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Smart Grid Market to Register Exponential Compound Annual Growth Rate Through 2028

Report Description

A recent market intelligence report that is published by Data Insights Partner on the global Smart Grid Market makes an offering of in-depth analysis of segments and sub-segments in the regional and international Smart Grid Market. The research also emphasizes on the impact of restraints, drivers, and macro indicators on the regional and global Smart Grid Market over the short as well as long period of time. A detailed presentation of forecast, trends, and dollar values of global Smart Grid Market is offered. In accordance with the report, the global Smart Grid Market is projected to expand by healthy CAGR over the period of forecast.

Market Insight, Drivers, Restraints, Opportunity & Trends of the Market:

Definition

Smart Grid is an electronic grid including operations of different variations as well as energy measures which includes smart appliances, smart meters, energy coherent resources and sources of renewable energy. Mass production and dispensation of electricity and conditioning of electric power are significant outlooks of smart grid. It is reliable, efficient, flexible, load adjustable, and sustainable systems that aid electricity related affairs.

Market Drivers

The supportive measures undertaken by the governments of different nations across the globe with respect to residential, commercial, and industrial application is providing the initial impetus to the growth of this market. The linchpin of such norms of the government is to move ahead in the execution of smart grids and take preventative measures for the conservation of the environment. For instance, the ARRA, section of the federal government of US provisioned USD 3.4 billion as investment grants for smart grids to utilities. Also, an USD 615 million was allocated for the demonstration projects of smart grid. Different authorities like NERC, OECD and policies like SGIG and many more are popping up on a worldwide basis and fueling the smart grid market.

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The drive for upgrading the older grid infrastructure and the expansion of the newly set out smart grids are empowering this market.

The transition in the preference of the consumers to use electricity derived from renewable resources coupled with the environmental concerns of the end users and people in general is thrusting the growth of the smart grid market. The governments rigid directives to keep a track of carbon emission and reduce it further is indirectly charging up the growth of the smart grid market.

Smart grids are not only reliable and efficient sources of energy but also, its ability to detect fault by itself and possibility of self-healing without the technician’s assistance are drivers of the smart grid market.

The rising focus on the digitalization of the power sector, growing urbanization and rapid industrialization and its consequent effect on demand for electricity are charging the growth of the smart grid market.

Market Restraints

Huge capital investment is necessary during the initial stages of setting up power grid. Smart grids are basically capital intensive. Moreover, in course of time, the immoderate maintenance and operational costs take a toll on the investors or entrants, whether it’s the government or the firms and strains the development of smart grid market.

Cutthroat competition is among the traditional operators in the smart grid market and the benefits that accrue to them are not available to new entrants. Thus, new entrants in the smart grid market face entry barriers and market growth are affected.

Smart grid consists of high amounts of complex data. Consumer data include the basic information of the consumers, data on energy consumption and many more. Smart grids also consist of data from the industrial and commercial sector which are not processed. Privacy concerns and growing number of cyber hacks are threatening the growth of the smart grid market.

Opportunities

Rapid urbanization and industrialization and the development of the infrastructure for electrical facilities is assumed to provide lucrative opportunity to this market.

The adoption of “smart everything” especially smart city projects will provide good scope to the smart grid market in the near future.

The energy saving and money saving attitude of the consumers will improve and escalate the dependence on smart grid and provide bankable opportunities.

The growth of the transportation sector and soaring availability and surging demand for electric vehicles is a good set of circumstances for this market.

Trends

By 2018, North America had a dominant share in the smart grid market. This is a result of the inelastic directives of the government to monitor the efficient utilization of energy and adherence to the management norms for the residential sector. While in case of the industrial sector and commercial sector, their drive to cut down on energy charges has positively affected this market. Asia Pacific is likely to register explosive growth because of the presence of a number of emerging economies, rapidity of industrialization, urbanization and soaring demographics, favorable government policies, and rising need for electricity. Middle East and Africa is in the initial stages of growth and is expected to the most progressive market in the forecast period.

Segment Covered:

This market intelligence report on the global Smart Grid Market encompasses market segments based on technology, deployment, services and country.

