Japanese Smart Grid market to reach $7.4bn by 2016

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

Did You Like this Article? Get All the Energy Industry News Delivered to Your Inbox

Subscribe to an email newsletter today at no cost and receive the latest news and information.

 Subscribe Now


Logistics Risk Management in the Transformer Industry

Transformers often are shipped thousands of miles, involving multiple handoffs,and more than a do...

Secrets of Barco UniSee Mount Revealed

Last year Barco introduced UniSee, a revolutionary large-scale visualization platform designed to...

The Time is Right for Optimum Reliability: Capital-Intensive Industries and Asset Performance Management

Imagine a plant that is no longer at risk of a random shutdown. Imagine not worrying about losing...

Going Digital: The New Normal in Oil & Gas

In this whitepaper you will learn how Keystone Engineering, ONGC, and Saipem are using software t...