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Market Research Report

COVID-19 Impact on Smart Grid Market by Component (Hardware, Software and Services) and Region - Global Forecast to 2021

Published by MarketsandMarkets Product code 934432
Published Content info 58 Pages
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COVID-19 Impact on Smart Grid Market by Component (Hardware, Software and Services) and Region - Global Forecast to 2021
Published: April 30, 2020 Content info: 58 Pages
Description

"Increasing investments for modernization of aging grid infrastructure is expected to drive the growth of the smart grid market."

The global smart grid market size is expected to grow from an estimated value of USD 26.9 billion in 2020 to USD 28.8 billion by 2021, at a CAGR of 7.1% from 2020 to 2021 in the realistic scenario. Grid modernization efforts vary with utility companies across the world. For instance, some vendors focus on the ongoing replacement of aging infrastructure, and some are working to interconnect greener and more distributed energy sources. In contrast, others are focused on utilizing improved diagnostics to give grid operators more visibility into the system and enhance grid reliability, flexibility, and resiliency.

Smart grids enable two-way communication between utilities and end-users, whereas the traditional system consists of electrical wires, wires, cables, towers, and distribution lines. Increased investments in the digitalization of the grid by implementing advanced communication technology will fuel the growth of smart grid market. The smart grid also helps during the period of uncertainties. Presently, the lockdown due to COVID-19 drives the requirement of smart systems to manage grid operations so that there is minimum human intervention.

"The software segment is expected to be the largest market, by component during the forecast period."

The smart grid market, by component, is segmented into hardware, software, and services. The software segment holds the largest market share as it simplifies the implementation and functionality of the smart grid. It also supports the construction and maintenance of smart grids, including infrastructure management, advanced technical calculations (based on static and dynamic data), forecasting and planning production of energy, control & regulation of voltage levels & reactive power. Furthermore, the smart grid software helps ensure the effective management of smart grid operations, improves process efficiency, and reduces energy production costs, thereby increasing the demand for the software segment in the market.

"North America is expected to lead the smart grid industry during the forecast period "

The smart grid market in North America is expected to be the largest during the forecast period. This growth is attributed to the increasing investments in smart grid infrastructure and the early adoption of smart grid projects. The growing trend of smart cities, smart communities, and electric vehicles are also driving the market for smart grid management. Furthermore, the smaller cooperative utilities are expected to inject funds for smart grid deployments in the US.

  • By Company Type: Tier 1 - 55 %, Tier 2 - 30%, and Tier 3 - 15%
  • By Designation: C-level Executives - 60%, Directors - 20%, Others - 20%
  • By Geography: Europe-30%, North America- 25%, Asia Pacific-25%, Middle East & Africa- 10%, and South America-10%

Some of the major players in the global smart grid market are GE (US), ABB (Switzerland), Siemens (Germany), Schneider Electric (France), Itron (US), Landis+Gyr (Switzerland), Aclara (US), Cisco (US), OSI (US), IBM (US), Wipro (India), Oracle (US), Honeywell (US), S&C Electric Company (US), Eaton (Ireland), Kamstrup (Denmark), and Trilliant Holdings (US), among others.

Research Coverage

This report covers the COVID-19 impact on the smart grid market based on components and regions.

Reasons to Buy the Report:

  • Illustrative segmentation, analysis, and forecast pertaining to the smart grid industry based on component and region have been conducted to provide an overall view of the smart grid industry considering the detailed impact analysis of COVID-19
  • Major drivers and restraints for the smart grid market have been detailed in this report.
Table of Contents
Product Code: EP 7632

TABLE OF CONTENTS

1 INTRODUCTION 10

  • 1.1 COVID-19 HEALTH ASSESSMENT 10
  • 1.2 COVID-19 ECONOMIC ASSESSMENT 12
    • 1.2.1 COVID-19 IMPACT ON THE ECONOMY: SCENARIO ASSESSMENT 13

