China will invest $7.3 billion on smart grid projects this year, according to data compiled by Austin, Tex.,-based market research firm Zpryme.
By comparison, this year the U.S. government is slated to spend about $7.1 billion on smart grid projects in the form of tax credits and cash grants.
It’s estimated that China will have to spend $100 billion over the next decade to modernize its electricity grid.
In Europe, the UK and France, according to Zpryme, are set to spend less than $300 million of their own stimulus funding on smart grid initiatives. Zpryme’s?Research Director Jason Rodriguez tells the New York Time?s Green Inc., that both the UK and France smart grid projects are ?already more advanced in smart grid infrastructure than the U.S.?
Companies set to benefit from smart grid investments in the U.S, and China and across the globe include General Electric, IBM and Hewlett Packard.