Smart grid technology: how the market will grow until 2018
Conventional electrical grids installed in several countries are now reaching the end of their lifecycle, which has resulted in massive electrical blackouts, asserts the data from Transparency Market Research.
The company expects to see the smart grid technology market grow by a steady 7% until 2018.
The global market will also benefit from the demands of regulatory compliance with smart grid distribution estimated to reduce carbon dioxide emissions by around 25%.
The sector however will face challenges.
A lack of interoperability and common standards will suppress the global market for enabling technologies for smart grids, believes analysts at Transparency Market Research.
Also the high initial set-up cost of these technologies is another discouraging factor.