Smart Grid Market - Opportunities & Forecast, 2020-2027
A smart grid is defined as an electric grid that consists of a network of transmission lines, substations, and transformers. It includes a variety of energy measures, such as smart grids, smart appliances, energy-efficient resources, and renewable energy resources. The smart grid offers better efficiency, reduces energy consumption and cost by continuous monitoring, analysis, control, and communication. One of the significant factor of the smart grid is load handling and decentralized generation of power. The smart grid can automate the tracking of electricity consumption at any location and is used in power grid modernization to reduce transmission and distribution losses.
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Factors such as the increasing government focus on reducing transmission and distribution losses, followed by the rising concern regarding the environmental protection at the global level are the key factors driving the growth of the global smart grid market. The end-users are looking for an advanced grid which allows energy conversation and is environment friendly at the same time. The smart grid saves energy through reducing consumption, offers better customer services, and more accurate bills. It also helps in fraud detection and technical losses. The manufacturers are heavily investing in the digital electricity infrastructure, which will further create innumerable growth opportunities in the market. For instance, in 2018, Natural Resource Canada invested USD 949,000 in the next-generation smart grid project. This project is mainly emphasizing on the adoption of renewable sources of energy and the implementation of technology to integrate new sources of clean energy. All these investments will bring a drastic growth in the global smart grid market. However, lack of standardization and rise in privacy & security concerns is likely to have a negative impact on the growing demand of the market in the coming years.
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Various notable players in the market include General Electric, ABB, Siemens, Cisco Systems Inc., Schneider Electric, IBM Corporation, Landis+Gyr., Wipro Limited, Oracle, and Honeywell International Inc., among others.
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The global Smart Grid market has been segmented on the basis of component and region. Based on component, the market is segmented into hardware, software and services. Based on hardware, the market is segmented into Smart Meter. Based on software, the market is segmented into Advanced Metering Infrastructure, Smart Grid Distribution Management, Smart Grid Network Management, Grid Asset Management, Substation Automation, Smart Grid Security and Billing and Customer Information System. Based on services, the market is segmented into Consulting, Deployment and Integration and Support and Maintenance.
Key questions answered in this research report:
- At what pace is global Smart Grid market growing? What will be the growth trend in the future?
- What are the key drivers and restraints in Smart Grid market? What will be the impact of drivers and restraints in the future?
- What are the regional revenues and forecast breakdowns? Which are the major regional revenue pockets for growth in the global Smart Grid market?
- Which component generated maximum revenues in 2019 and identify the most promising component during the forecast period?
- What are the various component areas of global Smart Grid market and how they are poised to grow?
- What companies are the major participants in this market and their business strategies, how does the competitive landscape look like?
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