|By PR Newswire||
|October 30, 2012 03:00 AM EDT||
LONDON, Oct. 30, 2012 /PRNewswire/ -- Pushed by EU Commission directives and projected capacity growth in renewable energy generation, the European chemicals and materials market in smart grid infrastructure is poised for high growth.
New analysis from Frost & Sullivan (http://www.chemicals.frost.com), Chemicals and Materials Market in Smart Grid Infrastructure, finds that the market earned revenues of $19.7 million in 2010 and estimates this to reach $105.2 million in 2017. The research covers materials for smart e-meters, materials for high voltage (HV), extra high voltage (EHV), and high voltage direct current (HVDC) subsea and underground cables and, chemicals and materials for large-scale Li-ion battery storage systems.
The EU's Climate and Energy Policy mandates that by 2020, all member countries should achieve a 20 per cent reduction of green house gas production, increase renewable energy contribution to 20 per cent of the EU's total requirement and reduce total energy consumption by 20 per cent.
"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," noted Frost & Sullivan Senior Research Analyst Deepak Karthikeyan. "This is to ensure effective energy management throughout the value chain."
The region is also pushing changes in transmission to ensure the connection of renewable energy sources, such as offshore wind farms, to the grid. Distribution is also being targeted to ensure that energy storage mechanisms facilitate optimum usage of renewable energy in the grid.
As offshore wind power comes into the spotlight as a potential renewable energy source, the need for better transmission lines, such as EHV and HVDC cables, is being highlighted.
The focus on energy conservation is underlining the need for continuous energy monitoring. EU member states are now required to ensure that 80 per cent of consumers are equipped with intelligent metering systems by 2020. This development is set to give an additional fillip to the demand for chemicals and materials used in smart grid infrastructure.
"The new mantra is Smart Cities/Communities," remarked Karthikeyan. "HVDC cabling systems, smart e-meters and large-scale energy storage systems are being recognised as key components in supporting these kinds of community grids."
To fully leverage these opportunities, market participants will need to understand the divergent energy supply landscape and the need of grid upgrades in each EU member country and then deliver customised solutions.
If you are interested in more information on this study, please send an e-mail with your contact details to Chiara Carella, Corporate Communications, at email@example.com.
Chemicals and Materials Market in Smart Grid Infrastructure is part of the Chemicals & Materials Growth Partnership Service programme, which also includes research in the following markets: Analysis of the Industrial Sludge Treatment Chemicals Market in Western Europe and Analysis of the Central and Eastern European Industrial Sludge Treatment Chemicals Market. All research included in subscriptions provide detailed market opportunities and industry trends that have been evaluated following extensive interviews with market participants.
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SOURCE Frost & Sullivan