Smart Grid Market: By Component (Hardware (AMI Meter, Sensors, Network Hardware, Programmable Logic Controller (PLC)), Software (Advanced Metering Infrastructure, Smart Grid Distribution Management, Smart Grid Network Management and Others) , By Technology (Wired and Wireless), By End-User Industry, and By Region – Global Industry Sizing, Growth, Trend, Opportunity and Forecast (2020-2025)
The Smart Grid Market report covers an in-depth analysis of market dynamics, business models, segmental/regional analysis, and respective market shares and strategies adopted by key market players operating in the global market. It involves an in-depth analysis of factors influencing the global market and market statistics indicating market share/growth analysis by region and segment. The report study will present one of the most comprehensive analyzes of the market, capturing all aspects of the Smart Grid industry.
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Smart Grid Market Overview
The smart grid market is expected to grow with a CAGR of 20.0%, over the forecast period (2020-2025) and valued at USD 28.1 billion in 2019. Smart grids have generated tremendous opportunities for the network industry. electricity and energy, leading it to a new era of availability, reliability and efficiency. These factors are expected to accelerate the growth of the smart grid market. Benefits associated with the smart grid include faster restoration of electricity after a power disruption, efficient transmission of electricity, and better integration of large-scale renewable energy systems, among others.
Factors affecting the smart grid market over the forecast period
- The key factors driving the global smart grid market are the growing awareness of carbon footprint and its management, as well as the growing share of renewable energy.
- Governments across the globe are introducing and emphasizing supportive initiatives and legislative mandates fueling market growth
- Rising energy demand and rising concerns over unplanned power outages would accelerate the growth of the smart grid market. Through reduced usage, the Smart Grid saves electricity, energy, provides improved customer services and more accurate and reliable bills
- Modernization of the aging network and infrastructure and the growing need to digitize the power sector are increasing the overall market growth
- Upcoming companies in smart city projects in developing regions are creating a variety of growth opportunities for the global smart grid market
- Growing smart meter upgrades and the emergence of cyberattacks are further expected to provide opportunities for cybertechnology companies with the potential to tailor their services to power utilities over the next few years.
- The smart grid market also provides opportunities for conventional energy infrastructure companies to upgrade their grid assets with enhanced functionality, flexibility, and functionality to integrate with smart technologies.
- High initial setup and management costs are hampering market growth
- The development of the smart grid market is limited by high installation and initial costs and capital incentives to build the transmission network between consumers and the smart grid with high maintenance costs.
- Additionally, the problem of low energy connectivity in developing regions across the world and inadequate government policies and regulations, along with grid capacity expansions and modernization measures, are expected to hamper the smart grid market. Lack of standardization and interoperability also hinders market growth.
- A major challenge for key companies in the market is to know and understand the social, economic and environmental importance of smart grid information, and to create solutions capable of aggregating data and connecting information generated by smart grid .
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Impact of COVID-19 on the Global Smart Grid Market
The COVID-19 pandemic has disrupted the global smart grid market and companies have been forced to restructure their plans to deal with the pandemic. The global economy is impacted by COVID-19 in different ways: through its impact on the supply chain and market, and through its financial effect on businesses. Due to global economic problems and lack of investment in new technologies, several companies have delayed their projects.
Smart Grid Market: Report Scope
The report describes the study of the global smart grid market on the basis of components, technology, and end-use industry.
On the basis of component, the smart grid market has been segmented into –
- AMI counter
- Network hardware
- Programmable logic controller (PLC)
- Advanced measurement infrastructure
- Smart Grid Distribution Management
- Smart Grid Management
- Network Asset Management
- Automation of substations
- Smart Grid Security
- Customer information system
- Deployment and integration
- Support and maintenance
Based on technology, the smart grid market is segmented into
Based on end-user industry, the smart grid market is segmented into
Smart Grid Market: Geographical Perspectives
The global smart grid market has been segmented into five geographical regions, namely North America, Asia-Pacific, South America, Europe and the Middle East and Africa (MEA). During the forecast period, North America is expected to hold the highest market share and lead the global smart grid market as the region has been highly responsive to the introduction of modern and latest technologies. Moreover, as the region has vast reserves of conventional and renewable energy sources, Asia-Pacific is the fastest growing region and is expected to have the highest CAGR in the global market during the period of forecast.
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Key Competitors in the Global Smart Grid Market
The global smart grid market is highly fragmented, with the presence of a large number of smaller players across the globe. Leading companies in the Global Smart Grid Market include-
- General electricity company
- ABB limited
- Siemens AG
- Itron Incorporated
- Landis+Gyr Limited
- Aclara Technologies LLC
- Cisco Systems Incorporated
- Open Systems International Incorporated (OSI)
- IBM Corporation
- Wipro Limited
- Honeywell International Incorporation
- Oracle Corporation
- S&C Power Company
- Eaton Company
The Smart Grid Market report provides an in-depth analysis of macroeconomic factors and market attractiveness of each segment. The report will include an in-depth qualitative and quantitative assessment of the industry/regional outlook with the presence of market players in the respective segment and region/country. The information concluded in the report includes entries
Smart Grid Market Regional Analysis Includes:
- North America (United States, Canada, Mexico)
- South America (Brazil, Argentina, Colombia, Peru, Rest of Latin America)
- Europe (Germany, Italy, France, United Kingdom, Spain, Poland, Russia, Slovenia, Slovakia, Hungary, Czech Republic, Belgium, Netherlands, Norway, Sweden, Denmark, Rest of Europe)
- Asia-Pacific (China, Japan, India, South Korea, Indonesia, Malaysia, Thailand, Vietnam, Myanmar, Cambodia, Philippines, Singapore, Australia and New Zealand, Rest of Asia-Pacific)
- The Middle East and Africa (Saudi Arabia, United Arab Emirates, South Africa, North Africa, Rest of MEA
Smart Grid Market: Target Audience
- Smart Grid Manufacturers
- Manufacturers of surgical equipment and personal protective equipment
- Manufacturers, Distributors and Healthcare Providers
- Trade publications and magazines
- Government authorities, associations and organizations
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