Smart Grid Market Size and Growth Rate:
As per the recent reports published by Research Cosmos, Smart Grid Market was valued at USD 32.4 Billion in 2015 and poised to touch USD 86.6 billion by 2024 growing at a CAGR of 13.15% during the forecast period 2016 to 2024.
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Smart Grid Market Growth Drivers and Challenges:
The advent of technology has altered the face of many industries, including the power industry. One such outcome is the creation of Smart Grid, which uses digital technology to communicate or detect the local changes in the network of electrical supply. The growing demand around the world for the preservation of energy has been at the forefront of the development for the smart grids. The concept smart cities, initiated by governments in many developed and developing nations will also act as pushing force for the growth of these smart grids.
The existing grid infrastructure in most of the electrical networks around the world are very traditional and definitely need to be changed. Growing need for renewable energy to generate electricity to have uninterrupted supply to industrial, commercial, and residential sectors can fuel the market for smart grids. Additionally, the wildfire of Internet of Things (IoT) which uses smart devices and sensors to improve efficiency can support the demand for the smart grids across the globe.
Some of the prominent and noteworthy smart grid projects around the world are as follows:
- Advanced Grid Intelligence and Security (AGIS) initiative – implemented by the Public Service of Colorado to enhance the electrical distribution system with more security and efficiency.
- Salt River Project (SRP) – still in the implementation stage, the project does not have any distribution management system.
- Entergy AMI – To enhance the power supply and reliability for the utility companies in Arkansas, Louisiana, Mississippi and Texas, Honeywell has initiated this process with the aid of Entergy Services Inc.
- gridSMART Phase 2 – In continuation to its successful phase 1, AEP Ohio wanted to implement the phase 2, which includes the provision of advanced metering infrastructures to its customers in the whole community.
- FirstEnergy Distribution Platform Modernization – FirstENergy Ohio has petitioned for the acceptance of a grid modernization plan to decrease the frequency and time of power cuts across the region.
Geographical Presence of Smart Grid Market:
Globally, North America has been the leading region in the implementation of these smart grids due to the rapid adoption of the advanced technologies and increasing investments from the regional governments.
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Key Players of Smart Grid Market:
Some of the prominent players in the global smart grid market are Schneider Electric, Siemens, Wipro, Honeywell, Globerma, GE, Aclara, Kamstrup, eSmart Systems, Cisco, ABB, Oracle, Grid4c, Itron, S&C Electric Company, C3 Energy, Tech Mahindra, OSI, and others.
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