NEW YORK, July 25, 2017 — Government policies, legislative mandates, and regional government initiatives for smart meter roll-outs are driving the smart grid marketThe 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.
Smart grid communication software is expected to have the fastest growth rate during the forecast periodThe 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 sensor is expected to have the fastest growth rate during the forecast periodSmart 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 contribute to the largest market share during the forecast periodNorth 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:
• By company: Tier 1: 41%, Tier 2: 35%, and Tier 3: 24%• By designation: C-level: 73%, Director level: 19%, and Others: 8%• By region: North America: 42%, Europe: 21%, APAC: 24%, and RoW: 13%
The various key smart grid providers discussed in the report are given below:1. General Electric Company (New York, US) 2. ABB Ltd. (Zurich, Switzerland) 3. Siemens AG (Munich, Germany) 4. Schneider Electric SA (Rueil-Malmaison, France) 5. Itron, Inc. (Washington, US) 6. Landis+Gyr (Zug, Switzerland) 7. Aclara Technologies LLC (Missouri, US) 8. Cisco Systems, Inc. (California, US) 9. Open Systems International, Inc. (Minnesota, US) 10. IBM Corporation (New York, US) 11. Wipro Ltd. (Karnataka, India) 12. Oracle Corporation (California, US) 13. S&C Electric Company (Illinois, US) 14. Eaton Corporation Plc (Dublin, Ireland) 15. Kamstrup A/S (Skanderborg, Denmark) 16. Trilliant Holdings, Inc. (North Carolina, US) 17. NexGrid, LLC. (Virginia, US) 18. Globema (Warsaw, Poland) 19. Tech Mahindra Ltd. (Maharashtra, India) 20. EnerNOC, Inc. (Massachusetts, US) 21. Fujitsu Ltd. (Tokyo, Japan) 22. Infrax Systems Inc. (Texas, US) 23. Esyasoft Technologies Pvt. Ltd. (Karnataka, India) 24. e-Smart Systems Pvt. Ltd. (Delhi, India) 25. Grid4C (Texas, US)
Research CoverageThe 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:
• This report segments the smart grid market comprehensively and provides the closest approximations of the revenue numbers for the overall market and the subsegments across different regions. • This report helps stakeholders understand the pulse of the market and provides them with information on key market drivers, restraints, challenges, and opportunities.• This report will help stakeholders to better understand the competitors and gain more insights to enhance their position in the business. The competitive landscape section includes competitor ecosystem, new product developments, partnerships, and mergers and acquisitions.Read the full report: http://www.reportlinker.com/p05018004/Smart-Grid-Market-by-Software-Hardware-Service-and-Region-Global-Forecast-to.html
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