Smart Grid Market Trends 2020 and Industry Forecast 2026
Covid-19 Analysis on Smart Grid Market Research Report — by Components (Hardware (AMI meter, Sensors, PLC), Software, Services (Consulting)), by Technology (Wired, Wireless), by End-User (Residential, Corporate, Government) — Global Forecast till 2023
Smart Grid Market -Overview
Smart Grid can be defined as a smart electrical network that comprises an electrical network and smart digital communication technology. It is capable of delivering electricity to the user from multiple and widely distributed sources such as wind turbines, solar power systems, and even plug-in hybrid electric vehicles.
The key players in the global smart grid market are General Electric Company (US), ABB Ltd. (Switzerland), Siemens AG (Germany), Schneider Electric SA (France), Itron, Inc. (US) and others.
ABB Ltd. a prominent player in the smart grid market has designed smart grid wireless communication network. Its smart grid wireless communication network solution offers benefits such as lower operational cost by reducing on-field employee expenses, along with transportation, insurance, and medical costs. It encourages energy conservation by quickly identifying water leaks and faulty thermostats. It also helps in reducing customer complaints by maintaining high-quality, real-time data increases billing accuracy and eliminating estimated bills.
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Key Players
The distinguished players in the smart grid market are ABB Ltd. (Switzerland), Open Systems International, Inc. (US), Siemens AG (Germany), Landis+Gyr (Switzerland), Schneider Electric SA (France), General Electric Company (US), Itron, Inc. (US), Oracle Corporation (US), Aclara Technologies LLC (US), Cisco Systems, Inc. (US), IBM Corporation (US), Wipro Ltd. (India), S&C Electric Company (US) and others.
Segmental Analysis
The global smart grid market is segmented on the basis of components, technology and end-user. The components segment comprises hardware, software, and services. By hardware, the market is segmented into AMI meter, sensors, networking hardware, programmable logic controller (PLC) and others (load tap changers and protective relay). By software, the market the market is categorized into advanced metering infrastructure (AMI), smart grid distribution management, smart grid communication, grid asset management, substation automation & billing, customer information system and supervisory control and data acquisition (SCADA). Under the service segment, the market consists of consulting, deployment and integration and support and maintenance. Whereas, the technology segment consists of wired and wireless technology. The end-user segment consists of residential, corporate, and government.
Regional Analysis
The regional assessment of the Covid-19 Analysis on Smart Grid Market includes regions such as Europe, Asia Pacific, North America, and the rest of the regions mechanisms.
The global smart grid market is studied for North America, Europe, Asia Pacific, and the rest of the world. North American market accounts for the highest share in the global smart grid market followed by Europe. The main factor which is driving the market is rapid advances in technology and need for more stable electricity network in the region. Increasing government initiatives to improve the power generation for the European countries is a major factor driving the market in Europe. Asia Pacific is estimated to be the fastest growing region in the smart grid market owing to heavy investments by the key players in the smart grid & smart city projects and the need for smart grid and control mechanisms.
Competitive Analysis
The instability in the forces of demand and supply is estimated to create a beneficial impact on the overall global market in the forecast period. The restoration and everyday operations are estimated to take some time, which will lead to intensive development of backlog in delivery. The financial assistance provided by the government around the world and trade bodies is estimated to salvage the situation in the coming years
LIST OF TABLES
Table 1 Global Smart Grid Market, By Region, 2017–2023
Table 2 North America: Smart Grid Market, By Country, 2017–2023
Table 3 Europe: Smart Grid Market, By Country, 2017–2023
Table 4 Asia Pacific: Smart Grid Market, By Country, 2017–2023
Table 5 The Middle East & Africa: Smart Grid Market, By Country, 2017–2023
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LIST OF FIGURES
FIGURE 1 Global Smart Grid Market Segmentation
FIGURE 2 Forecast Methodology
FIGURE 3 Porter’s Five Forces Analysis Of Global Smart Grid Market
FIGURE 4 Value Chain Of Global Smart Grid Market
FIGURE 5 Share Of Global Smart Grid Market In 2017, By Country (In %)
Continued….
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