           By Technology the global Smart Grid Market has been divided into:

 

q  Hardware

o   Smart Meters

q  Software

o   Billing and Customer Information System

o   Smart Grid Security

o   Substation Automation

o   Grid Asset Management

o   Smart Grid Network Management

o   Smart Grid Distribution Management

o   Advanced Metering Infrastructure

 

           By Deployment the global Smart Grid Market has been divided into:

 

q  Distribution

q  Transmission

q  Generation

            By Services the global Smart Grid Market has been divided into:

 

q  Support & Maintenance

q  Deployment & Integration

q  Consulting

 

             By country/region, the global Smart Grid Market has been divided into:

 

q  North America (the U.S., Canada),

q  Latin America (Brazil, Mexico, Argentina and other countries),

q  Europe (Germany, France, the U.K., Spain, Italy, Russia, and other countries),

q  Asia Pacific (India, Japan, China, Australia and New Zealand and other countries),

q  Middle East and Africa (GCC, South Africa, Israel and Other countries).

Profiling of Market Players:

This business intelligence report offers profiling of reputed companies that are operating in the market. Companies such as:

q  Schneider Electric

q  ABB

q  GE Power’s Grid Solution

q  Itron

q  Lyndis+Gyr

q  Aclara Technologies

q  General Electric

q  Siemens

q  Cisco Systems, Inc

q  Wipro Ltd

q  IBM Corporation

others have been profiled into detail so as to offer a glimpse of the market leaders. Moreover, parameters such as Smart Grid Market related investment & spending and developments by major players of the market are tracked in this global report.

 

Report Highlights:

In-depth analysis of the micro and macro indicators, market trends, and forecasts of demand is offered by this business intelligence report. Furthermore, the report offers a vivid picture of the factors that are steering and restraining the growth of this market across all geographical segments. In addition to that, IGR-Growth Matrix analysis is also provided in the report so as to share insight of the investment areas that new or existing market players can take into consideration. Various analytical tools such as DRO analysis, Porter’s five forces analysis has been used in this report to present a clear picture of the market. The study focuses on the present market trends and provides market forecast from the year 2020-2028. Emerging trends that would shape the market demand in the years to come have been highlighted in this report. A competitive analysis in each of the geographical segments gives an insight into market share of the global players.

Few Recent Developments

Schneider Electric

In September 2019, Schneider Electric’s business expansion in Brazil was made by the initiation of smart distribution centre. Educational Institutions, partners and consumers could access this centre to get information about the company IoT-based, interoperable infrastructure and also Exostruxure.

 

ABB

 

In July 2018, GE Industrial Solution located in North America was acquired by ABB. The acquisition strengthened the product portfolio of ABB with respect to electrification area.

GE Power’s Grid Solution

In June 2018, a new ADMs was launched by GE Power’s Grid Solution in association with TATA Power-DDL. The ADMs was especially designed for India.

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Salient Features:

Ø This study offers comprehensive yet detailed analysis of the Smart Grid Market, size of the market (US$ Mn), and Compound Annual Growth Rate (CAGR (%)) for the period of forecast: 2020-2028, taking into account 2019 as the base year

Ø It explains upcoming revenue opportunities across various market segments and attractive matrix of investment proposition for the said market

Ø This market intelligence report also offers pivotal insights about various market opportunities, restraints, drivers, competitive market strategies of leading market players, emerging market trends, and regional outlook

Ø Profiling of key market players in the world Smart Grid Market is done by taking into account various parameters such as company strategies, distribution strategies, product portfolio, financial performance, key developments, geographical presence, and company overview

Ø The data of this report would allow management authorities and marketers of companies alike to take informed decision when it comes to launch of Type of models, government initiatives, marketing tactics and expansion, and technical up gradation

Ø The world market for Smart Grid caters to the needs of various stakeholders pertaining to this industry, namely suppliers, manufacturers, investors, and distributors for Smart Grid Market. The research also caters to the rising needs of consulting and research firms, financial analysts, and new market entrants

Ø Research methodologies that have been adopted for the purpose of this study have been clearly elaborated so as to facilitate better understanding of the reports

Ø Reports have been made based on the guidelines as mandated by General Data Protection Regulation

Ø Ample number of examples and case studies have been taken into consideration before coming to a conclusion

Reasons to buy:

v Identify opportunities and plan strategies by having a strong understanding of the investment opportunities in the Smart Grid Market

v Identification of key factors driving investment opportunities in the Smart Grid Market

v Facilitate decision-making based on strong historic and forecast data

v Position yourself to gain the maximum advantage of the industry’s growth potential

v Develop strategies based on the latest regulatory events

v Identify key partners and business development avenues

v Respond to your competitors’ business structure, strategy and prospects

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