Smart grid market to reach $73 billion by 2020
A new report released by Navigant suggests that smart grid technology is set to double global revenue rates by 2020.
The research (.pdf) suggests that while smart grid technology is already a "colossal" market that generated $33 billion in global revenue last year, this will double by the end of the decade and hit $73 billion by 2020.
Such predicted growth rates may please investors, but in addition, Navigant does not include Africa or the region's one billion population -- which could raise revenue rates further.
Navigant predicts that the two largest markets will be located in North America and Asia-Pacific, representing the largest jumps in increased transmission infrastructure -- which will account for nearly $250 million in revenue by 2020.
In North America, overall spending is focused on increasing renewable electricity supplies to remote regions and large-demand areas including major cities. In many developing nations, such as India, China and Brazil, the focus is on building high-voltage transmission systems to try and keep up with population growth and rising consumer demand.
Smart grids merge information and communication methods to link utilities and services in modern cities. Data is collected on the behaviors and usage trends of consumers in order to try and improve the efficiency and sustainability of electricity supplies, as well as distribute resources where they are needed the most.
Overall, the research firm believes that smart grid technology will generate $461 billion in cumulative revenue from now until 2020.
Read More: Clean Technica
Image credit: Flickr
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This post was originally published on Smartplanet.com