TechNavio, a tech-focused research firm, has published a new report on the Global Smart Grid Networking Market, which is expected to grow at a CAGR of 11.1 percent from 2014-2019.
According to the latest report by TechNavio, smart grid investment worldwide is expected to boom in 2015. Smart grid network and communication technology holds a considerable market share in the smart grid sector, and the emergence of smart grid technologies is likely to facilitate the growth of several other technologies as well.
Smart grids are not only beneficial for energy management, but also save electricity, which is generally lost in T&D networks, says Faisal Ghaus, Vice President of TechNavio.
The new report also emphasizes the need for better energy management. Many utilities are developing end-to-end solutions to manage the overall energy consumption of their end-users effectively. Power utilities are also adopting smart grid technologies and networking solutions to achieve the overall goal of creating an effective smart grid system.
Many developed countries like the UK, Italy, the US and Japan are aiming to implement these end-to-end solutions by 2020 to enhance the monitoring of energy consumption in their countries, says Ghaus.
Source: Transmission & Distribution World
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