- Rising need for alternate energy sources powers the smart grid market
SINGAPORE, Oct. 3, 2012 /PRNewswire/ -- The countries that are best suited to implement smart grid technology are the ones with well developed infrastructure, high technology acceptance, and advanced software. In the Asia Pacific, Australia and Singapore are the ideal destinations for smart grid companies, as these countries have sound industrial infrastructure.
Further, Singapore has one of the most reliable electricity networks in the world. In due course, other countries will follow their lead and create an environment conducive to the growth of the smart grid market.
New analysis from Frost & Sullivan (http://www.industrialautomation.frost.com), SEA and ANZ Smart Grid Market - Automation Opportunities, finds that the market earned revenues of $1.40 billion in 2011 and estimates this to reach $3.00 billion by 2018.
There is a growing realization that several industries must grow in tandem to make the most of a smart grid system. This is prompting higher investments in software and IT services for the smart grid to aid with real-time data analysis.
"It is also felt that closed-loop systems will gain prominence in the monitoring and controlling of smart grids," said Frost & Sullivan Research Analyst Krishnan Ramanathan. "Hence, complete integration of systems will provide opportunities for automation manufacturers."
While smart grids help lighten the loads on conventional electricity grids, it faces opposition from some quarters. Those that oppose the move to install smart meters argue that this technology can be optimally tapped only when usage patterns are ascertained.
There are also concerns that automated systems can cause the smart grid system to collapse, which compels companies to invest in security systems. However, this risk is inherent in all similar technologies.
Smart grids are gaining in importance in Southeast Asia and Australia-New Zealand, as environmental agencies are pressuring governments to conserve their resources. Countries such Singapore and Indonesia, which are densely populated, are investing significantly in smart grid technologies. This has created a huge market for telecom operators, equipment manufacturers and other services providers.
"Using a smart grid also eases the load on auxiliary power plants; for instance, an electric utility could draw power from several solar installations rather than operate an auxiliary power," noted Ramanathan. "Apart from reducing loads, smart grids enable countries to comply with emission norms, doing their market prospects no harm."
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Corporate Communications – Asia Pacific
Corporate Communications – Asia Pacific
SOURCE Frost & Sullivan