Smart Grid Industry Applications, Outstanding Growth, Market status and Business
Posted by Sakshi Mishra on March 25th, 2021
The smart grid market is growing at a rapid pace. The market growth attributes to increasing government initiatives to improve power generation. Besides, heavy investments by the smart grid’s key players, alongside the rising smart city projects and the need for controlled grid mechanisms, substantiate the market growth. Moreover, government initiatives for smart meter roll-outs escalate market demand.
According to a leading research firm Market Research Future (MRFR), the global smart grid market is expected to create a valuation of USD 52 BN by 2023, registering approximately 20% CAGR during the forecast period (2018 – 2023). Increasing demand for renewable energy sources and improved grid reliability positively impact the growth of the market. Moreover, the increasing integration of smart meters accelerates market demand, improving power distribution worldwide.
Additionally, technological advances in technologies smart grid sensors, devices, and connected utilities, alongside increasing numbers of advanced modular projects, boost the market growth. The increasing demand for efficient, economical, and clean power distribution influences the growth of the market. Substantial investments to shift utility infrastructure to the smart grid and increased sophistication of cyber-attacks substantiate market growth.
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Global Smart Grid Market – Segmentations
The report is segmented into four dynamics;
By Components: Hardware (AMI meter, networking hardware, sensors, programmable logic controller (PLC), Software (advanced metering infrastructure (AMI), smart grid distribution management, smart grid communication, grid asset management, substation automation & billing, customer information system, supervisory control & data acquisition (SCADA), and Services (consulting, deployment, integration & support, maintenance, others).
By Technology: Wired and Wireless.
By End-User : Residential, Corporate, Government, and others.
By Regions : Americas, Europe, Asia Pacific, and the Rest-of-the-World.
Global Smart Grid Market – Regional Analysis
North America dominates the global smart grid market. The largest market share attributes to rapid advances in technology and the need for a more stable electricity network in the region. Besides, the presence of advanced utility infrastructures and upgrade activities drive the growth of the market. Moreover, the strong presence of notable players and planned and completed smart grid capacities in the region boost the market share.
Increasing government initiatives to improve cybersecurity and utility-scale policy in the region support the growth of the market. The rising renewable energy generation systems in the residential sector and the growing power demand substantiate regional market growth. The North American smart grid market is estimated to retain its dominance throughout the forecast period.
Europe stands second in the global smart grid market. The market growth is driven by large-scale renewable technology deployment.
Additionally, sizable investments in grid and transmission infrastructures foster the development of the regional market. Moreover, the deployment of distributed energy technologies, ongoing initiatives such as FITs, tax rebates, and other promotional schemes provide favorable business expansion opportunities.
Renewable energy variability, including solar & wind power, and cross-border energy trading, boosts the regional market growth. Furthermore, technological advancements in the clean energy sector accelerate market growth in the region. The European smart grid market is projected to create a substantial revenue pocket during the estimated period.
The Asia Pacific smart grid market is growing at a rapid pace. Factors such as the shift of traditional grid structure to the smart grid by many countries in the region substantiate the market demand. Continually growing demand for energy due to the rapid increase in population, industrialization, and urbanization fuel the regional market growth. The APAC smart grid market is predicted to grow at an impressive CAGR during the anticipated period.
Smart Grid Market – Competitive Landscape
Highly competitive, the smart grid market appears to be fragmented due to the presence of several well-established industry players. These players initiate strategic approaches such as mergers & acquisitions, collaboration, expansion, and technology launch to gain a larger competitive advantage. Industry players make substantial investments in developing the technology and in upgrading their existing portfolio.
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About the AuthorSakshi Mishra
Joined: September 30th, 2020
Articles Posted: 512
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