Smart grid companies compete for US$66 billion emerging markets opportunity
- 20 February 2013
LONDON: Over 400 smart grid suppliers from across 35 emerging economies are competing for leadership of the rapidly expanding smart grid market -- which is set to reach a value of US$66 billion by 2023 -- according to a new study by Northeast Group.
Among the vendors striving to meet the growing smart grid demand, most are smaller local companies from emerging markets, which the report says indicates a swiftly expanding smart grid marketplace.
The report, Emerging Markets Smart Grid: Vendor Analysis, maps the rapid growth of the global smart grid market. It reads: ‘While many international vendors are growing in size and importance, local vendors will play a significant role. They will both collaborate and compete with international vendors in developing a market forecast to reach $66.3 billion in smart metering alone by 2023.’
The study pinpoints the leading local vendors to be based in Central and Eastern Europe, Eurasia, Latin America, Northern Africa and South Africa, Southeast Asia and the Middle East.
Middle East roll-out
Today a separate report focusing on the market value of electricity infrastructure in the UAE was also published. It states that the UAE is the most promising smart grid market in the Middle East, with the smart grid technology market value set to grow from US$442 million to US$819 million from 2013 to 2017.
The Zpryme report, UAE Smart Grid Market Vision, outlines how the growth is down to a booming construction sector which means the UAE’s major utilities stand at the forefront of smart grid planning and roll-out in the Middle East.
Kirsten Jack, Acting Head of Smart Technologies, The Climate Group said: "As the smart grid markets mature in North America and Western Europe, we are now witnessing a growing trend for competition across emerging economies such as the Middle East, which will encourage further smart grid investment in these countries and drive the widespread adoption of smart, low carbon technology solutions in ICT, home energy management and professional energy service sectors."