Smart energy no longer niche
Smart energy, "the range of efficient technological options available to providing electricity in a distributed fashion, either for local use or for grid support," is no longer a niche market, according to Pike Research.
Regulatory and policy factors, as well as the increasingly high costs of maintaining the current energy system, are transforming the smart energy market, expanding availability and revenue opportunities. The smart energy market (which considers renewable energy production, energy storage and energy conversion devices) reached $222 billion in 2011 and is forecast by Pike to reach $420 billion by 2015 -- an increase of 90 percent.
"Our annual report demonstrates that smart energy is no longer a niche market," said Research Director Kerry-Ann Adamson. "The overall smart energy market is now growing at such a pace that it represents over 10 percent of the global annual additional capacity forecast by the International Energy Agency between now and 2020."
Smart energy transforms utility value streams