Worldwide Smart Grid Market to Surpass $400 Billion by 2020
In a new report examining the global deployment of smart grid technologies and services from the perspective of growth and market share, GTM Research is expecting Smart Grid Market to Surpass $400 Billion Worldwide by 2020. The report looks at the trend of the smart grid market for the next seven years (2013-2020). GTM are predicting an average compound annual growth rate of over 8%, with China being the largest smart grid market in the world, accounting for over 24% of the global market.
The GTM study examined the five major markets, which include North America, Latin America, Europe China and Asia-Pacific and technologies from a comparative perspective.
GTM found that there will be common architectural, hardware and process components that will be deployed regionally; however, the deployment and maturity of applications will evolve differently depending on local drivers, requirements and technological appetites.
"Evolving regulatory requirements and historical IT and infrastructure investments are the biggest drivers shaping global utility demand," said Ben Kellison, research contributor to the report and Senior Analyst at GTM Research. "These factors continue to make transmission optimization and distribution automation the dominant capital expenditures for grid modernization. However, in most regions we see the largest growth opportunities in analytics, followed by AMI and network operation software."
The 96-page report is entitled: Global Smart Grid Technologies and Growth Markets 2013-2020.