Smart Grid Equipment Market in South Korea 2015-2019
About smart grid
Smart grid is the integration and implementation of communication, automation and IT systems with the traditional electrical grid with the ability to monitor and control power flows from points of generation to consumption and manage the load to match generation in real-time or near real-time. Smart grid increases the predictability, visibility and control of generation and demand, bringing flexibility to the whole system. This facilitates the integration of intermittent energy from renewable generation and peak load management, which helps reduce the costs of peak power. The transformation of electrical grids to smarter grids depends on various smart grid equipment.
Technavio's analysts forecast the smart grid equipment market in South Korea to grow at a CAGR of 20.56% over the period 2014-2019.
Covered in this report
The smart grid equipment market in South Korea can be segmented on the basis of equipment type: smart meters, software and hardware, smart T&D equipment, communication and wireless network infrastructure, and sensors.
Technavio's report, Smart Grid Equipment Market in South Korea 2015-2019, has been prepared based on an in-depth market analysis with inputs from industry experts. The report covers the market landscape and its growth prospects in the coming years. The report also includes a discussion of the key vendors operating in this market.
Technavio Announces the Publication of its Research Report – Smart Grid Equipment Market in South Korea 2015-2019
Technavio recognizes the following companies as the key players in the smart grid equipment market in South Korea: ABB, GE Energy, IBM, POSCO ICT and Siemens Energy
Other Prominent Vendors in the market are: GS Caltex, Hyosung, Hyundai Heavy Industries, KT, LG Electronics Alstom, Nuri Telecom, SK Energy and SK Telecom
Commenting on the report, an analyst from Technavio’s team said: “An increasing population, coupled with high living standards and rapid industrialization, has had a negative impact on the natural environment of South Korea. Consequently, the government has sharpened its focus on environmental concerns such as GHG emissions and global warming. Fossil-fuel-based power generation has been identified as one of the key sources of GHG. The power plants have been instructed to reduce these emissions. South Korea is also investing in clean and renewable power generation.”
According to the report, environmental concerns have grown over the years in South Korea. As smart grids have the ability to integrate the power generated from renewable and non-renewable resources, increased investment in the renewable energy sector is expected to propel the growth of the market.
Further, the report states that the software used in smart grids is susceptible to cyber-attacks and mishandling by engineers or operators.
ABB, GE Energy, IBM, POSCO ICT, Siemens Energy, GS Caltex, Hyosung, Hyundai Heavy Industries, KT, LG Electronics Alstom, Nuri Telecom, SK Energy, SK Telecom