Prominent players in the global smart grid market include Cisco Systems, Inc., Siemens AG, Landis+Gyr, Wipro Ltd., Oracle Corporation, IBM Corporation, ABB Ltd. ,Open Systems International, Inc., Aclara Technologies LLC, Itron, Inc., Schneider Electric SA, S&C Electric Company, General Electric Company, and others. These market players have been analyzed for their competitive roles in MRFR’s report.
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Smart grids are electric grids which help with power conditioning, and control of the production and distribution of electricity. It includes various measures such as smart appliances and smart meters which increase overall energy efficiency in power consumption. Market Research Future’s examination of the global smart grid market indicates highly promising growth for the market. Growing at a CAGR of 20% during the review period from 2017 to 2023, the global smart grid market is on track to grow to an approximate market value of USD 52 Bn by the end of 2023.
Smart grids display immense opportunity for the energy sector as smart grids offer advantages such as reliability, availability, and efficiency. The growing concern regarding environmental damage also encourages the adoption of smart grids as they improve energy efficiency. smart grids also provide consumers with an economical solution to energy consumption as smart meters can be used to regulate power and improve energy efficiency. Governments across the globe have announced smart grid rollouts in the next few years or so as the increasing demand for energy has increased the need for energy efficiency. The capability of smart grids to improve power reliability is another factor which drives the growth of the global smart grid market. Other benefits include improved integration of renewable energy systems at a large scale, swift restoration of electricity in rare cases of power disturbance and efficient transmission of electricity, among others.
The market’s challenges include high investments for the deployment of smart grid technology, and cyber security vulnerabilities are slowing market growth during the assessment period.
Segments in the global Smart Grid Market have been determined on the basis of components, technology, end-user, and region. Components in smart grids are largely consistent of hardware, software, and services. Hardware has been further segmented to include AMI meter, sensors, networking hardware, programmable logic controller (PLC), and others. Software used in smart grid solutions includes advanced metering infrastructure (AMI), smart grid distribution management, smart grid communication, grid asset management, substation automation & billing, customer information system, and supervisory control & data acquisition (SCADA). Services have been sub-segmented to include deployment & integration, consulting, and support & maintenance.
Technology employed in smart grids is primarily divided between wired and wireless.
End-users of smart grids include residential, corporate, and government.
The North American smart grid market is the most significant market in the global smart grid market. The region is followed by Europe and the Asia Pacific. The key driver of the smart grid market in North America is the rapid advancements in technology which have invariably increased the demand for power. The need for stable electricity also drives the market. Europe has several government initiatives which are driving the smart grid market. Plans to complete rollouts over the next few years have increased the regional market’s value. Meanwhile, the Asia Pacific is growing at the most rapid rate due to high investments in the region toward the development of smart grids and smart city projects. The regions high population and resultant massive demand for electricity are expected to catapult the APAC market.
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Latest Industry News
Portland General Electric has recently announced plans for a smart grid test bed which will be used to integrate smart grid technology on a very large scale.
Avista Development and Duke Energy have come together to invest in Open Energy solution Inc. The start-up is presently working on an open-source platform for smart grids.
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