Dallas, Texas (PRWEB) November 19, 2013
The advancement of technology in various sectors is one of the major positive trends observed in the Global Smart Grid Technology market. For instance, the advancement of technologies in the Telecom, IT, and Energy industries has enabled the integration of all these sectors into the power grid with the help of smart grid technologies. The advancement of smart grid technologies has taken place in almost all the stages of power infrastructure such as energy generation, energy storage, power distribution, and power consumption. Smart grid technology also includes the integration of advanced technologies such as the internet, computers, and wireless networking into the power grid. This integration of various technologies into the power grid is expected to have a positive effect on the Global Smart Grid Technology market (http://www.reportsnreports.com/reports/270684-global-smart-grid-technology-market-2012-2016.html) during the forecast period.
Analysts forecast the Global Smart Grid Technology market to grow at a CAGR of 29.47 percent over the period 2012-2016.According to the report, one of the major drivers in this market is the aging power grid infrastructure. As various power grids across the world were built many years ago, the reliability of such grids during power blackouts and environmental changes is declining. This increases the need for upgrading the power grids, which is facilitated by the integration of various smart grid technologies into them; this will in turn increase their reliability.
Further, the report states that one of the major challenges in this market is the high implementation cost. As the vendors in the Smart Grid industry have to spend huge amounts on the installation of various smart grid technologies, several vendors and end-users are reluctant to adopt them. The high costs are due to the Smart Grid industry being in its initial stages of growth, and the industry requires various standardizations; this in turn makes it difficult for the market to grow at a rapid pace in the future.
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The report recognizes the following companies as the key players in the Global Smart Grid Technology Market: Echelon Corp., Elster Group SE, GE Energy LLC, Itron Inc., Landis+Gyr AG, and Sensus USA Inc.
Other vendors mentioned in the report are Innominate Security Technologies AG, N-dimension Solutions Inc., and Sophos Ltd.
Global Smart Grid Cyber Security Market 2012-2016 (http://www.reportsnreports.com/reports/270656-global-smart-grid-cyber-security-market-2012-2016-.html): Analysts forecast the Global Smart Grid Cyber Security market to grow at a CAGR of 29.43 percent over the period 2012-2016. One of the key factors contributing to this market growth is the increase in the occurrence of cyber threats which in turn is forcing the implementation of strong security measures. The Global Smart Grid Cyber Security market has also been witnessing an increase in the adoption of cloud based smart grid solutions (http://www.reportsnreports.com/tags/smart-card-market-research.html). However, the high installation costs could pose a challenge to the growth of this market.
The Global Smart Grid market has been witnessing new vulnerabilities over the years. Approximately 4,396 new vulnerabilities were detected during 2010, which may increase in the coming years. The different components within smart grids, which are prone to virus attacks are IT systems such as computers, servers, databases, and web services; communications networks such as Ethernet, Wi-Fi, and ZigBee; operational technologies such as supervisory control and data acquisition, power line communications, energy management systems, and intelligent electronic devices; end access points such as smart meters, smartphones, and other mobile devices; and human influences such as lack of training and misuse of universal serial bus drives. Due to the increase in the complexity of the smart grid networks it has increased the threat of cyber-attacks, which is in turn driving the growth of the market.
Global Smart Grid Managed Services Market 2012-2016 (http://www.reportsnreports.com/reports/267939-global-smart-grid-managed-services-market-2012-2016.html): Analysts forecast the Global Smart Grid Managed Services market to grow at a CAGR of 51.29 percent over the period 2012-2016. One of the key factors contributing to this market growth is the emergence of smart grids. The Global Smart Grid Managed Services market has also been witnessing an increasing support for the Smart Grid industry from numerous governments. However, the commercial mind-set of various power utilities could pose a challenge to the growth of this market.
Smart Grid Market in China 2012-2016 (http://www.reportsnreports.com/reports/269929-smart-grid-market-in-china-2012-2016.html). Order By 31-Dec-2013 & Get 10% Discount: Analysts forecast the Smart Grid market in China to grow at a CAGR of 28.30 percent over the period 2012-2016. One of the key factors contributing to this market growth is the increasing need for grid connecting and management systems. The Smart Grid market in China has also been witnessing the increasing environmental concern. However, the increased exposure to cyber attack could pose a challenge to the growth of this market.
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