Grid Optimization Solution Market: Current Analysis and Forecast (2022-2028)

The global grid optimization solution market is expected to register significant growth throughout 2022-2028. A grid is a network of interconnected devices used to transport power from generators to consumers. Electric power distribution to individual customers, where voltage is again stepped down to the necessary service voltage, electrical substations to step voltage up or down, electrical power transmission to carry power over long distances, and power stations, which are frequently located near the energy and away from densely populated areas. Moreover, the growing advancement in grid technology has led to the advent of smart grids. The development of a sustainable, reliable, efficient, and resilient electricity grid through the use of computational intelligence and networking capabilities of multiple communication networks is known as a "smart grid." Some of the benefits of the smart grid solution include more efficient transmission of electricity, quicker restoration of electricity after power disturbances, reduced operations, and management costs for utilities, and ultimately lower power costs for consumers.

Some of the major players operating in the market include: Hitachi Energy, Hubbell, General Electric, FirstEnergy, Green Mountain Power, Doble Engineering Company, Energir Limited Partnership, EKM Metering, CGI Group, and Electric Power Group.

Insights Presented in the Report:

"Amongst type, Hardware category accounted for the majority share in the market in 2020"

Based on the type, the market is categorized into hardware and software. The hardware segment holds a significant share in the market. Since hardware is essential to the effective operation of the solution, hardware constitutes the entirety of it. Hardware components that aid in measurement, communication, and control include sensors. These hardware elements allow for high sampling and precise, time-synchronized measurements, and they are positioned on the grid's low and medium voltage areas.

"Amongst application, small-scale enterprises hold a significant share in the market"

Based on the application, the market is categorized into government, educational institutes, small-scale enterprises, and others. Small-scale enterprises hold a significant share in the market as they require a continuous power supply. Moreover, they have scattered energy resources in place, which has made the grid more complex. This problem is resolved by installing a smart grid optimization system for enhanced utility control, which enables quick diagnosis, exact remedies, and monitoring of crucial components.

"North America to witness significant growth during the forecast period"

North America is expected to hold the largest growth rate in the global market during the forecast period due to the increasing adoption of the smart grid along with supportive government policies such as the enhanced grid permitting process. Also, the growing need for energy and the adoption of renewable energy coupled with government support for the implementation of the grid optimization solution for energy conservation is expected to support the market growth in the region. Additionally, the presence of several major players in the region and the integration of smart technologies such as IoT and machine learning coupled with the new product launches and increasing investment in the research & development activities is expected to support the market. For instance, according to the US Department of Energy (DoE), electric utilities spend the US $ 80 billion on capital improvement including distribution and transmission systems in the year 2019.

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• Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry.

• The study comprehensively covers the market across different segments.

• Deep dive regional level analysis of the industry.

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