A report released by Companies and Markets said that the smart grid market will see a rapid increase in adoption rate by the utilities sector over the period 2011-2016.

The report, Smart Grid Readiness in Power Utilities – Technology Installation Trends and Outlook to 2016, said during 2005-2010, the smart grid market was focused on Europe and the USA. With several smart grid projects in the pipeline, utilities in these regions are likely to push the market forward over the next decade.

Reasons for adopting smart grid technologies are not consistent globally, although environmental themes underpin the majority of interest in developed economies. In Europe, the 2020 CO2 reduction and renewable energy targets are driving smart grid interest, while the USA focus is on improving distribution of power.

Asia-Pacific presents strong growth potential, as utilities are keen to maximise efficiencies, minimise energy wastage, and update existing, inefficient infrastructure.

For more Smart Grid news click here.