Irving, TX, August 14, 2014 --(PR.com
)-- The global smart grid market has experienced good growth over the last five years and is expected to continue its growth momentum, reaching approximately US $64.3 billion by 2017 with a CAGR of 17% over the next five years. APAC is forecast to lead the market due to the greater potential for generation and consumption increase rates are higher cumulatively for APAC regions.
Lucintel, a leading global management consulting and market research firm has analyzed the global smart grid market and presents its findings in the energy market report , “Growth Opportunities in Global Smart Grid Market 2012–2017: Trends, Forecast, and Market Share Analysis”
As per the study, the North America emerged as the leading smart grid consumer in terms of value, replacing the European Union (EU). European countries are where smart grid projects were first implemented and with comparable growth rates. 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.
Research by Lucintel indicates that in 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.
The energy market research report which provides trend scenarios and forecast statistics for 2012–2017; details industry drivers and challenges; compares properties and prices; and highlights major smart grid suppliers, also describes various smart grid properties, manufacturing processes, and more.
For a detailed table of contents and pricing information on these timely, insightful reports and other reports of wind energy , solar market research , contact Lucintel at +1-972-636-5056 or via email at firstname.lastname@example.org. Lucintel provides cutting-edge decision support services that facilitate critical decisions with greater speed, insight, and cost efficiency.