Frost & Sullivan (News - Alert) has released the results of its latest study, Chemicals and Materials Market in Smart Grid Infrastructure. The European chemicals and materials market for developments in smart grid is expected to reach new heights, mainly due to the directives of EU Commission and the anticipated growth of renewable energy.
According to the study, in 2010 the market reported revenue worth $19.7 million, and expects it to touch $105.2 million in 2017.
As part of the study, materials for smart e-meters, high voltage (HV), extra high voltage (EHV) and high voltage direct current HVDC subsea and underground cables – and chemicals and materials for comprehensive Li-ion battery storage systems – have been included.
According to the Climate and Energy Policy from EU, all associate countries need to accomplish a minimum of a 20-percent decrease in the production of green house gas by 2020. During the same period, all the associates need to augment their contribution to EU in terms of renewable energy by 20 percent and decrease total energy usage by the same rate.
In a statement, Deepak Karthikeyan, senior research analyst at Frost & Sullivan said, "The EU's commitment to move to a low-carbon economy is driving the need to upgrade existing grid infrastructure with respect to advanced metering systems and communication networks. This is to ensure effective energy management throughout the value chain."
In order to guarantee the connection of renewable energy sources like offshore wind farms to the grid, the region is encouraging enhancements in transmission, and changes in distribution to guarantee favorable utilization of renewable energy in the grid using energy storage methods. The requirement of improved transmission lines like EHV and HVDC cables is consistent with the increasing popularity of offshore wind power, as a possible renewable energy source.
The requirement for continuous energy tracking has been highlighted with the rising focus on energy conservation. By 2020, 80 percent of consumers in EU associate states need to use intelligent metering systems.
Karthikeyan said, "The new mantra is Smart Cities/Communities. HVDC cabling systems, smart e-meters and large-scale energy storage systems are being recognized as key components in supporting these kinds of community grids."
Edited by Braden Becker