The Smart Grid is an electrical grid with communication, automation and IT systems that can control the power flow or curtail the load to match generation and monitor power flows from points of generation to points of consumption in real time or near real time. Smart Grids can be attained by implementing efficient transmission and distribution systems, system operations, consumer integration & renewable integration. Smart grid solutions help to monitor & measure and control power flows in real time that can contribute to recognition of losses and thus appropriate technical & managerial actions can be taken to arrest the losses. Some of the key features of smart grid are automated outage management & faster restoration, dynamic pricing mechanisms, better energy management, real time monitoring, web portals & mobile apps, in-house displays, incentivize consumers to alter usage during different times of day based on pricing signals and opportunities to reduce & conserve electricity.
According to study, “Global Smart Grid Market to reach USD 109.25 billion by 2026” the key companies operating in the global smart grid market are General Electric Company, Siemens AG, ABB Ltd., Schneider Electric SA, Landis+Gyr, Aclara Technologies LLC, Itron, Inc., Cisco Systems, Inc., Open Systems International, Inc., Wipro Ltd., Oracle Corporation, IBM Corporation and S&C Electric Company. Major companies are involved in different strategic collaborations to increase its market share, such as new product launch & strategic collaborations, and regional product launches.
Based on software, smart grid market is segmented as Smart Grid Distribution Management, grid Asset Management, Advanced Metering Infrastructure, Smart Grid Security, Smart Grid Network Management and Billing & Customer Information System. Based on hardware, market is segmented as smart meter and other hardware. Based on services, market is segmented as deployment & integration, consulting and support & maintenance.
The smart grid market is driven by increase in awareness about carbon footprint management, followed by modernization of aging grid infrastructure, improved grid reliability & efficient outage response and increase in government supportive policies and legislative mandates. However, lack of standards & interoperability, smart grid cyber-security and its vulnerabilities and high initial costs for deployment of smart grid technology solutions may impact the market. Moreover, upcoming smart cities projects in developing regions and revenue opportunity for traditional energy infrastructure vendors and emerging vendors are key opportunities for market.
Based on geography, the North-American region holds major share in global smart grid market owing to growth in support from the government in the region. Whereas, the Asian-Pacific and European regions are expected to exhibit substantial growth rate due to increase in smart meter deployments through the governments coupled with rise in smart city projects over the forecast period. In upcoming years, it is anticipated that future of the global market will be optimistic as a result of rise in investments in the smart grid technology during the forecast period. The global smart grid market is valued approximately US $28.77 billion in 2019 and is likely to grow with a healthy growth rate of more than 21 % over the forecast period 2019 to 2026.
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Related Report:-
Global High Voltage Smart Grid Technology Market Status and Future Forecast 2015-2025
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