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Smart Power Technology Market trends research and projections for 2017-2025
Smart power technology encompasses electrical power generation and power distribution in an eco-friendly and economical manner. Smart power technology allows for optimal utilization of resources in order to enhance power generation. Rampant growth in population, in turn creates a highly conducive environment for growth of the global smart power technology market. According to Population Reference Bureau Organization , the global population was pegged at 7,418 million, up from 7,336 million in 2015.
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Smart power technology Market Outlook – North America region holds the largest market share of the global smart power technology market
On the basis of geography, global smart power technology market is classified into North America, Europe, Asia Pacific, Latin America, Middle East, and Africa. North America holds the dominant position in the global smart power technology market and is projected to retain its dominance throughout the forecast period. This is mainly attributed to the countries such as the U.S. and Canada, which are early adopters of novel technologies and account for a disproportionately high consumption of energy. According to Energy Information Administration, in 2012, 118 quadrillion Btu energy was consumed in the U.S., which is projected to increase to 128 quadrillion Btu by 2025.
Smart Power Devices Ltd., Smart Power Technologies LLC, Texas Instruments Incorporated., STMicroelectronics N.V, RICOH Electronic Devices Co., Schukat Electronic Vertriebs Gmbh and Wärtsilä Corporation are some of major companies of the global smart power technologies market. Leading players are focusing on organic growth strategies and geographical expansion to strengthen their position in the market. For example, in 2015, April, Wärtsilä Corporation—a Finland-based power source manufacturing and service providing company—announced the installation of two new smart power generation power plants in Oman, for the Rural Area Electricity Company.
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