Analysts forecast the Global Smart Grid Managed Services market to grow at a CAGR of 51.29 per cent 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.
The report, the Global Smart Grid Managed Services Market 2012-2016, has been prepared based on an in-depth market analysis with inputs from industry experts. It covers the market in North America, Western Europe, and the APAC region; it also covers the Global Smart Grid Managed Services market landscape and its growth prospects in the coming years. The report also includes a discussion of the key vendors operating in this market.
Various governments across the globe have been supporting the implementation of smart grids across many end-user sectors. Funds are being raised to support the deployment of smart grids along with new technologies and solutions. Smart grid managed services vendors across the globe are investing in smart grid solutions mainly because of this reason. China, for instance, has a nationwide grid extension plan in place. A larger scale of smart grid construction was incorporated in the country's 12th Five Year Development Plan beginning in 2011. In addition, the US Government has allocated funds of US$4.3 billion for the development of smart grid applications under the Smart Grid Investment Grant program. This is one of the major trends observed in the Global Smart Grid Managed Services market.
According to the report, one of the major drivers in the market is the emergence of smart grids. Organisations across the globe are increasingly adopting smart grid technologies to improve their operational performance. This will in turn have a positive impact on the growth of the Global Smart Grid Managed Services market in the future.
Further, the report states that one of the major challenges in this market is the slow upgradation to smart grids by power utilities. Many power utilities across the world are slow in upgrading their power grids to smart grids mainly because of the high costs involved. This will in turn adversely affect the growth of the market in the future.
Source: Research and Markets
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14 June 2017