Global smart grid market to reach $80.6 billion in 2016

DUBLIN, IRELAND: Research and has announced the addition of the "Smart Grid Technology Market - Analysis And Global Forecast By Hardware, Software & Communication Network Technologies (2011 - 2016)" report to its offering.

Smart grid intends to modernize the power grid by using the latest technology that supports the utility to reduce the transmission and distribution loss. This can be achieved with the help of advanced metering infrastructure, software's such as SCADA, DRM, DMS, MDMS, etc., and communication networks such as Wi-Fi, ZigBee, Z-Wave, etc.

Smart grid will balance the electricity supply and demand. It will improve the grid reliability by monitoring the frequency and duration of power outages and the number of disturbances, including reduction of the possibility of regional blackouts. Smart grid will improve the efficiency and dependability in energy distribution and assist in optimizing utilization of resources.

Reduction in transmission and distribution loss, coupled with an increase in energy efficiency, is one of the major drivers of the smart grid market. The governments of various countries are playing important roles in the commercialization of the smart grid market and passing on mandates and regulations for the same. The high cost of installation of the entire smart grid network is one of the restraints of the smart grid market. Another major restraint is the lack of interoperability of standards.

There are huge amounts of investments happening in the smart grid market, which are an opportunity for the growth of the market. Prepaid electricity is also en-route, wherein the users will prepay for the electricity that will be consumed by them.

The global smart grid market is expected to reach $80.6 billion in 2016 from $22.8 billion in 2011 at a CAGR of 28.7 percent from 2011 to 2016. Some of the players in the smart grid market include Landys+Gyr (US), Itron (US), Cisco (US), eMeter (US) and Telvent (US).