While the smart grid has seen dramatic growth through its introduction over the past decade, a new report suggests the market for this technology could expand even more rapidly over the next few years.
IDC Energy Insights suggests that by 2015, spending on smart grid technologies worldwide will rise to as much as $46.4 billion.
This represents a compound annual growth rate of 17.4 percent from 2010 to 2015, and some parts of the world could grow even faster. The Asia-Pacific region could see 33.7 percent annual growth over the same period.
Different parts of the world are expected to invest in different areas of the smart grid sector, however, with Europe and China both looking to dramatically increase their use of smart meters, while U.S. utility companies attempt to adopt technologies to take advantage of their current smart grid infrastructure.
The IDC report offers slightly less optimistic projections than another recent projection presented by TechNavio, which estimates a 20.5 percent compound annual growth rate from 2011 to 2015.