A new market research report says that China will surpass the U.S. in smart grid investment in 2010. The report adds that the Chinese government has been increasing investment into smart grid technology to prepare for national energy needs that expected to double in 10 years.
The report released by Zpryme also identifies top ten countries by smart grid federal stimulus investment for 2010. These are: China: $7,323; US: $7,092; Japan: $849; South Korea: $824; Spain: $807; Germany: $397; Australia: $360; UK: $290; France: $265; and Brazil: $204.
Mark Ishac, Zpryme Managing Director (Going Green Practice), said: “China's investment in smart grids and related technologies already exceed investment in power generation.”
In a press statement, Zpryme said, “The smart grid is an essential component to reinforce this progress along with each nation’s plan to change their energy habits and reduce dependence on fossil fuels, especially foreign oil. In light of these ‘calls-for-action’, China is set to inject a sizable $7.3 billion (USD) federal investment toward the smart grid and related technologies for 2010 with the U.S. relatively close behind with $7.1 billion (USD) in D.O.E grants. According to a Bloomberg report (May, 2009), it’s estimated that China will need to spend as much as $10 billion (USD) a year through 2020 to build a modern grid.”
In addition, China’s investment in smart grid has not gone unnoticed, as their advancements in these technologies have received attention of many ‘forward-thinking’ companies, including Cisco, Accenture, Hewlett-Packard, ABB, Westinghouse, and Oracle -- which have bought into China's smart grid market.
Related LinkMarket Research Report on Smart Grid Investment
