Smart Grid can be defined as a smart electrical network that comprises an electrical network and smart digital communication technology. It is capable of delivering electricity to the user from multiple and widely distributed sources such as wind turbines, solar power systems, and even plug-in hybrid electric vehicles.
The key players in the global smart grid market are General Electric Company (US), ABB Ltd. (Switzerland), Siemens AG (Germany), Schneider Electric SA (France), Itron, Inc. (US) and others.
ABB Ltd. a prominent player in the smart grid market has designed smart grid wireless communication network. Its smart grid wireless communication network solution offers benefits such as lower operational cost by reducing on-field employee expenses, along with transportation, insurance, and medical costs. It encourages energy conservation by quickly identifying water leaks and faulty thermostats. It also helps in reducing customer complaints by maintaining high-quality, real-time data increases billing accuracy and eliminating estimated bills.
Smart grid exhibits extraordinary opportunity for the energy industry, leading it into a new era of reliability, availability, and efficiency these factors are expected to promote the economic and improve environmental health. The benefits associated with smart grid includes efficient transmission of electricity, faster restoration of electricity after power disturbance, improved integration of large-scale renewable energy systems, and others.
Other factors such as government initiatives for smart meter roll-outs, increasing demand for utilization of renewable energy sources and improved grid reliability are driving the market growth. However, factors such as high initial investment for the deployment of technology solutions and smart grid cyber security and vulnerabilities in energy industry are hampering the market growth.
The global smart grid market is estimated to grow at a CAGR of approximately 20% during the forecast period of 2017–2023.
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Source: MRFR Analysis
Some of the prominent players in the global smart grid market are General Electric Company (US), ABB Ltd. (Switzerland), Siemens AG (Germany), Schneider Electric SA (France), Itron, Inc. (US), Landis+Gyr (Switzerland), Aclara Technologies LLC (US), Cisco Systems, Inc. (US), Open Systems International, Inc. (US), IBM Corporation (US), Wipro Ltd. (India), Oracle Corporation (US), S&C Electric Company (US) and others
The global smart grid market is segmented on the basis of components, technology and end-user. The components segment comprises hardware, software, and services. By hardware, the market is segmented into AMI meter, sensors, networking hardware, programmable logic controller (PLC) and others (load tap changers and protective relay). By software, the market the market is categorized into advanced metering infrastructure (AMI), smart grid distribution management, smart grid communication, grid asset management, substation automation & billing, customer information system and supervisory control and data acquisition (SCADA). Under the service segment, the market consists of consulting, deployment and integration and support and maintenance. Whereas, the technology segment consists of wired and wireless technology. The end-user segment consists of residential, corporate, and government.
The global smart grid market is studied for North America, Europe, Asia Pacific, and the rest of the world. North American market accounts for the highest share in the global smart grid market followed by Europe. The main factor which is driving the market is rapid advances in technology and need for more stable electricity network in the region. Increasing government initiatives to improve the power generation for the European countries is a major factor driving the market in Europe. Asia Pacific is estimated to be the fastest growing region in the smart grid market owing to heavy investments by the key players in the smart grid & smart city projects and the need for smart grid and control mechanisms.
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- Technology Investors
- Research/Consultancy Firms
- Software Providers
- Training and education service providers
- Support and maintenance service providers
- Network service providers
- Networking and Communication Service Providers (CSPs)
- Governments and urban planning agencies
- Smart cities stakeholders
- Investors and consultants
- smart grid
- smart grids
- smart grid technology
- smart meters
- smart grid companies
- smart metering systems
- advanced metering infrastructure
- smart grid system
- smart grid projects
- smart power grid
- the smart grid
- smart network
- smart grid technology and applications
- smart grid applications
- grid technology
- smart meter technology
- grid smart
- electric smart meter
- smart energy grid
- smart grid cybersecurity
- smart meter
- smart grid conference
- gas smart meter
- smart grid research
- smart grid market
- smart energy meter
- smart grid iot
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