TechNavio recognizes the following companies as the key players in the Global Smart Grid Technology Market: Echelon Corp., Elster Group SE, GE Energy LLC, Itron Inc., Landis+Gyr AG, and Sensus USA Inc.
Commenting on the report, an analyst from TechNavio’s team said: “The advancement of technology in various sectors is one of the major positive trends observed in the Global Smart Grid Technology market. For instance, the advancement of technologies in the Telecom, IT, and Energy industries has enabled the integration of all these sectors into the power grid with the help of smart grid technologies. The advancement of smart grid technologies has taken place in almost all the stages of power infrastructure such as energy generation, energy storage, power distribution, and power consumption. Smart grid technology also includes the integration of advanced technologies such as the internet, computers, and wireless networking into the power grid. This integration of various technologies into the power grid is expected to have a positive effect on the Global Smart Grid Technology market during the forecast period.”
According to the report, one of the major drivers in this market is the aging power grid infrastructure. As various power grids across the world were built many years ago, the reliability of such grids during power blackouts and environmental changes is declining. This increases the need for upgrading the power grids, which is facilitated by the integration of various smart grid technologies into them; this will in turn increase their reliability.
Further, the report states that one of the major challenges in this market is the high implementation cost. As the vendors in the Smart Grid industry have to spend huge amounts on the installation of various smart grid technologies, several vendors and end-users are reluctant to adopt them. The high costs are due to the Smart Grid industry being in its initial stages of growth, and the industry requires various standardizations; this in turn makes it difficult for the market to grow at a rapid pace in the future.
The study was conducted using an objective combination of primary and secondary information including inputs from key participants in the industry. The report contains a comprehensive market and vendor landscape in addition to a SWOT analysis of the key vendors. For further information on this report, please visit https://www.technavio.com/report/global-smart-grid-technology-market-2012…
TechNavio, the market research platform of Infiniti Research Ltd., publishes periodic market research reports on niche and emerging technologies. For more information on our market research, please visit https://www.technavio.com/energy
Follow us on Twitter @ Technavio
TechNavio Announces the Publication of its Research Report -Global Smart Grid Technology Market 2012-2016
