SMART POWER TECHNOLOGY MARKET ANALYSIS

Market Challenges And Opportunities

Smart power technology encompasses electrical power generation and power distribution in an eco-friendly and economical manner. Smart power technology allows for optimal utilization of resources in order to enhance power generation. Rampant growth in population, in turn creates a highly conducive environment for growth of the global smart power technology market. According to Population Reference Bureau Organization , the global population was pegged at 7,418 million, up from 7,336 million in 2015. According to Energy Information Administration, in 2012, 549 quadrillion Btu energy was consumed globally, which is expected to increase to 674 quadrillion Btu by 2025. Considering the limited conventional non-renewable resources available, there is an acute need to optimally harness resources, while ensuring optimal energy production, thus fueling growth of the smart power technologies market. . Furthermore, increasing awareness among the global populace and corporates alike, regarding development of nature friendly products with a goal to decrease carbon emission is projected to increase demand for smart power technology devices. These devices are highly power efficient and have low cost of operation, in turn increasing consumer inclination towards these. However, high capital investment for installation of smart power generation plants and production and high cost of crude materials inhibits market growth to a certain extent.