The Smart Grid Market is expected to grow from USD 23.8 billion in 2018 to USD 61.3 billion by 2023, at a Compound Annual Growth Rate (CAGR) of 20.9% during the forecast period. Smart grid integrates and coordinates the flow of energy, from generation to distribution and transmission, for the ease of utilities. It optimizes energy daily and provides facilities for managing power during incidents, events, and outages. Government policies and mandates, and regional government initiatives for smart meter are some of the driving factors of this market.
The smart grid software segment comprises Advance Metering Infrastructure (AMI), smart grid distribution management, smart grid network management, grid asset management, substation automation, and billing and customer information system. The smart grid distribution management segment is expected to grow at the highest CAGR during the forecast period. It is commonly known as Advanced Distribution Management (ADM), a software platform that integrates Supervisory Control and Data Acquisition (SCADA), Energy Management System (EMS), Distribution Management System (DMS), Demand Response (DR) management, and Distributed Energy Resource Management (DERM) for energy distribution management and optimization on a real-time basis.
Download PDF Brochure @ https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=208777577
The smart meter segment is expected to gain traction in the smart grid market during the forecast period. A smart meter is a device that measures energy consumption and provides two-way communication to utility companies and end-users. It records the consumption of electricity in intervals and communicates information to utility companies for billing and monitoring purposes. Smart meters help in understanding usage or consumption patterns, energy switching, and detecting and eliminating faults.
The deployment and integration services segment is expected to grow at the highest CAGR during the forecast period. Deployment and integration services help in reducing the deployment and integration time. These services are crucial for end-to-end AMI, smart grid distribution management, smart grid communication, grid asset management, and substation automation solutions. The increasing requirement for upgrading traditional smart grid systems to support various smart cities and smart grids is driving the adoption of deployment and integration services in the smart grid market.
North America is expected to hold the highest market share and dominate the smart grid market during the forecast period. The region has been extremely responsive toward adopting the latest technological advancements, such as AMI, smart grid distribution management, smart grid communication, and substation automation. The major growth drivers for this region are the large-scale investments in smart grid and smart city projects, and need for better smart grid and control mechanisms. Middle East and Africa (MEA) is in its initial growth phase; however, it is one of the fastest-growing region in the global smart grid market. The region has huge reservoirs of conventional and renewable energy sources. The high adoption of solutions to minimize outages and revenue losses, and provide better smart grid and control has led to a wider demand for smart grid solutions in MEA. With the proliferation of smart grid projects, the smart grid market in MEA is expected to witness steady growth in the near future.
Speak to Our Expert Analyst @ https://www.marketsandmarkets.com/speaktoanalystNew.asp?id=208777577
The major players in the smart grid market include GE (US), ABB (Switzerland), Siemens (Germany), Schneider Electric (France), Itron (US), Landis+Gyr (Switzerland), Aclara (US), Cisco (US), OSI (US), IBM (US), Wipro (India), Honeywell (US), Oracle (US), S&C Electric Company (US), Eaton (Ireland), Kamstrup (Denmark), Trilliant Holdings (US), Globema (Poland), Tech Mahindra (India), Enel X North America (US), eSmart Systems (Norway), Tanatalus (US), EsyaSoft (India), Grid4C (US), and C3 Energy (US). These players have adopted various growth strategies, including new product launches, partnerships, agreements, mergers and acquisitions, and expansions. The strategy of product launch and acquisition were 2 major strategies adopted by these players to achieve a strong foothold in the smart grid market.
Company Name: MarketsandMarkets
Contact Person: Mr. Shelly Singh
Email: Send Email
Address:630 Dundee Road Suite 430
Country: United States