are advanced metering infrastructure, distribution automation, software and hardware, communication technologies, transmission upgrades and cyber security. Among these, distribution automation is the first largest technological segment that accounts for significant share of the total revenue generated by smart grid market in 2014, while advanced metering infrastructure taking the second place. The report predicts that transmission system upgrades to experience significant growth in the coming years owing to the efficient and reliable installation and distribution in the remote regions.
The report details regional segment analysis that include North America, Europe, Asia Pacific, Latin America and Middle East and Africa regions. In 2014, Smart Grid market was dominated by Asia Pacific with 30 percent of share over total revenue generated in 2014 while North America being the second largest revenue maker. The report unveils that Europe, Latin America and Middle East and Africa are the important regional markets for Smart Grids to exhibit rapid growth for the forecast period.
The report also lists key players in the Smart Grid market that include Aclara, Alstom, Comverge, eMeter, GridPoint, Schneider Electric, Schweitzer Engineering Laboratories, Sensus and Siemens.