The global smart grid market in 2019 was valued approximately USD 8.1 billion and it is projected to grow at a CAGR of 6.6% till 2026 and the market is expected to see a growth in coming years. Smart grid will also provide extraordinary economic growth along with environmental growth and thus gives efficient power supply through various technologies.
Due to covid-19 impact and the ongoing lockdown globally the manufactures of smart grid hardware components have issues related with the order closer on time. Also the delay is there in the procurement of raw material which is mostly being procured from the suppliers mostly from southeast Asian countries like China.
For more details, visit: Global Smart Grid Market By Technology(Smart T&D Equipment, Customer Interface, others), By Service (Consulting, Support and Maintenance, Others), By Component(Hardware, Software, Others), By Region–Forecast & Opportunities to 2026
Smart grid reduces transmission and distribution losses. Smart grid technology manages supply & demand of electricity with continuous data exchange via networking, data & information management and data storage. This system will create a wide range of opportunities for efficient operation and for energy conservation over the forecast period
The smart grid market is segmented on the basis of Technology into AMI, smart T&D equipment, SCADA, Customer Interface and Distribution & Network Automation
Out of these segments the SCADA segment is the dominating segment in 2019 and is expected to maintain its position and dominate the market for the entire forecast period.
On the basis of services the deployment and integration services is projected to grow at a highest CAGR during the forecast period. Deployment & integration services help business application by installation and integration modules in smart grids. Deployment & integration services help business by overcoming challenges and accelerating innovative technologies and it also helps businesses by creating opportunities. Thus large number of enterprises opts for this service over others.
Based on deployment the smart grid market segmented into transmission, generation and end-use. The transmission market has accounted for largest share in 2019. However, the end-user market is expected to register growth at highest CAGR during the forecast period. Lower outage response time, high energy efficiency and consumption patterns are the factors driving end-user market to register highest growth.
North America is a region to see a highest market share. This region is expected to dominate the smart grid market during the forecast period. This region has been showing a great response towards adopting the latest technological advancements, such as AMI, Smart grid communication, and substation automation. This region has large-scale investments in smart grid and there are lots of smart city projects starting nowadays which require better smart grid and control mechanisms.
Key player in this industry are Wipro, Oracle, OSI, Honeywell, Globema, Tech Mahindra, Eaton, Fujitsu, Siemens AG, ABB Ltd., General Electric Company, Schneider Electric SA etc are the key player in this sector.
- What are the expected industry trends over the next three to five years?
- Which of the smart grid technology is likely to lead by 2025?
- Which of the service segments is expected to have the maximum potential to during the forecast period?
- Which region is going to have the highest smart meters market share by 2025?
- What are different organic and inorganic strategies implemented by companies to gain increased market share?