Market intelligence firm Garner Insights has issued its latest report on the global smart grid technologies market.
Factors including an increase in investments towards smart grid technologies by the private sector will drive the market.
The business consulting firm says governments will continue drafting and adopting policies supporting adoption of smart grid technologies.
Utilities are expected to increase investments in smart technologies and grid infrastructure to reduce losses during energy transmission.
Regional smart grid technologies market
For instance, the Korea Electric Corporation has signed a $320 million contract with General Electric with the aim of delivering 4 GW high voltage direct current to power South Korea’s Seoul City.
North America will dominate the market through to 2025. Garner Insights predicts stakeholders in the region’s energy sector will direct majority of their investments towards advanced metering infrastructure, smart grid distribution and communication.
Large-scale investment is also one of the key factors in the propelling the market. Rising demand for secure and reliable power supply.
Rising demand for secure and reliable power supply forms the major factor in raising the market in Asia-Pacific. Rapid industrialisation and urbanisation in China, Japan and India are also contributing to the growth.
Projects comprising rollout of smart grid technologies identified by Garner Insights include this January’s Dubai Electricity and Water Authority, providing 3,392 smart meters for the buildings in Hatta to support Smart Dubai initiatives.
This initiative helps transform Dubai into their goal of the happiest city in the world.
Japanese corporation, Itochu has also partnered with smart grid solutions firm Moixa for the expansion of its grid-share platform in Japan. Itochu has made an investment of $6.1 million for the project.
Featured image: Stock