A smart grid is a type of electricity network that allows a two-way flow of data and electricity along with digital communications technology allowing to detect, monitor, react and pro-act to changes that occurr in various usages and multiple issues. Smart grids have self-healing advantage that allows electricity customers to become active users. Smart grid is further described as electrical grid with communication, automation and IT systems that are capable of monitoring power flows from the generation point to the consumption and control point to manage power flow to match generation in near real time. Smart grid consists of various parts and pieces such as computers, controls, new technologies, power lines and equipment. Smart grid allows easier implementation and large amount of penetration of renewable resources. It will be important for accelerating the widespread use of plug-in hybrid electric vehicles (PHEVs) along with their potential usage.
Growing concerns regarding environment protection and growth in acceptance of smart grid technology to enhance efficiency in energy conservation of renewable resources and consumption are uplifting the smart grid market. Furthermore, government initiatives along with policies and regulations to use smart meters and growth in investments in digital electricity structure are some of the major factors leading to the growth of the market. But every aspect has a negative impact as well, lack of standardization and growing security and privacy concerns are anticipated to hamper the market growth. Furthermore, growing number of electric vehicles and upcoming smart city project in emerging economies are anticipated to offer lucrative opportunities for the smart grid market growth in the near future. High cost of installation is another factor restraining the market growth.
Various smart grid manufacturers had stopped their production services due to disturbances in supply of equipment and components from the suppliers associated in China and Southeast Asian countries due to lockdown norms followed by the organizations in surge of pandemic. Acute cash flows have been experienced by various sectors due to which productivity rate reduced. Manufacturers and organizations both suffered huge losses. However, the demand for smart systems is anticipated to increase at a significant rate over the forecast period due to increase in demand of monitoring and control of smart grids to enhance the reliability of the results and lower down the human intervention.
The report analyses of the smart grid market based on solution, application, end-user and by geography.
By solutions, the global smart grid market is segmented into advanced metering infrastructure (AMI), smart grid communications, smart grid distribution management, smart grid network management, substation automation, smart grid security, others. Smart grid distribution management holds the largest market share. It is basically known as advanced distribution management, a software platform that implements supervisory control and data acquisition(SCADA), distribution management system (DMS), energy management system, distributed energy resource management(DERM) and demand response (DR) for the purpose of energy distribution management along with optimization on a real time basis.
The smart grid market by application is classified into generation, distribution, transmission, consumption/end use. Generation segment holds the largest market share. As smart grid provides distributed generation, most important one is roof top generation. by allowing measurement and movement of energy in both directions with the usage of net metering and control systems that support "prosumers" to safely connect to the grid.
The Smart Grid Market by application is classified into commercial, residential, industrial. Industrial segment holds the largest market share. Due to its various benefits, it provides such as monitoring, sophisticated measurement and control grid operations to enhance reliability. Various service providers and industrialists basically payoff high costs for electricity that is imported from grid connected neighbors at the time of transmission congestion.
Geographically, the smart grid market is studied across the countries of key regions such as, North America, Europe, Asia Pacific and the rest of the world regions which includes Latin America, and Middle East & Africa. North America holds the largest market share due to their responsive attitude, towards smart grid implementation and adoption of new technological advancements such as smart grid, AMI, smart grid communication, smart grid distribution management and also substation automation. Large scale investments in smart city projects and smart grids for controlled mechanism is another factor driving the growth of the market in this region. This region consists of large reservoirs of renewable and convectional energy resources. The increase in adoption of various solutions to lessen outages and revenue losses and supply better smart grid and control has further led to an uplifted demand for smart grid systems in MEA.
Some of the major players operating in this market include General Electric (US), ABB (Switzerland), Siemens (Germany), Honeywell (US), Schneider Electric (France), Landis+Gyr (Switzerland), Aclara (US), Cisco (US), OSI (US), IBM (US), Wipro (India), Globema (Poland), Itron (US), Oracle (US), S&C Electric Company (US), Eaton (Ireland), Kamstrup (Denmark), Trilliant Holdings (US), Tech Mahindra (India), Enel X North America (US), eSmart Systems (Norway), Tanatalus (US), EsyaSoft (India), Grid4C (US), and C3 Energy (US)
The report analyses of the Smart Grid Market based on solution, application, end-user and by geography.
By solutions, the global smart grid market is segmented into advanced metering infrastructure (AMI), smart grid communications, smart grid distribution management, smart grid network management, substation automation, smart grid security, others. Smart grid distribution management holds the largest market share over the forecast period.
Geographically, the smart grid market is studied across the countries of key regions such as, North America, Europe, Asia Pacific and the rest of the world regions which includes Latin America, and Middle East & Africa. North America holds the largest market share over the forecast period due to their responsive attitude adoption of new technological advancements such as smart grid, AMI, smart grid communication, smart grid distribution management and also substation automation.
Why to Buy This Report