Smart grid market research: China’s renewables growth surge and more
Our market research roundup this week includes quite a variety: the EV charging stations market, smart city technology, home automation, China’s renewables and much more.
The U.S. electric vehicle level 2 charging stations market will surge from $67 million in 2013 to approximately $947 million by 2020, catalyzed by President Obama’s target of one million EVs on US roads by 2015, according to research and consulting firm GlobalData. The company’s latest report* states that the global market for EV level 2 charging stations will grow exponentially from an estimated $0.2 billion in 2014 to $3.5 billion by 2020.The US is currently the world’s leading market, having claimed more than a 30% share of the total annual installations in 2013. See more >>
China’s renewable energy capacity increased from 27.8 Gigawatts (GW) in 2001 to 183 GW in 2013, and alternative sources are expected to account for more than 20% of the country’s total electricity generation by 2020, says research and consulting firm GlobalData. The company’s latest report states that China’s emergence as a major player in the global renewable energy industry, and the leading country in the Asia-Pacific region, has been accelerated by a combination of government encouragement and market guidance. See more >>
According to a new report from Navigant Research, worldwide revenue from smart city technology will grow from $8.8 billion in 2014 to $27.5 billion in 2023. "New infrastructure for rapidly expanding cities is being underpinned by information and communications technologies that are deeply embedded in the urban fabric and are profoundly changing the way cities operate and how people live and work in these environments,” says Eric Woods, research director with Navigant Research. See more >>
The power and distribution transformers market in Brazil is forecast to grow at a CAGR of around 5.6% till 2019. Brazil majorly depends on hydropower projects for electricity generation, and presently, the country has various large scale hydropower projects in pipeline which are expected to drive sales for transformers. Brazil is also focusing on increasing the use of alternative energy resources including wind and solar energy for power generation which will further spur the demand for power and distribution transformers. See more >>
By 2024, MENA (the Middle East and North Africa) will spend approximately $9.8 billion to modernize infrastructure and implement smart grids, as well as incorporate $27.9 billion in new solar resources. Northeast Group LLC found by focusing domestic energy toward exports, MENA countries can save up to $3.5 billion per year. See more >>