Smart Grid ICT Market Scope
Smart Grids ICT are frequently defined as a sensible electrical network that includes an electrical network as well as smart data communication technology. It can provide electricity to users from a variety of sources, including wind turbines, solar energy systems, and even plug-in hybrid electric vehicles. A smart grid is a two-way data communication-based power network that uses digital technology to provide electricity to consumers. This system enables supply chain monitoring, analysis, control, and communication to improve efficiency, reduce energy consumption and costs, and boost the energy supply chain's transparency and dependability.
The Smart Grid ICT market study is segmented by Type (Wireless Communication and Wired communication), by Application (Generation, Transmission, Distribution and Consumption) and major geographies with country level break-up.
Mergers and acquisitions, expansions, investments, new service launches, and collaborations are some of the companies' preferred market-exploration strategies. Players are expanding and acquiring enterprises in new geographies to get a competitive advantage through synergy. Some of the major key players like Siemens, Cisco, Oracle, Eaton, Elster are contributing their share for increasing the market growth.
Aclara (United States), Aeris (United States), Siemens (Germany), Cisco (United States), Oracle (United States), Eaton (Ireland), Elster (United States), Echelon Co. (United States), Nokia (Finland) and Itron ( United States) are some of the key players that are part of study coverage. Additionally, the Players which are also part of the research are TransData (United States), Trilliant (United States), Ericsson (Sweden), Fujitsu (Japan) and Huawei (China).
About Approach
The research aims to propose a patent-based approach in searching for potential technology partners as a supporting tool for enabling open innovation. The study also proposes a systematic searching process of technology partners as a
preliminary step to select the emerging and key players that are involved in implementing market estimations. While patent analysis is employed to overcome the aforementioned data- and process-related limitations, as expenses occurred in that technology allows us to estimate the market size by evolving segments as target market from total available market.
Segmentation Overview
AMA Research has segmented the market of Global Smart Grid ICT market by Type, Application and Region.
On the basis of geography, the market of Smart Grid ICT has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico).
In Jan 2021, Schneider Electric has purchased DC Systems BV, a prominent smart system supplier. Schneider Electric has benefited from this acquisition by promoting advancements in the electrical distribution and smart grid sectors. and In Sept 2020, Siemens Company has announced the release of its new Unified Power Flow Controller (UPFC) PLUS, which expands grid stability options. In alternating-current grids, the UPFC PLUS assists system operators in grid stabilization by dynamically managing load flow.
Market Trend
- Increasing demand for 5G Smart Grid ICT Application
Market Drivers
- Rise in Investments in Digital Electricity Infrastructure
- Supportive Government Policies & Regulations
- Increasing Demand for infrastructural facilities
Opportunities
- Increasing Smart City Projects in Developing Country
- Upskill Labor Force
Restraints
- The High Installation Cost of Smart Grids
- Lack of Official Technological Documents and High Regulations
Challenges
- Smart grid infrastructure generates a lot of complicated data that needs to be stored and managed properly
Key Target Audience
Smart Grid ICT Developers, Industry Association, Downstream Vendors, Marketing & Consulting firms, Venture Capitalists and Government & Regulatory Bodies