24 Jul Power grid market expected to grow
Utilities IT continues to expand as more consumers become aware of the technological innovations that can help communities consume natural resources in a more sustainable manner. Many civic leaders have invested in smart grids as a result.
According to a recent study published by IMS Research, the market for such hardware is predicted to grow from $700 million in 2011 to $950 million by 2016. However, the report noted that in North America, shipments of smart meters are set to steadily decline from 2012 onward. The downward slope may be offset by adoption in Latin America, as well as distribution automation and substation modernization in other markets.
"Utilities are seeing increased efforts from AMI solution providers and grid automation specialists to effectively integrate smart meter data and infrastructure into more sophisticated distribution automation tasks," IMS senior analyst Donald Henschel explained.
This announcement comes alongside news that a traditional system, the Midwest power grid, is expected to experience record demand this month as temperatures soar and drought conditions persist. Many believe smart grids should replace current offerings, because of the capabilities to be more cost-effective and productive.