The growing need for reducing the cost of blackouts by various nations across the globe is driving the market for smart grids. The conventional electrical grids installed in many countries are now aging and this is causing massive electrical blackouts. Governments of many countries are incurring huge losses in order to maintain the conventional electrical grids, owing to which they are now focusing on smart grid technologies.
Theglobal market for enabling technologies for smart grids is expected to experience steady growth of approximately 7% from 2012 to 2018. Distributed energy generation and storage is the biggest section accounting for approximately 76% of the total market. The sensing, measurement, and control segment, although having a small market share globally, is expected to be the fastest growing segment with a CAGR of over 85% from 2012 to 2018.
The market is primarily driven by the growing need of robust electrical supply technologies that cannot be interrupted. According to a study, power outages and blackouts cost nearly USD 80 billion annually in the United States. To reduce these costs, governments are continuously looking for new technologies which are more effective and efficient. Some other factors the market desires include the characteristic of these technologies such as the ability to generate higher quality power and the fact that these are self corrective. However, the market is inhibited by huge initial capital required to set up these technologies and the lack of awareness amongst under developed countries.
Some of the leading companies operating in the global market include Alvarion Inc, Ambient Corp, American Superconductor Corp, Comverge Inc, 3 M Company and so on.
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