Smart grid market projected at $33 billion

June 6, 2012

The growing importance of energy efficiency and making buildings more sustainable has led to the increased use of smart grid technology, and this specific market is set for a significant rise in value in the coming years.

A new report from Visiongain outlined how the global smart grid market in 2012 will total $33.9 billion, as large scale deployment of the technology is becoming more common as governments try to implement programs for the adoption of these systems.

Market Research noted that the report describes how in the next year the smart grid market will be marked by shifting from smart metering implementation to actual realization of the specific infrastructure for these systems.

Governments will regulate the industry more and more to promote decarbonization of the economy, and despite the slowdown of the European markets, the global industry is expected to rise in the near future.

The U.S. is one of the industry leaders in terms of implementation and popularity of this technology, as Constructech reported that the market in America is expected to grow rapidly due to the expressed benefits of energy efficient buildings.

According to the news outlet, a recent report from In-Stat Research outlined how by 2016 more than 75 percent of all U.S. electric meters will be converted to smart meters.

The University of Texas at Arlington has seen increased efficiency because of a new smart metering system, as they installed new technology in order to cut energy consumption even further.

"Automating demand response through Vedero Software allowed us to confidently commit to shedding a significant amount of electrical load quickly while ensuring that research buildings remained unaffected and students and faculty remained comfortable," John Hall, vice president for administration and campus operations, University of Texas at Arlington, told Constructech.

While some organizations have already seen positive results from the implementation of these systems, the industry is still in its infancy and much progress will come in the near future, according to Fierce Smart Grid.

The next five years will define the future of the sector, the news source reported, and financing for these projects will help to spur the implementation of smart grids and create more energy efficient buildings.

The Energy Efficient Buildings Hub (EEB Hub) is a project designated by the Department of Energy to help make this type of technology more prevalent in buildings in order to reduce consumption levels and to spur sustainable practices.