2 IMPACT OF COVID-19 ON THE SMART GRID ECOSYSTEM 16

  • 2.1 VALUE CHAIN OF THE SMART GRID INDUSTRY 16
  • 2.2 IMPACT ON THE VALUE CHAIN 16
    • 2.2.1 GENERATION 16
    • 2.2.2 TRANSMISSION 17
    • 2.2.3 DISTRIBUTION 17
    • 2.2.4 EPC 17
    • 2.2.5 MANUFACTURERS/OEMS 18
    • 2.2.6 SERVICE PROVIDERS 18
  • 2.3 MACROECONOMIC INDICATORS 18
    • 2.3.1 DRIVERS 18
      • 2.3.1.1 Modernization of aging grid infrastructure 18
      • 2.3.1.2 Improved grid reliability and efficient outage response 19
    • 2.3.2 RESTRAINTS 19
      • 2.3.2.1 High initial cost for the deployment of smart grid technology solutions 19
      • 2.3.2.2 Lack of standards and interoperability 19

3 CUSTOMER ANALYSIS 21

  • 3.1 SHIFT IN TRANSMISSION & DISTRIBUTION 21
    • 3.1.1 DISRUPTION IN THE INDUSTRY 21
    • 3.1.2 IMPACT IN CUSTOMERS' OUTPUT & STRATEGIES TO RESUME/IMPROVE PRODUCTION 21
    • 3.1.3 IMPACT ON SUPPLY CHAIN 22
    • 3.1.4 NEW MARKET OPPORTUNITIES AND KEY INITIATIVES TO REDUCE THE IMPACT 22
  • 3.2 SHIFT IN GENERATION 22
    • 3.2.1 DISRUPTION IN THE INDUSTRY 23
    • 3.2.2 IMPACT IN CUSTOMERS' OUTPUT AND STRATEGIES TO RESUME/IMPROVE PRODUCTION 23
    • 3.2.3 IMPACT ON SUPPLY CHAIN 23
    • 3.2.4 NEW MARKET OPPORTUNITIES AND KEY INITIATIVES TO REDUCE THE IMPACT 24

4 SHORT-TERM STRATEGIES OF SMART GRID COMPANIES DUE TO THE COVID-19 OUTBREAK 25

  • 4.1 IMPACT ON SOFTWARE COMPANIES' PORTFOLIO 25
  • 4.2 IMPACT ON HARDWARE COMPANIES' PORTFOLIO 26
  • 4.3 IMPACT ON SERVICES COMPANIES' PORTFOLIO 27
  • 4.4 WINNING STRATEGIES TO GAIN MARKET SHARE 27
    • 4.4.1 SHORT-TERM STRATEGIES 27
    • 4.4.2 MID-TERM STRATEGIES 28
    • 4.4.3 LONG-TERM STRATEGIES 28
  • 4.5 KEY COMPANIES AND THEIR BUSINESS PLANS 28

5 IMPACT OF COVID-19 ON THE SMART GRID MARKET 30

  • 5.1 SMART GRID MARKET, BY SOFTWARE 30
    • 5.1.1 ADVANCED METER INFRASTRUCTURE 31
    • 5.1.2 SMART GRID DISTRIBUTION MANAGEMENT 31
    • 5.1.3 SMART GRID NETWORK MANAGEMENT 32
    • 5.1.4 GRID ASSET MANAGEMENT 33
    • 5.1.5 SUBSTATION AUTOMATION 34
    • 5.1.6 SMART GRID SECURITY 35
    • 5.1.7 BILLING AND CUSTOMER INFORMATION SYSTEM 35
  • 5.2 SMART GRID MARKET, BY HARDWARE 36
    • 5.2.1 SMART METER 36
  • 5.3 SMART GRID MARKET, BY SERVICE 37
    • 5.3.1 CONSULTING 38
    • 5.3.2 DEPLOYMENT AND INTEGRATION 38
    • 5.3.3 SUPPORT AND MAINTENANCE 39

