The world market for smart grid is expected to surge from $69.3 billion in 2009 to about $171.4 billion by 2014 based on data gathered by Zpryme.
Analysts also estimates that in China alone around $100 billion could be spent in upgrading its power distribution to convert to the new Smart grid system. The restructuring is expected to be completed over the next 10 years.
In Japan and Korea, smart grid investments are also gearing up. Both countries will ear-mark spending of about $800 million this year and is expected to increase in the succeeding years.
A smart grid is a system where electricity users become both consumer and supplier. The system uses two-way digital technology to control appliances at consumers' home to save energy, reduce cost and increase reliability and transparency.