The Global Smart Grid market is projected to experience an upsurge in demand during the forecast period (2020-2027). As per the smart grid market forecast, the growing government emphasis on decreasing transmission and distribution losses and the increasing concern related to the environmental protection are the two major factors that are responsible for the growth of the market over the coming years.
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A smart grid refers to an electric grid that consists of a network of substations, transmission lines, and transformers. It consists of energy measures, such as smart appliances, smart grids, energy-efficient resources, and renewable energy resources. The smart grid provides improved level of efficiency, decreases energy consumption and cost by continuous monitoring, analysis, control, and communication.
The major factors such as the rising government emphasis on decreasing the transmission and distribution losses, along with the increasing concern related to the environmental protection are responsible for boosting the growth of the smart grid market size over the forecast period. The end-users are actively looking for an advanced grid which provides energy conversation and is environment friendly at the same time. The smart grid not only helps in saving energy by decreasing the consumption but also provides improved level of customer services and more accurate bills. It detects fraud and technical losses.
As per the smart grid market forecast, the leading players are focusing on implementing digital electricity infrastructure, which will open new doors for the growth of the market. For example, in 2018, Natural Resource Canada invested USD 949,000 in the next-generation smart grid project. This project is focused on increasing the adoption of renewable sources of energy and the introducing technologies to integrate new sources of clean energy. Thus, the increasing number of investments will bring a boost the market growth. On the other hand, the lack of standardization and growing privacy & security concerns are likely to hamper the growth of the smart grid market share in terms of revenue.
On the basis of region, the Asia-Pacific region is projected to dominate the market over the forecast period. China is one of the leading player in the smart grid market. The increasing number of government’s initiatives to increase the usage of smart grid systems and the strong presence of market players are the two major factors that are boosting the smart grid market growth in this region. For example, in India, the Ministry of Power introduced the India Smart Grid Forum (ISGF) initiative with an objective to support the development of smart grid infrastructure in the power sector.
Key Players of the Global Smart Grid Market:
• General Electric
• ABB
• Siemens
• Cisco Systems Inc.
• Schneider Electric
• IBM Corporation
• Landis+Gyr.
• Wipro Limited
• Oracle
• Honeywell International Inc.
Market Segmentation:
Global Smart Grid Market Report Segment by Component:
• Software
o Advanced Metering Infrastructure
Meter Data Management
Analytics
o Smart Grid Distribution Management
Supervisory Control and Data Acquisition
Demand Response Management
Outage Management
Distributed Energy Resource Management
Energy Management System
Distribution Automation
o Smart Grid Network Management
Network Traffic Management
Network Device Management
Network Configuration Management
Network Security Management
Network Performance Monitoring Management
o Grid Asset Management
Condition and Performance Monitoring
Predictive Maintenance
Asset Data Management
o Substation Automation
Production Management
Performance Management
o Smart Grid Security
o Billing and Customer Information System
• Hardware
o Smart Meter
• Services
o Consulting
o Deployment & Integration
o Support & Maintenance
Global Smart Grid Market Report Segment by Region:
• North America
o United States of America
o Canada
• Asia Pacific
o China
o Japan
o India
o Rest of APAC
• Europe
o United Kingdom
o Germany
o France
o Spain
o Rest of Europe
• RoW
o Brazil
o South Africa
o Saudi Arabia
o UAE
o Rest of the world (remaining countries of the LAMEA region)
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