6 IMPACT OF COVID-19 ON THE SMART GRID MARKET, BY REGION 41

  • 6.1 INTRODUCTION 41
    • 6.1.1 OPTIMISTIC SCENARIO 41
    • 6.1.2 REALISTIC SCENARIO 42
    • 6.1.3 PESSIMISTIC SCENARIO 42
  • 6.2 NORTH AMERICA 43
    • 6.2.1 BY COMPONENT 44
    • 6.2.2 BY COUNTRY 45
  • 6.3 EUROPE 45
    • 6.3.1 BY COMPONENT 47
    • 6.3.2 BY COUNTRY 47
  • 6.4 ASIA PACIFIC 47
    • 6.4.1 BY COMPONENT 49
    • 6.4.2 BY COUNTRY 50
  • 6.5 SOUTH AMERICA 50
    • 6.5.1 BY COMPONENT 51
    • 6.5.2 BY COUNTRY 52
  • 6.6 MIDDLE EAST & AFRICA 52
    • 6.6.1 BY COMPONENT 54
    • 6.6.2 BY COUNTRY 54

7 APPENDIX 55

  • 7.1 KNOWLEDGE STORE: MARKETSANDMARKETS' SUBSCRIPTION PORTAL 55
  • 7.2 AUTHOR DETAILS 57

LIST OF TABLES

  • TABLE 1 EXPECTED EFFECT OF COVID-19 ON ADVANCED METER INFRASTRUCTURE PROMINENT PLAYERS 31
  • TABLE 2 EXPECTED EFFECT OF COVID-19 ON SMART GRID DISTRIBUTION MANAGEMENT PROMINENT PLAYERS 32
  • TABLE 3 EXPECTED EFFECT OF COVID-19 ON SMART GRID NETWORK MANAGEMENT PROMINENT PLAYERS 33
  • TABLE 4 EXPECTED EFFECT OF COVID-19 ON GRID ASSET MANAGEMENT PROMINENT PLAYERS 34
  • TABLE 5 EXPECTED EFFECT OF COVID-19 ON SUBSTATION AUTOMATION PROMINENT PLAYERS 34
  • TABLE 6 EXPECTED EFFECT OF COVID-19 ON SMART GRID SECURITY PROMINENT PLAYERS 35
  • TABLE 7 EXPECTED EFFECT OF COVID-19 ON BILLING AND CUSTOMER INFORMATION SYSTEM PROMINENT PLAYERS 35
  • TABLE 8 SOFTWARE: SMART GRID MARKET SIZE, BY REGION, 2019-2021 (USD MILLION) 36
  • TABLE 9 EXPECTED EFFECT OF COVID-19 ON PROMINENT PLAYERS, BY HARDWARE 37
  • TABLE 10 HARDWARE: SMART GRID MARKET SIZE, BY REGION, 2019-2021 (USD MILLION) 37
  • TABLE 11 EXPECTED EFFECT OF COVID-19 ON CONSULTING PROMINENT PLAYERS 38
  • TABLE 12 EXPECTED EFFECT OF COVID-19 ON DEPLOYMENT AND INTEGRATION PROMINENT PLAYERS 39
  • TABLE 13 EXPECTED EFFECT OF COVID-19 ON SUPPORT AND MAINTENANCE PROMINENT PLAYERS 39
  • TABLE 14 SERVICES: SMART GRID MARKET SIZE, BY REGION, 2019-2021 (USD MILLION) 40
  • TABLE 15 OPTIMISTIC SCENARIO: SMART GRID MARKET SIZE, BY REGION, 2019-2021 (USD MILLION) 41
  • TABLE 16 REALISTIC SCENARIO: SMART GRID MARKET SIZE, BY REGION, 2019-2021 (USD MILLION) 42
  • TABLE 17 PESSIMISTIC SCENARIO: SMART GRID MARKET SIZE, BY REGION, 2019-2021 (USD MILLION) 43
  • TABLE 18 NORTH AMERICA: COVID-19 IMPACT ON KEY SECTORS AND GDP DEVIATIONS 44
  • TABLE 19 NORTH AMERICA: SMART GRID MARKET SIZE, BY COMPONENT, 2019-2021 (USD MILLION) 44
  • TABLE 20 NORTH AMERICA: SMART GRID MARKET SIZE, BY COUNTRY, 2019-2021 (USD MILLION) 45
  • TABLE 21 EUROPE: COVID-19 IMPACT ON KEY SECTORS AND GDP DEVIATIONS 46
  • TABLE 22 EUROPE: SMART GRID MARKET SIZE, BY COMPONENT, 2019-2021 (USD MILLION) 47
  • TABLE 23 EUROPE: SMART GRID MARKET SIZE, BY COUNTRY, 2019-2021 (USD MILLION) 47
  • TABLE 24 ASIA PACIFIC: COVID-19 IMPACT ON KEY SECTORS AND GDP DEVIATIONS 49
  • TABLE 25 ASIA PACIFIC: SMART GRID MARKET SIZE, BY COMPONENT, 2019-2021 (USD MILLION) 49
  • TABLE 26 ASIA PACIFIC: SMART GRID MARKET SIZE, BY COUNTRY, 2019-2021 (USD MILLION) 50
  • TABLE 27 SOUTH AMERICA: COVID-19 IMPACT ON KEY SECTORS AND GDP DEVIATIONS 51
  • TABLE 28 SOUTH AMERICA: SMART GRID MARKET SIZE, BY COMPONENT, 2019-2021 (USD MILLION) 51
  • TABLE 29 SOUTH AMERICA: SMART GRID MARKET SIZE, BY COUNTRY, 2019-2021 (USD MILLION) 52
  • TABLE 30 MIDDLE EAST & AFRICA: COVID-19 IMPACT ON KEY SECTORS AND GDP DEVIATIONS 53
  • TABLE 31 MIDDLE EAST & AFRICA: SMART GRID MARKET SIZE, BY COMPONENT, 2019-2021 (USD MILLION) 54
  • TABLE 32 MIDDLE EAST & AFRICA: SMART GRID MARKET SIZE, BY COUNTRY, 2019-2021 (USD MILLION) 54

