(PRWEB) March 09, 2013
According to a new market research report “Smart Grid Technology Market - Analysis & Global Forecast By Hardware, Software & Communication Network Technologies (2011 - 2016)” published by MarketsandMarkets, the total smart grid technology and related application market is expected to reach $80.6 billion by 2016 at a CAGR of 28.7% from 2011 to 2016.
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The need for efficient energy promotes the use of smart grids. Smart grid is the latest technology adopted by the power utility to reduce the transmission and distribution loss and also to make the grid line more efficient. The major advantage of the smart grid network is the bidirectional communication network, wherein the utilities and the end-users are able to effectively communicate with each other.
A smart grid is not just about installing smart meters across residential and commercial areas, but also about the ability to control the entire energy network. Setting up a communications network is equally essential for the smart grid network.
Countries like Australia, UK, France, Italy, and U.S. have the highest potential across all the geographies. The communication networks have high growth potential and the smart grid technology market size is expected to increase in the next five years.
MarketsandMarkets is a global market research and consulting company based in the U.S. We publish strategically analyzed market research reports and serve as a business intelligence partner to Fortune 500 companies across the world.
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