Smart grid market will nearly double by 2018, with main growth in China
Although the U.S. smart grid market contracted in 2012, the overall market grew 7% to hit $13.9 billion, according to Bloomberg New Energy Finance.
Here are some high points of the just-released forecasts.
- China led the way with 14% growth to $3.2 billion, largely smart meters by China State Grid
- The U.S. dropped to $4.3 billion, down from $5.1 billion in 2011
- China will pass the U.S. as the world's largest market in 2013
- Roughly half the total spend was on smart metering, followed by distribution automation
- Growth is projected at 10% per year going forward, which would nearly double the market to $25.2 billion by 2018
European spending remained modest at $1.4 billion, though the market is expected to grow rapidly after 2014 as the UK and France begin major deployments. Latin America remains small at just $0.4 billion.
Meanwhile, a new study from Newton-Evan Research predicts that North America utilities will be greatly increasing their spending on energy management systems (EMS) and supervisory control and data acquisition (SCADA) systems, predicting that expenditures will jump 25% over the next two years.
Newton-Evans reports that one quarter of all utilities are planning new distribution management systems (DMS) and one fifth new outage management systems (OMS).
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