LIST OF FIGURES

  • FIGURE 1 COVID-19: THE GLOBAL PROPAGATION 10
  • FIGURE 2 COVID-19 PROPAGATION: SELECTED COUNTRIES 11
  • FIGURE 3 COUNTRIES BEGIN WITH SIMILAR TRAJECTORIES, BUT CURVES DEVIATE BASED ON MEASURES TAKEN 11
  • FIGURE 4 REVISED GDP FORECASTS FOR SELECT G20 COUNTRIES IN 2020 12
  • FIGURE 5 CRITERIA IMPACTING THE GLOBAL ECONOMY 13
  • FIGURE 6 SCENARIOS IN TERMS OF RECOVERY OF THE GLOBAL ECONOMY 14
  • FIGURE 7 SMART GRID VALUE CHAIN 16
  • FIGURE 8 IMPACT OF COVID-19 ON THE UK POWER SECTOR 24
  • FIGURE 9 REGIONAL IMPACT OF COVID-19 ON SOFTWARE COMPANIES 25
  • FIGURE 10 REGIONAL IMPACT OF COVID-19 ON HARDWARE COMPANIES 26
  • FIGURE 11 REGIONAL IMPACT OF COVID-19 ON SERVICES COMPANIES 27
  • FIGURE 12 PROJECTED MARKET SHARE, SMART GRID MARKET, BY SOFTWARE, 2023: BEFORE COVID-19 30
  • FIGURE 13 PROJECTED MARKET SHARE, SMART GRID MARKET, BY SERVICE, 2023: BEFORE COVID-19 38
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