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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