Global Enabling Technologies for the Smart Grid Market to Benefit from Increasing Need to Curb Transmission and Distribution Losses

The global enabling technologies for smart grids market is expected to exhibit a steady 7% growth till 2018. The global smart grid market is growing due to the rising demand for power that is supplemented by higher transmission and distribution losses. Furthermore, the global market for smart grid will also benefit from regulatory compliance, rising efficiency by optimization of the grid, and elevated reliability, quality, and security of power supply.

Rising Number of Massive Electrical Blackouts Pressurizing Countries to Adopt Smart Grid Technology

Conventional electrical grids installed in several countries are now reaching the end of their lifecycle, which has resulted in massive electrical blackouts. Consequently, governments in many of these countries are experiencing huge losses in maintaining these traditional grids. These factors have attracted massive attention to smart grids. Several governments are focusing on new enabling technologies for smart grids that are more effective and efficient. Furthermore, these technologies are capable of generating higher quality power and are self-corrective. In addition to this, smart grid distribution can cut down carbon dioxide emissions by around 25%.

On the other hand, the lack of interoperability and lack of common standards will suppress the global market for enabling technologies for smart grids. The high initial set-up cost of these technologies is also the other discouraging factor suppressing the growth of the global market for enabling technologies for smart grids.

Sensing, Measurement, and Control Segment to Demonstrate Tremendous Expansion with an 85% CAGR till 2018

Some of the core technologies used in the global smart grid market include advanced metering infrastructure, software and hardware, distribution automation (DA), communication technologies, cyber security, and transmission upgrades. By type, the global market for enabling technologies for smart grids is divided into grid scale energy storage systems, energy management systems (EMS), and microgrids.

In 2011, the segment of distributed energy generation and storage held the largest share of approximately 76% in the global market for enabling technologies for smart grids. At present, the sector of sensing, measurement, and control accounts for a small share in the global market for enabling technologies for smart grids. However, this sector is expected to demonstrate the highest CAGR of 85% during the forecast period of 2012 to 2018.

Microgrid Segment in the Global Market for Enabling Technologies for Smart Grids to Benefit from Rapid Industrialization

The microgrid segment in the global market for enabling technologies for smart grids is expected to show healthy growth in the coming years. The global microgrid market is expected to soar at 20.7% CAGR during the forecast period of 2014 to 2020. In 2013, this enabling technology sector for smart grids was pegged at US$9,841.8 million, and by 2020 this sector is expected to be worth US$35,186.0 million. Factors such as the advancement in renewable energy technologies, rapid industrialization, and indirect and direct benefits of microgrid are augmenting microgrid deployment.

The trend of prepayment of electricity will offer a good growth opportunity for market players operating in the global market for enabling technologies for smart grids. Some of the top companies operating in the global market for enabling technologies for smart grids are 3M Company, Alvarion Inc., American Superconductor Corp., Chevron Corp., GE Energy Management, Ambient Corp., Power Analytics Corp., Toshiba Corp., S&C Electric Company, and Schneider Electric.

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