Smart Grid Market Research Report
The Global Smart
Grid market is projected to experience an upsurge in demand during the forecast
period (2020-2027). As per the smart grid market forecast, the growing
government emphasis on decreasing transmission and distribution losses and the
increasing concern related to the environmental protection are the two major
factors that are responsible for the growth of the market over the coming
years.
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A smart grid refers
to an electric grid that consists of a network of substations, transmission
lines, and transformers. It consists of energy measures, such as smart
appliances, smart grids, energy-efficient resources, and renewable energy
resources. The smart grid provides improved level of efficiency, decreases
energy consumption and cost by continuous monitoring, analysis, control, and
communication.
The major
factors such as the rising government emphasis on decreasing the transmission
and distribution losses, along with the increasing concern related to the
environmental protection are responsible for boosting the growth of the smart
grid market size over the forecast period. The end-users are actively looking
for an advanced grid which provides energy conversation and is environment
friendly at the same time. The smart grid not only helps in saving energy by
decreasing the consumption but also provides improved level of customer
services and more accurate bills. It detects fraud and technical losses.
As per the smart grid
market forecast, the leading players are focusing on implementing digital
electricity infrastructure, which will open new doors for the growth of the
market. For example, in 2018, Natural Resource Canada invested USD 949,000 in
the next-generation smart grid project. This project is focused on increasing the
adoption of renewable sources of energy and the introducing technologies to
integrate new sources of clean energy. Thus, the increasing number of
investments will bring a boost the market growth. On the other hand, the lack
of standardization and growing privacy & security concerns are likely to
hamper the growth of the smart grid market share in terms of revenue.
On the basis of
region, the Asia-Pacific region is projected to dominate the market over the
forecast period. China is one of the leading player in the smart grid market.
The increasing number of government’s initiatives to increase the usage of
smart grid systems and the strong presence of market players are the two major
factors that are boosting the smart grid market growth in this region. For example,
in India, the Ministry of Power introduced the India Smart Grid Forum (ISGF)
initiative with an objective to support the development of smart grid
infrastructure in the power sector.
Key Players
of the Global Smart Grid Market:
·
General Electric
·
ABB
·
Siemens
·
Cisco Systems Inc.
·
Schneider Electric
·
IBM Corporation
·
Landis+Gyr.
·
Wipro Limited
·
Oracle
·
Honeywell International Inc.
Market
Segmentation:
Global Smart
Grid Market Report Segment by Component:
·
Software
o
Advanced Metering
Infrastructure
§ Meter Data Management
§ Analytics
o
Smart Grid Distribution
Management
§ Supervisory Control and Data Acquisition
§ Demand Response Management
§ Outage Management
§ Distributed Energy Resource Management
§ Energy Management System
§ Distribution Automation
o
Smart Grid Network Management
§ Network Traffic Management
§ Network Device Management
§ Network Configuration Management
§ Network Security Management
§ Network Performance Monitoring Management
o
Grid Asset Management
§ Condition and Performance Monitoring
§ Predictive Maintenance
§ Asset Data Management
o
Substation Automation
§ Production Management
§ Performance Management
o
Smart Grid Security
o
Billing and Customer
Information System
·
Hardware
o
Smart Meter
·
Services
o
Consulting
o
Deployment & Integration
o
Support & Maintenance
Global Smart
Grid Market Report Segment by Region:
·
North America
o
United States of America
o
Canada
·
Asia Pacific
o
China
o
Japan
o
India
o
Rest of APAC
·
Europe
o
United Kingdom
o
Germany
o
France
o
Spain
o
Rest of Europe
·
RoW
o
Brazil
o
South Africa
o
Saudi Arabia
o
UAE
o
Rest of the world (remaining
countries of the LAMEA region)
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