Global smart grid market is expected to touch approx US $64.3 billion by 2017

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Greentech Lead America: The global smart grid market is expected to reach approximately US $64.3 billion by 2017 with a CAGR of 17 percent over the next five years, says a new report from Lucintel, a global management consulting and market research firm.

While North America emerged as the leading smart grid customer in terms of value replacing European Union, Asia Pacific is forecast to lead the market due to the greater potential for generation and consumption increase rates are higher cumulatively for APAC regions.

The report, “Growth Opportunities in Global Smart Grid Market 2012–2017: Trends, Forecast, and Market Share Analysis” finds that economic recession and massive declines in most US market segments resulted in a decrease in growth rates in 2008.

Globally, the smart grid grew until 2008, but a huge drop in 2009 caused its growth to be much lower than worldwide GDP growth. Overall, the global smart grid market growth rate declined by half post-2008 compared to 2006–2008.

In 2008, due to the impact of global recession, investments in smart grid decreased considerably as did its market. After 2008, many new players entered the market increasing the market size by the end of 2011.

APAC countries such as Japan, Korea, and China, however, smart grid development began more recently. ROW regions such as Australia and Brazil usually import smart grid components from APAC and EU. Growth rates for 2006–2008 were higher for North America and EU, although after the global economic recession, the growth rates in APAC and ROW surpassed these regions.

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