BOULDER, Colo.--(BUSINESS WIRE)--By 2020, almost 240 million smart meters will have been deployed in Europe. But smart meter rollouts are only part of the transformation that smart grids will enable across European energy networks, industry, and society over the next 40 years. Smart grids are an essential element in realizing the vision of a low-carbon Europe that, by 2050, will have reduced its greenhouse gas (GHG) emissions dramatically and will have almost completely ended its dependence on fossil fuels. A new report from Pike Research forecasts that, during the period from 2010 to 2020, cumulative European investment in smart grid technologies will reach $80.3 billion. The cleantech market intelligence firm anticipates that smart grid revenue in Europe will peak at $9.8 billion in 2017 before declining somewhat to $9.1 billion by 2020.
“Much of the smart grid development in Europe mirrors the activity, drivers, and responses seen in North America and in other parts of the globe, but there are important differences in priorities and emphasis,” says senior analyst Eric Woods. “In particular, carbon reduction programs and energy efficiency are seen as primary drivers for smart grid and smart meter deployments. A program is taking shape that will take the use of smart grid technologies to another level over the next 5 to 10 years, linking them closely with the achievements of Europe’s 2020 goals.”
While smart meters are attracting most of the attention at the moment, Woods notes that transmission system upgrades will be the largest portion of Europe’s smart grid investment between now and 2020, representing 37% of the total. Smart meters will be the next largest application category, followed by distribution automation and substation automation. In the later years of the forecast period, electric vehicle management systems will become a significant portion of total spending.
Pike Research’s report, “Smart Grids in Europe”, examines smart grid trends in Europe and forecasts the size and growth of the market for smart grid technologies through 2020. The study forecasts smart meter deployments across Europe through 2020. The report examines the developments in European energy policy, the similarities and differences across European countries, national strategies for smart grids and smart meters, and specific European projects and pilots for smart grids. It also provides detailed profiles of ten major European countries and insight into several other key projects. The report analyzes the strategies of key players in the European market and the role of European standards bodies and other agencies promoting the adoption of smart grids. An Executive Summary of the report is available for free download on the firm’s website.
Pike Research is a market research and consulting firm that provides in-depth analysis of global clean technology markets. The company’s research methodology combines supply-side industry analysis, end-user primary research and demand assessment, and deep examination of technology trends to provide a comprehensive view of the Smart Energy, Smart Grid, Smart Transportation, Smart Industry, and Smart Buildings sectors. For more information, visit www.pikeresearch.com or call +1-303-997-4619.