The global market for smart grid demonstrates a considerably fragmented business landscape, states a new research report by Transparency Market Research (TMR). Schneider Electric, Aclara, Alstom, GridPoint Inc., Siemens, Schweitzer Engineering Lab Inc. (SEL), Itron, Sensus, Silver Spring Networks, Landis+Gyr, Comverge, and eMeter are some of the key players in the global smart grid market, reports the market study.
As per the examination report, the worldwide smart grid showcase that ventures the market to accomplish an estimation of US$118.1 billion by 2019, growing at a CAGR of 18.2% somewhere in the range of 2013 and 2019. In light of innovation, the portion of transmission redesigns represented the main position in the worldwide market in 2012. The progressed metering foundation fragment and the appropriation mechanization advancements portion remained at the second and third position in the smart grid industry over the world, expresses the exploration report.
Asia Pacific to Remain Dominant
The geological examination of the worldwide market for Smart grid is likewise introduced in this exploration report. According to the report, North America, Europe, Asia Pacific, and Rest of the World are the primary provincial markets for the smart grid, over the globe. Asia Pacific overwhelmed the worldwide market for smart grid in 2012, holding over 45% of the absolute offer in the worldwide smart grid industry. The district is anticipated to hold onto extra piece of the pie by 2019; be that as it may, the provincial rankings dependent available offer are not liable to change over the figure time frame, expresses the market report.
Rising Demand for Power Supply in Asia pacific to Support Market’s Growth
“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,” says a TMR analyst. Policies and regulations passed by the governments of various economies in North America and Asia Pacific, heightened efficiency, increased, quality, dependability, and security of 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, notes the research study.