Asia-Pacific Smart Grid Network Market Outlook – Market Analysis by Geography, Components, Competitive Landscape, Key Company Information - Growth Trends and Forecasts (2015-2020)
The Asia Pacific regions smart grid market is expected to reach USD XX billion by 2020 from USD XX in 2015, growing at a CAGR of XX%.
The rising demand for power owing to increasing losses during distribution is one of the major drivers for the Asia Pacific region. The enhanced efficiency achieved due to the optimization of the grid is leading to the growing adoption of smart grids. The need for rising better security, reliability, and quality of power supply is a key factor behind the growth of the smart grid market. Furthermore, the supportive regulations and policies regarding the adoption of smart grids in the Asia Pacific is expected to boost the market in these regions. The high demand for smart grids in the region is expected majorly from countries like India and China. The growing need for integrating renewable sources of energy is also expected to drive the global smart grid market in the region.
On the Flipside, High implementation costs hinder the deployment of smart grids. There is also public concern over issues like privacy, fair availability of electricity, and a fear of misuse of the variable tariff system. The power savings and network stabilization that they provide outweigh the disadvantages of smart grids.
Smart grid uses smart meters instead of the mechanical meters to record the power consumed in real time. It also provides a means of communication to interact with the generation plants. The advanced sensors used in this help to avoid congestion and give the grid stability. By using systems like supervisory control and data acquisition (SCADA), fiber optics, energy management systems, and wireless mesh networks the communications between the consumer and the supply station it will help to provide real time control of power supply and also data flow.
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