Smart Energy Market to Grow at 14.91% CAGR to 2020
PUNE, India, July 20, 2016 /PRNewswire/ --
The global smart energy market analysts say a trend contributing to market growth is the high rate in the deployment of smart grids, which is increasing rapidly worldwide with countries such as China, the US, India, Spain, Germany, and France enforcing ambitious smart grid plans. Smart grids include grid applications such as smart energy meters, SCADA systems, IT, and other communication networks. These devices enable utilities to have complete control and manage the digital assets that are present in the field.
Complete report on smart energy market spread across 80 pages, analyzing 7 major companies and providing 48 data exhibits is now available at http://www.rnrmarketresearch.com/global-smart-energy-market-2016-2020-market-report.html.
The analysts forecast global smart energy market to grow at a CAGR of 14.91% in terms of revenue during the period 2016-2020. According to 2016 smart energy market report, a key growth driver is the rise in investments in smart grid technologies. Rise in population and subsequent increase in power consumption have resulted in high demand for power across geographies. With increased power consumption, generation, and increased contribution of renewable sources of energy, different countries such as the US, China, India, and the UK have been upgrading their grids to incorporate multiple sources of energy to be smarter than their predecessors. Smart grids are expected to reduce the T&D losses and effectively balance the demand and supply of electricity. Consequently, investments in smart grid technologies have increased and propelled the growth of smart grid IT systems.
The smart energy market growth is augmented by the investments made in smart grid technologies. Smart grids are expected to reduce the T&D losses and effectively balance the demand and supply of electricity. The emergence of smart grids is resulting in the creation and growth of innovative technologies for power supply. During 2015, the Americas dominated the global smart energy market by accounting for around 44% of the overall market share. The significant smart grid activities in the region coupled with the modernization of the power sector will drive growth in the smart energy market in the Americas during the forecast period.
By 2020, the smart grid segment will account for almost 84% share the market to become the dominant revenue generator. Currently, the US is an international leader in smart grid technologies and services and leads the development and deployment of smart grids. This segment of the market is expected to reach almost $281 billion in terms of revenue by 2020.
The global smart energy market is moderately competitive with the major vendors competing in terms of price, quality, and market presence. These vendors have a large portfolio of energy-related equipment and services in smart grid, HEMS, digital oil fields, and smart solar, which can be customized as per the needs of the consumers.
The following companies are the key players in the global smart energy market: GE Energy, Itron, Landis +Gyr, Sensus, Siemens, ABB, and S&T. Order a copy of Global Smart Energy Market 2016-2020 report @ http://www.rnrmarketresearch.com/contacts/purchase?rname=626332.
Global Smart Energy Market 2016-2020, has been prepared based on an in-depth market analysis with inputs from industry experts. The report covers the market landscape and its growth prospects over the coming years. The report also includes a discussion of the key vendors operating in this market. The report covers the present scenario and the growth prospects of the global smart energy market for 2016-2020.
Another related report is Global Smart Grid IT Systems Market 2016-2020, a key driver that is helping boost market growth is the financial benefit associated with smart grid IT systems. The energy sector is transforming in several countries. Utilities are transitioning to smart grids that will enable them to tackle different challenges such as improved grid reliability, efficiency, control voltage fluctuation, and integration of renewables. This transformation has made utilities look out for solutions that would help them manage new assets and benefit from upgrading their grid. Browse complete report @ http://www.rnrmarketresearch.com/global-smart-grid-it-systems-market-2016-2020-market-report.html.
Explore other new reports on Energy Market @ http://www.rnrmarketresearch.com/reports/energy-power/energy.
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