Smart Grid Market is expected to reach US$ 51.23 Bn by 2026 from US$ XX Bn in 2018 at a CAGR of XX %.
Smart Grid Market
Appearing digitalization is becoming a highlighting factor for deployment of modernized equipment and technologies in the energy sector. Loss of value due to defects in grid and energy distribution and metering is creating huge business opportunities for smart grid component manufacturers, installers and service providers. Rise in power generation sector and swelled energy consumption is awakening the need for smart grids across the globe. Increase in the improvement of smart meters and the growing complexity of cyber threats are further anticipated to provide opportunities to cybersecurity companies to target their services towards power companies over the upcoming years.
Growing energy demand accompanied by rising in concerns pertaining to unplanned power outages and environment protection will drive the smart grid market growth. Increased demand for integration of renewable energy sources across the globe, and government policies and mandates for sustainable energy are some of the driving factors for the smart grid market. Smart grid installation is a lavish exercise. The total cost of replacing it with the smart grid is expected to be more than US$ 5 trillion. The high installation cost is expected to be a critical factor in the improvement of smart grids, specifically in the developing nations. Additional, the deployment of new generation sources, such as wind, rooftop solar as well as a new end-user base, such as electric vehicles, are expected to reach the need for infrastructural requirements further, thereby, increase in capital expenditure required for smart grid installation.
Smart Grid Market is segmented into software, hardware, services, and region. On the basis of software, the smart grid software segment is estimated to hold the largest market share. The opportunity of the smart grid software covers Advance Metering Infrastructure, smart grid distribution management, smart grid communication, grid asset management, substation automation, and billing and customer information system. There have been huge revenue losses caused due to energy loss and theft, resulting in power outages, which have increased the need to manage and control energy generation, distribution, and transmission processes. Based on hardware, Sensors for the smart grid is estimated to gain the highest traction in the smart grid market during the forecast period. A sensor is the crucial hardware component that provides real-time data of the electric grid.
Installed in electric grids, sensors develop utility operation and performance. By services, the deployment and integration services segment is projected to have the largest market share and estimated to grow at the highest CAGR during the forecast period. Deployment and integration services aid in reducing the deployment and integration time. These services are pivotal for developing end-to-smart grid solutions for the power and energy utilities. The increase in requirement for upgrading traditional smart grid systems to support various smart cities and smart grids drives the deployment and integration services segment in the smart grid market.
In terms of region, North America is projected to hold the largest market share and dominate the smart grid market from 2017 to 2026. The major growth drivers for this region are the large-scale investments in the smart grid and smart cities projects and the need for better smart grid and control mechanisms. The Middle East and Africa region is in the initial growth phase, it is the fastest-growing region in the global smart grid market.
Some of the key players in the global smart grid market are ABB Ltd, Cisco Systems Inc., Eaton Corporation PLC, General Electric Co., Itron Inc., Oracle Corporation, Osaki Electric Co. Ltd, S&C Electric Company Inc., and Schneider Electric SE.
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The Scope of the Smart Grid Market:
Smart Grid Market, by Software
• Smart Grid Distribution System
• Grid Asset management
• Advanced Metering Infrastructure
• Substation Automation
• Smart Grid Communication
• Billing and Customer Information System
Smart Grid Market, by Hardware
• Programmable Logic Controller
• AMI Meter
• Networking Hardware
Smart Grid Market, by Services
• Support and Maintenance
• Deployment and Integration
Smart Grid Market, by Geography
• North America
• Middle East & Africa
• Latin America
Key Players operating in the Smart Grid Market:
• ABB Ltd
• Cisco Systems Inc.
• Eaton Corporation PLC
• General Electric Co.
• Itron Inc.
• Oracle Corporation
• Osaki Electric Co. Ltd
• S&C Electric Company Inc.
• Schneider Electric SE
• Siemens AG
• Hitachi Ltd
• Aclara Technologies LLC
• Open Systems International, Inc.
• IBM Corporation
• Wipro Ltd.
• Eaton Corporation Plc
• Kamstrup A/S
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