PARIS – The smart grid market in China will experience the fastest compound growth rate of 6 percent through 2021, to reach $1.43 trillion, according to market research firm SBI Reports.
China is pursuing more smart grid developments than any other country in the world, noted SBI in its latest report, entitled "Smart Grid Components Markets: 2011-2021". China will overtake the U.S., which is expected to post a 4-percent CAGR through the period, SBI said.
The State Grid Corporation of China (SGCC), the utility that serves 88 percent of the country, is mainly responsible for the deployment of smart grid technologies, noted SBI. In March 2011, SGCC unveiled eleven smart grid pilot programs, which included sixty-seven smart substations, nineteen distribution automation systems and 50 million smart meters. SGCC also plans to invest $250 billion in upgrades through 2016, $45 billion earmarked for smart grid technologies, and an additional investment from 2016-2020.
"As the world's largest electricity consumer, China's need to improve its power grid is real," commented Shelley Carr, publisher of SBI. "SGCC is building their own Smart Grid technologies and setting their own standards to become a leader in the market, but is currently challenged by more advanced products being offered by General Electric and IBM."
The report indicates that China is developing microgrids throughout local areas and is integrating them via a smart grid.
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