Asia is beginning to look like a powerhouse of Smart Grid technology with a new report predicting the market will be worth $19bn by 2016.
The cumulative smart grid market in China, Japan and South Korea is currently valued at US$8.5bn according to GTM Research's latest market report, The Smart Grid in Asia, 2012-2016: Markets, Technologies and Strategies.
"We expect to see the smart grid in Asia move forward at a breakneck pace," said Kamil Bojanczyk, the report's lead author and an analyst-at-large with GTM Research. "Over $45bn in funding has been earmarked by governments and utilities across China, Japan and South Korea, with the clear majority of those funds and opportunities originating in the Chinese market."
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