The global smart grid market will reach $73 billion in annual revenues by 2020 and will generate $461 billion in cumulative revenue in the next seven years.
According to Smart Grid Technologies by Navigant Research, smart grid technologies, which include smart meters and appliances as well as smart infrastructure technologies, is already well established and was worth more than $33 billion globally last year.
Transmission upgrades will dominate the market, driving nearly $250 million of infrastructure spending through to 2020, accounting for more than half the total smart grid market.
“Smart grid technologies improve the reliability and efficiency of the power grid via the application of modern IT capabilities alongside or in place of existing utility assets and networks,” says Bob Lockhart, research director with Navigant Research.
The term “smart grid” has been overused. A more precise definition includes five key applications: transmission upgrades, substation automation, distribution automation, smart grid information and operations technology, and smart metering, he says.
Navigant says the report profiles the key players in smart grid technologies in eight categories: influential utilities, control system vendors, telecommunications vendors, smart metering vendors, application and services vendors, systems integrators, cyber security vendors, and standards associations.
To view more information about the Navigant report, click here