Global Smart Grid Market
Smart grid mitigate greenhouse gas by up to 200 million metric tons and eliminated demerits of conventional grid technology, has thus significantly pushed the investors to pour their money in this innovative technology.
A rapid development of innovative technologies in the energy sector is considered as a major growth engine for the smart grid market. The smart grid is extensively capturing telecommunication and energy sector and witnessing significant investment by technology companies in smart grid technologies and solutions. Past couple of years has seen a major revolution in all segments of the power and energy sector, from power generation to supply and distribution. Regulatory frameworks, technological advancements and market structure development have been spurred by the adoption by the various governments of determined policy objectives directed at improving the effectiveness, security and sustainability of the energy system.
Impact of Smart Grid Transmission & Distribution (T&D) Equipment
Global market for transmission and distribution (T&D) equipment has showed stable growth over the past few years even after global electricity demand has increased a significant rate amid sluggish global economic growth. In coming years, average demand for electricity around the world is anticipated to escalate by more than 2 fold from 1.4% in 2016 to 2.8% by 2021. This is projected to propel about USD trillion in investment over T&D infrastructure over the forecast period. Moreover, developing countries such as Mexico, Saudi Arabia, India, China and Canada among others are the most opportunistic regions for the market growth. The market is expected to expand at a compound annual growth rate (CAGR) of 13.15% over the forecast period i.e. 2016-2024.
Global Smart Grid Market Outlook, 2016-2024 Covers:
- Forecast market size (USD), market share (%) and market growth CAGR, 2016-2024
- Present market scenario and future prospects for the market players to analyze the target markets opportunities across the globe.
- In-depth competitive analysis of the major players, leaders and government in the energy sector.
- Future prospects of the overall smart grid market based on surveys and group discussions of industry professionals, electric vehicle manufacturers, aftermarket vendors, and component suppliers.
- The report also highlights SWOT analysis, Porter's five force model, company profiling, business strategies of key market players and their business models.
- Global smart grid market report also recognizes value chain analysis to understand the cost differentiation to provide a competitive advantage to players.
- Market growth dynamics, challenges, risk analysis, trends & opportunities and investments scenario in the market.
- The market segmentation in the report is backed by the estimated & forecast market size (USD) & market share (%) along with the BPS analysis and market attractiveness.
Global Smart Grid Market Segmentation
- PLC (Programmable Logic Controller)
- Smart Meter
- Networking Hardware
Based on Software
- Advanced Metering Infrastructure Software
- Grid IT and Asset Management System Software
- Smart Grid Communication Software
- Cyber security Software
- Consulting Services
- Integration and Installation Services
- Maintenance Services
Based on Geography
- North America
- Latin America
- The Middle East & Africa
Factors Driving Global Smart Grid Market
According to Goldstein Research, there are three key factors that are impacting the growth of the future smart grid market across the globe:
- Government policies
- Customer efficiency needs
- Development of smart computer hardware and software technologies.
Additionally, with growing adoption of various renewable energy sources and growing demand for electricity owing to the growing electrification of transport, as well as constantly increasing shares of energy produced by consumers, the traditional supplies for energy networks are significantly changing, especially for electricity. For instance, Europe has invested approximately USD 2.0 billion in smart network management and smart homes in 2015. In Europe, Germany is witnessed to be leading the smart grid projects followed by France and Denmark.
Global Smart Grid Market Report highlights the following market players: General Electric Company, Siemens AG, Itron, Inc., ABB Ltd, Eaton Corporation Plc., IBM Corp, Cisco Systems, etc.