Global Smart Grid T&D Equipment Market by Product Types (Transmission and Distribution), Application Types (Power Station and Transformer Substation) and Regions (Asia Pacific, Europe, North America, Africa, Middle East and Latin America)- Global

The smart grid T&D is anticipated to expand, expanding at a CAGR of 13.5% during the forecast period 2020-2026. A smart grid is an electrical grid which includes a variety of operation and energy measures including smart meters, smart appliances, renewable energy resources, and energy efficient resources. Electronic power conditioning and control of the production and distribution of electricity are important aspects of the smart grid. Since the early 21st century, opportunities to take advantage of improvements in electronic communication technology to resolve the limitations and costs of the electrical grid have become apparent. Technological limitations on metering no longer force peak power prices to be averaged out and passed on to all consumers equally. In parallel, growing concerns over environmental damage from fossil-fired power stations has led to a desire to use large amounts of renewable energy. Dominant forms such as wind power and solar power are highly variable, and so the need for more sophisticated control systems became apparent, to facilitate the connection of sources to the otherwise highly controllable grid. Power from photovoltaic cells (and to a lesser extent wind turbines) has also, significantly, called into question the imperative for large, centralized power stations.

The rapidly falling costs point to a major change from the centralized grid topology to one that is highly distributed, with power being both generated and consumed right at the limits of the grid. Finally, growing concern over terrorist attack in some countries has led to calls for a more robust energy grid that is less dependent on centralized power stations that were perceived to be potential attack targets. A Smart Grid is an electricity network that can cost efficiently integrate the behavior and actions of all users connected to it – generators, consumers and those that do both – in order to ensure economically efficient, sustainable power system with low losses and high levels of quality and security of supply and safety. A smart grid employs innovative products and services together with intelligent monitoring, control, communication, and self-healing technologies in order to better facilitate the connection and operation of generators of all sizes and technologies. Smart T&D equipment transfers electricity from the transmission system to the consumer delivery point. Such equipment improves the overall efficiency of the smart grid, minimizes technical losses, improves O&M, and improves the longevity of the T&D equipment, deferring the investment and allowing grid operators to monitor and control the functions of the grid from a remote location. Smart T&D equipment includes reclosers, fault current indicators, automated switches, Volt-VAR control equipment, synchrophasor, and High Voltage Direct Current (HVDC) among others.

Market Trends, Drivers, Restraints, and Opportunities:

• Rise in government’s support policies and mandates has been an aspect that is driving this market. Governments across the globe have enacted several supportive policies and mandates focusing on the implementation of these equipment and spreading awareness about energy conversation. The regulations drive the market in application areas, such as industrial, commercial, and residential sectors.
• The rise in installation and maintenance costs has been an aspect that has been restraining the growth of the market. The smart grid T&D equipment requires huge investments initially to set up the transmission network. The inadequate data storage and management has also been an aspect that has been restraining this market. The deployment of smart grid technologies has led to the generation of vast amounts of highly complex data. The continuous generation of data from the various nodes of the network has raised huge concerns for the solution providers about data storage and management. The unmanaged data can raise multiple threats and it might eventually become a major challenge to gain valuable insights from the data.
• There is a huge potential for manufacturers in tapping into different regions to grow their business. There is a huge potential for growth in Asia Pacific and Middle East and Africa. The population density of this area is more as compared to other regions. Middle East and Africa has huge reservoirs of conventional and renewable energy sources.

Scope of the Report

The report on the smart grid T&D equipment market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report. AttributesDetailsBase Year2020Historic Data2019Forecast Period2020–2026Regional ScopeAsia Pacific, Europe, North America, Middle East and Africa, Latin AmericaReport CoverageCompany Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast

Smart Grid T&D Equipment Market Segment Insights:

Based on product types, the market is bifurcated into transmission and distribution. Distribution equipment hold the largest market share and is predicted to continue its dominance during the forecast period. The transmission equipment’s market share is predicted to grow at a steady pace during the forecast period. In terms of application types, the market is bifurcated into power station and transformer substation. Power stations hold the largest market share and is predicted to continue its dominance during the forecast period. The transformer substations market share is predicted to grow at a steady pace during the forecast period. On the basis of regions, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East and Africa. North America holds the highest market share and is predicted to dominate the market during the forecast period. Middle East and Africa is in its initial growth phase; however, it is one of the fastest-growing regions in the global smart grid market.

Competitive Landscape:

The global smart grid T&D equipment market is fragmented with presence of various regional and global players. Key players operating in the global smart grid T&D equipment market include ABB, GE-Alstom Grid, Eaton, Schneider Electric, Siemens, Emerson, Omron, Prysmian, Aclara, NARI Group, Mitsubishi, S & C Electric and Chint Group. The major players compete with each other on the basis of the innovation in the technology that they provide for the automotive water valves market. They invest heavily in their research and development to provide their products according to the requirements of their customers.

The Global Smart Grid T&D Equipment Market has been segmented on the basis of

Product Types

• Transmission
• Distribution

Application types

• Power station
• Transformer substation

Regions

• Asia Pacific
• Europe
• North America
• Middle East and Africa
• Latin America