Dive Summary:
- According to Bloomberg New Energy Finance, global utility spending on the smart grid topped out at $13.9 billion in 2012, up 7% from 2011; $7.1 billion of this year's spending went towards smart metering and related infrastructure.
- Spending actually decreased in the U.S. this year, from $5.1 billion in 2011 down to $4.3 billion in 2012.
- Bloomberg New Energy Finance projects an approximate 10% compound annual growth, culminating in $25.2 billion in smart grid spending by 2018.
From the article:
"... The largest regional market for smart grid technologies and services remains the U.S., where utilities spent $4.3billion in 2012, down from $5.1billion in 2011. However, China is closing the gap, last year raising its investment from $2.8billion to $3.2billion, largely on the back of major smart metering procurement by the national State Grid company. China is expected to overtake the U.S. as the largest smart grid market in 2013, as stimulus funded projects in the U.S. conclude and Chinese investment continues to grow. Asia as a whole grew its investment to $5.6billion in 2012, with new digital energy initiatives getting underway in Japan, India, Korea and various Southeast Asian nations. ..."