Smart Grid Technology Market Scope
Smart grid is a solution towards majority of challenges or problems faced today in terms of climate change or wildlife. Smart grid is a way to achieve better energy efficiency by using IT and better network infrastructure to understand the utility of every customer and by generating the required amount by renewable energy sources thus reducing carbon footprint and also reducing cost. Smart grids are combination of various automation, communication and data collection which should enable us to be more efficient and avoid the capacity constraints, catastrophe, natural incidents and equipment failures that are main reasons of energy disturbance and outage using the online monitoring of the power systems.
Attributes | Details |
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Study Period | 2017-2027 |
Base Year | 2021 |
Unit | Value (USD Million) |
Key Companies Profiled | IBM (United States), ABB (Sweden), Hubbell Incorporated (Aclara Technologies) (United States), Belden (United States), Cisco Systems (United States), Comverge (United States), Fujitsu (Japan), Eaton (Cooper Power Systems) (United States), GE Energy (United States) and Deutsche Telekom (Germany) |
CAGR | % |
The companies are exploring the market by adopting mergers & acquisitions, expansions, investments, new service launches and collaborations as their preferred strategies. The players are exploring new geographies through expansions and acquisitions to avail a competitive advantage through combined synergies. Research Analyst at AMA estimates that United States Manufacturers will contribute to the maximum growth of Global Smart Grid Technology market throughout the predicted period.
IBM (United States), ABB (Sweden), Hubbell Incorporated (Aclara Technologies) (United States), Belden (United States), Cisco Systems (United States), Comverge (United States), Fujitsu (Japan), Eaton (Cooper Power Systems) (United States), GE Energy (United States) and Deutsche Telekom (Germany) are some of the key players that are part of study coverage. Additionally, the Manufacturers which are also part of the research are Echelon Corp (United States), Elster Group (United States), Grid Net (United States) and Honeywell (United States).
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
The study have segmented the market of Global Smart Grid Technology market by Type (Advanced Metering Infrastructure, Distribution Management System, Network Management System, Grid Asset Management and Grid Security), by Application (Infrastructure, Industrial and Commercial) and Region with country level break-up.
On the basis of geography, the market of Smart Grid Technology 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).
region held largest market share in the year 2021.
Market Leaders and their expansionary development strategies
Schneider buys AutoGrid to tap huge potential of distributed energy resources. AutoGrid managed to successfully become a major player in providing the technology that connects and orchestrates distributed energy resources (DERs) to serve grid needs, from household smart thermostats and EV chargers.
To better global utilities in connectivity Ericsson launches smart grid testbed in Texas. This operating lab will be a physical representation of a utility smart grid, enabling real-world demonstrations of end-to-end private network operations across the power grid. and The EU Commission, through its Clean Energy Package, incorporates measures to enable grid operators to deploy smarter technology. The EU also introduced a Strategic Energy Technology plan in 2007 for the development of a smart electricity system over the next 30 years
State of California has taken a decision adopting rules to protect the privacy and security of the electricity usage data of the customers. This decision adopts rules to protect the privacy and security of customer data generated by Smart Meters concerning the usage of electricity
Market Trend
- More Users Are Shifting To Ev Which Leads To More Efficient And Reliable Source Of Electricity.
- Upgradation In Smart Home Technology Resulting In Requirement Of High Quality Of Power.
Opportunities
- Climate Change Has Raised The Necessity To Switch To More Efficient Energy Consumption.
- Reduce The Effect On Wildlife Preserves By Energy Grids.
Restraints
- High Initial Cost Of Investment.
Challenges
- Inadequacy In Grid Infrastructure And Communication Infrastructure.
- Smart Grid Connects With Network Which May Lead To Cyber-Attack.
- Power Generation Through Renewable Sources Is Not Uniform Which Effects Storage.
Key Target Audience
Energy Resource Provider, New Entrants and Investors, Venture Capitalists, Government Bodies, Corporate Entities, Government and Private Research Organizations and Others