The Smart Grid
sector of the clean energy industry is likely to see the largest growth in the
coming years. Smart grid
technology is already a hugely successful market, with $33 billion in global
revenue in 2012, but this is set to more than double by the end of this decade
and hit $73 billion in annual revenue by 2020, according to a new Navigant
This prediction may
also be an underestimate because
both the $73 billion annual revenue and 10% growth rate estimates do not include
Africa or the grid needs of its one billion people.
Unlike many other clean energy industries, smart grid’s
growth underscores the diversity of its applications, which empower different
technologies to lead varying geographic markets depending on the local energy
network needs. This diversity in local conditions means that different forms of
smart grid will be needed and will therefore lead that specific market.