Northeast Group, LLC has released the findings of its Emerging Markets Smart Grid: Outlook 2015 report. The annual report's findings show which markets are most likely to invest in smart grid technology in the coming year.
Since the report's inception, investments in smart grid technology have been mainly in developed countries, particularly in North America, Western Europe and East Asia. In fact, countries in these three markets make up 88 percent of all installed smart meters.
Nations in a variety of smart grid development stages
This year's report shows 20 out of the 50 countries studied have some type of a smart grid goal, and about one-third of the nations have already put significant funds into developing smart grid infrastructure. The rest of the nations show the potential to quickly build their smart grid investments over the next decade.
Basic benefits of smart grid technology
This is good news because countries with emerging markets can benefit from smart grid technology in numerous ways, according to the report. The nations often have financial losses due to electricity theft, and increasing energy demand in the face of continuously unreliable grids. Implementing smart grid technology can not only increase the reliability of the grid, it can cut down on power theft, which will enable nations to better meet their energy demands.
Fundamental benefits of smart grids
While developed countries wish to improve their current electrical distribution systems, many communities in the world still face the basic task of bringing electricity to many of their citizens, The Atlantic pointed out. Since 1990, more than 1.7 billion people gained access to electricity for the first time, but billions still live without it. Smart grid technology provides an opportunity for developing nations to build reliable electrical distribution systems that can grow to meet the rising demand for energy. For example, India is investing $10 billion to develop a smart grid, which in the future will be better able to provide electricity to its growing population.
Smart grid technology also promotes the use of environmentally friendly energy generation so it will drive developing countries toward clean, renewable energy sources and away from power options that create climate and health issues, such as coal, according to The Atlantic.