The global market for next-generation smart grid technology is set to grow from US$4.9bn in 2011 to US$43.3bn in 2020, according to a new report.
Zpryme Smart Grid Insights, which carried out the research, says next-gen smart grid technologies are those that will be deployed after the first layer of smart grid technology is in place – ie, AMI, smart metres, communication systems and access networks.
It anticipates that market growth will be slow over the next five years, but expects it to accelerate rapidly starting in 2016. The market, says Zpryme, will be led by developed countries such as the US, China, South Korea, Japan, Canada, the UK, France, Spain, Denmark, Germany, Australia and New Zealand.
Zpryme says opportunities will be the largest for firms that invest in forward-looking R&D activities and innovation that look to leverage the first layer of smart grid technology currently being deployed by utilities across the globe.