Global Smart Grid It Systems Market Overview:
Smart grid IT systems that support the grid operators to growth in stability and reliability while being cost-effective. Additionally, Smart grid IT solutions offers specific solution such as SaaS which will permit services to integrate dissimilar smart grid systems as well as manage them from a central location. There are various applications of the smart grid IT solutions such as energy management system (EMS), distribution management system (DMS), outage management system (OMS) and data analytics.
As per latest study released by AMA Research, the Global Smart Grid It Systems market is expected to see growth rate of 12.93%Attributes | Details |
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Study Period | 2018-2030 |
Base Year | 2023 |
Forecast Period | 2024-2030 |
Historical Period | 2018-2023 |
Unit | Value (USD Million) |
Customization Scope | Avail customization with purchase of this report. Add or modify country, region & or narrow down segments in the final scope subject to feasibility |
Influencing Trend:
Increasing Demand of IT solutions Such as SAAS and Adoption of Smart Grids in Digital and IT Systems
Market Growth Drivers:
Rising Demand due to advance grid reliability and efficiency and Fueling Usage in Control Voltage Fluctuations
Challenges:
Insufficient Data Storage and Management
Restraints:
Increasing Cyber Security Attacks and Need To Increase Flexibility for Rapid Changes
Opportunities:
Rising Financial Benefits Related With Smart Grid IT Systems such as Revenue Opportunity
Competitive Landscape:
The global smart grid IT system market is characterized by the existence of established players such as Accenture (Ireland), General Electric (United States), Siemens (Germany), Capgemini (France), IBM (United States) and others. Key players have a wide portfolio of power plant-related equipment and services. The competitive environment in global smart grid It system market is predictable to strengthen during the forecast period because of growth in product extensions and technological modernizations.
Some of the key players profiled in the report are Accenture (Ireland), General Electric (United States), Siemens (Germany), Capgemini (France), IBM (United States), Oracle (United States), Wipro (India), Infosys (India), ABB (Switzerland) and Itron (United States). Additionally, following companies can also be profiled that are part of our coverage like Aclara (United States), Cisco (United States), S&C Electric Company (United States), Trilliant Holdings (United States), Tech Mahindra (India), Alcatel-Lucent (United States), AT&T (United States), EnerNOC (United States), Ericsson (Sweden), Lockheed Martin (United States) and Tendril Networks (United States). Analyst at AMA Research see United States Manufacturers to retain maximum share of Global Smart Grid It Systems market by 2030. Considering Market by Services, the sub-segment i.e. Consulting will boost the Smart Grid It Systems market. Considering Market by Software, the sub-segment i.e. AMI will boost the Smart Grid It Systems market. Considering Market by Hardware, the sub-segment i.e. Smart Meter will boost the Smart Grid It Systems market.
Latest Market Insights:
On January 1, 2023, Siemens AG and Rolls-Royce plc announced the merger of their complementary gas and power businesses to create a new global leader in the industry. This merger is expected to significantly impact the Smart Grid IT Systems market, as both companies are major players in the development and manufacturing of smart grid technologies.
On July 19, 2023, ABB launched its new ABB Ability™ Ellipse® Power SCADA system, a next-generation solution for managing and optimizing power grids. This new product is expected to play a major role in the deployment of smart grids, as it provides advanced features for monitoring, control, and automation of power grids.
What Can be Explored with the Smart Grid It Systems Market Study
Gain Market Understanding
Identify Growth Opportunities
Analyze and Measure the Global Smart Grid It Systems Market by Identifying Investment across various Industry Verticals
Understand the Trends that will drive Future Changes in Smart Grid It Systems
Understand the Competitive Scenario
- Track Right Markets
- Identify the Right Verticals
Research Methodology:
The top-down and bottom-up approaches are used to estimate and validate the size of the Global Smart Grid It Systems market.
In order to reach an exhaustive list of functional and relevant players various industry classification standards are closely followed such as NAICS, ICB, SIC to penetrate deep in important geographies by players and a thorough validation test is conducted to reach most relevant players for survey in Smart Grid It Systems market.
In order to make priority list sorting is done based on revenue generated based on latest reporting with the help of paid databases such as Factiva, Bloomberg etc.
Finally the questionnaire is set and specifically designed to address all the necessities for primary data collection after getting prior appointment by targeting key target audience that includes Smart Grid IT System Manufactures, Smart Grid IT System Distributors, IT Industry, Electronics Industry, Government and Private Research organization and Others.
This helps us to gather the data related to players revenue, operating cycle and expense, profit along with product or service growth etc.
Almost 70-80% of data is collected through primary medium and further validation is done through various secondary sources that includes Regulators, World Bank, Association, Company Website, SEC filings, OTC BB, USPTO, EPO, Annual reports, press releases etc.