The deployment of smart grid technology could easily be one of the leading drivers of wealth well into the next 15 years with the smart appliance market expected be five times larger than it is today, according to a new report.
China is leading the way in smart grid stimulus funding with $7.3bn while the US tops per capita stimulus spend with $23.09, followed by Spain with $19.90 and South Korea with $17, according to research and consulting firm Zpryme.
The global market for global household smart appliances is projected to grow to $15.12bn from $3.06bn, with the US predicted to dominate the market.
Zpryme said smart grid technology could be a key driver of investment going forward.
‘Consequently, even in its infancy stage, countless companies are chomping at the bit to figure out the best way to enter this moving-at-the-speed-of-broadband industry,’ the report said.
‘The smart appliance segment is echoing similar sentiment with two major players GE and Whirlpool galloping full stride into this space; however, there is plenty of room in this unchartered market to capitalise on – identifying consumer drivers and trends early in the game is the key for the next industry shifters.’
In 2011, the US is projected to dominate the household smart appliance market, accounting for 46.6 per cent of the global market, equating to a $1.43bn business. In 2015, this figure is projected to decrease slightly to 36 per cent as China, the UK and Australia increase their market shares.
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