London, England -- (SBWIRE) -- 04/06/2012 -- Both financial and non-financial incentives are expected to be major drivers of the growth of the EV market in Europe. A number of plans and incentive schemes have been introduced by the governments of different European nations to promote the sale of EVs in the region. Non-financial incentives, such as exclusive parking stations for EV owners, reserved traffic lanes and free use of toll roads, can provide an extra benefits to EV owners by saving their time and money without costing the government to any great degree. This could lead to EVs becoming a financially viable alternative to internal combustion engine (ICE) vehicles in Europe. Therefore, to promote the development of electric vehicles in Europe, it will be important to provide non-financial incentives in the future.

Resource sharing between nations will help in satisfying the electricity needs of different European nations. In order to ensure the optimum utilization of renewable resources, it is important to interlink regional grids, as the potential for generation of electricity from renewable resources for most countries is not significant. For instance, the excess wind energy produced in the UK during periods of low demand for electricity could be transferred to Norway and be used to pump water into the country’s hydro electric power stations. Similarly, during periods of high electricity demand in the UK, electricity produced by hydropower in Norway could be transferred to the UK for consumption. The construction of a super smart grid (SSG) in Europe would help in optimizing the utilization of the enormous potential for solar and wind power from North Africa, thereby satisfying the electricity needs of the Mediterranean and the rest of Europe. By developing a unified European power market equipped with smart technologies, the problem related to the high cost of power supply can be easily solved.

The smart grid market in Europe offered a significant opportunity for private funding in comparison to public sector funding in 2011, as government regulations and projects supporting the deployment of smart grid technologies are attracting venture capital firms to invest in smart grid technology in Europe.

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The presence of an untapped market in the European smart grid sector is expected to foster the emergence of new technology vendors. However, these new entrants will need significant capital infusions in order to commercialize their technologies. Venture capital firms can act as possible sources of financing to these new businesses, with the aim of generating a better return on their investments once the technology becomes successful commercially.

GlobalData, the industry analysis specialists, have released their latest research “Smart Grid Landscape in Europe - Market Size, Key Issues, Regulations, Investment Analysis and Outlook to 2020”, which provides in-depth analysis of smart grid-related developments in Europe. The report covers various aspects of smart grids and related technologies, as well as providing details of market sizing, outlook and competitive landscape analysis. At the outset, the report discusses the investment scenario for smart grids and the related technologies in Europe, taking into consideration the nations actively involved in rolling out smart grid technologies. The report then goes into further detail on the European markets for smart meters, demand response, electric vehicles, distributed generation and energy storage. The report proceeds to explain the smart grid industry’s dynamics in Europe, identifying the key market drivers, standards, policies and technology trends, as well as the key development trends in the European Union (EU) and non-EU nations enabling smart grid development in Europe. The report also provides an outlook on the emergence of smart cities, a super smart grid, microgrids and various other technologies in Europe.

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