According to a new report from research company Zpryme, the total Japan Smart Grid market is projected to grow to $7.4bn by 2016.

In the wake of the Fukushima crisis Tokyo Electric Power Company (TEPCO) was ordered by the Japanese government to invite bids from both domestic and foreign firms for approximately 17 million smart meters by 2019, according to the Nikkei newspaper.

The smart meter initiative is part of a blueprint to slim $1.3bn in electric operating costs over the next 10 years.

Blue chip companies such as Toshiba, GE, Fuji Electric, Hitachi, Panasonic, and Osaki Electric are already engaged with TEPCO on the Yokohama Smart City Project (YSCOP). YSCOP is one of four Smart Cities in Japan designed to establish the country as a global leader in designing Smart Grids.

To remain a world leader, Japan plans to invest $1.7trn in its energy sector over the next 18 years.

Jason S. Rodriguez, Director of Research at Zpryme explained, “while millions are gathered in cities around the world to commemorate the first anniversary of the tsunami, Japan will be diligently at work to not only re-engineer its electricity framework, but more importantly aim to position itself as a global role model for the next generation grid.”

The report entitled Japan: Tsunami Wakens the Smart Grid downloadable here, sees Japan embrace Smart Grid , following a previously cautious attitude to the technology.

For more market intelligence news