Market Research Report
Smart Grid Market by Software (AMI, Smart Grid Distribution Management, Smart Grid Communication, Grid Asset Management, Substation Automation, and Billing and Customer Information System), Hardware, Service, and Region - Global Forecast to 2022
|Published by||MarketsandMarkets||Product code||363430|
|Published||Content info||179 Pages
|Smart Grid Market by Software (AMI, Smart Grid Distribution Management, Smart Grid Communication, Grid Asset Management, Substation Automation, and Billing and Customer Information System), Hardware, Service, and Region - Global Forecast to 2022|
|Published: July 18, 2017||Content info: 179 Pages||
"Government policies, legislative mandates, and regional government initiatives for smart meter roll-outs are driving the smart grid market"
The smart grid market size is estimated to grow from USD 20.83 billion in 2017 to USD 50.65 billion by 2022, at a Compound Annual Growth Rate (CAGR) of 19.4%. The market is driven by factors the availability of hardware and connectivity devices at affordable cost, rising need for real-time information system, government policies and legislative mandates, regional government initiatives for smart meter roll-outs, increasing demand for integration of renewable energy sources, and increasing awareness about carbon footprint management. However, the utility operators face various obstacles while adopting smart grid solutions, such as security concerns, data protection, and lack of a standardized and uniform technology for smart grid.
The software enables networking abilities in electricity distribution system for improving operations, maintenance, and planning by enabling two-way communication between different components of the utility grid involved in generation, transmission, and distribution. The networking hardware and software work together to form a mesh network, enabling a utility grid with intelligent features such as substation automation, distribution automation, energy management, real-time control, self-healing, and increased reliability and security.
Smart grid sensors are expected to gain the highest traction in the smart grid market during the forecast period. Smart grid sensors are small, lightweight nodes that serve as a detection station in the network. Smart grid sensors enable the remote monitoring of equipment such as transformers and power lines and the management of energy resources in the smart grid. Smart grid sensors determine, monitor, and measure the voltage supply and return them into a readable format signal. These sensors also detect electric current (AC or DC) in a wire, and generate a signal proportional to it in a digital output. Smart grid sensors offer several advantages to utilities. They provide valuable data for energy transmission, which is maintained and utilized by the departments of utilities.
North America is expected to hold the largest market share and dominate the smart grid market from 2017 to 2022. The region has been extremely responsive toward adopting the latest technological advancements, such as Advanced Metering Infrastructure (AMI), smart grid distribution management, smart grid communication, and substation automation. 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 grids and control mechanisms. The Middle East and Africa (MEA) region is in the initial growth phase; however, it is the fastest-growing region in the global smart grid market. The region has huge reservoirs of conventional and renewable energy sources. High adoption of solutions to minimize outages and revenue losses, along with better smart grid and control, has led to a wider demand of smart grid solutions in the MEA region.
The break-up profiles of primary participants are given below:
The various key smart grid providers discussed in the report are given below:
The smart grid market has been segmented on the basis of software, hardware, services, and regions. A detailed analysis of the key industry players has been done to provide key insights into their business overviews; products and services; key strategies; new product launches; partnerships, agreements, and collaborations; business expansions; and competitive landscape associated with the smart grid market.
The report will help the market leaders/new entrants in this market in the following ways:
*Details on Overview, Products, Strength of product portfolio, Business strategy excellence, Recent developments might not be captured in case of unlisted companies.