Transmission network plays a vital role: Deployment of modern technology and equipments in energy sector is driving the requirement for smart grid across the globe. Rising demand for electricity is boosting the need for efficient transmission network which is expected to raise the demand for smart grid.
Asia Pacific region is anticipated to hold the largest market share in the global smart grid by the end of 2024. Countries such as China, Japan, Korea and India contribute nearly 9% in U.S. transmission and distribution (T&D) equipments export in 2015. Emerging economies such as China and India are investing in smart grid pilot projects which are benefitting the expansion of smart grid market in the region.
In 2014, advanced metering infrastructure has occupied over 30% market share of global smart grid market. Global smart meter market is expected to dominate the hardware segment with a market share of 36.2% by the end of the forecast period i.e. 2024.
Smart Meter installation: Major Boost
Rising shipments of smart meters has revolutionized the smart grid market globally. China and France are expected to attain 100% installation of smart meter by the end of 2024. Implementation of advance metering infrastructure is likely to increase the efficiency and reduce the energy consumption. Smart meters installations are reported over 25 million units in 2016.
Internet of Things (IoT) in Power Grids: Innovation
Government of various developed and developing countries are primarily focusing on energy storage technology and have invested over USD 8.0 billion in 2015 for the deployment of energy storage technology in smart grid. Emerging regions such as Middle East & Africa and Latin America are also inclining towards the deployment of smart equipments and implementation of IoT in power grids. In 2016, as per the ranking provided by International Trade Administration (ITA) for overall smart grid implementation, Saudi Arabia and Nigeria were included in top smart grid ranking list due to rising deployment of IoT in power grids. However, lack of awareness, government policies and technical issues Latin America and MEA region are facing a slow growth in adoption of smart grids.
“Global Smart Grid Market Outlook 2024” contains detailed overview of the global smart grid market in terms of market segmentation based on software, by hardware and by services.
Further, for the in-depth analysis, the report encompasses the industry growth drivers, market challenges, risk analysis, market attractiveness, BPS (Base Point Sacle) analysis, Porter’s five force model and SWOT analysis. This market report also includes provides competitive outlook of some of the major players of the global smart grid market which includes profiling of companies of General Electric Company, Siemens, ABB Ltd. etc. The company profiles include business strategy, geographical revenue distribution, major information of the companies which encompasses business outlook, products, services and industries catered, financial analysis of the company and recent developments. Overall, the report represents comprehensive synopsis on the global smart grid market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
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