Market Snapshot:
A smart grid is also known as an electrical grid with automation, communication & IT systems. That can monitor power flows from the points of power generation to points of consumption and control the power flow load to match generation in real-time. By implementing efficient transmission and distribution systems, renewable and consumer integration smart grad can be achievable. It is the vision for India to transform the Indian Power plants into a safe, adaptive, sustainable and digitally-enabled ecosystem that provides reliable and quality energy for all with the active participation of stakeholders. It has a positive feature that the consumers who can be produced and consume the electricity, to safely connected to the grid. As per the Power Grid of India Ltd. The government of India has an ambitious plan to develop 1 lakh megawatt solar capacity by 2022. This growing program of the government to increase the power generation is expected to boost the demand or smart grid.
Highlights from Smart Grid Market Study
Attributes | Details |
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Study Period | 2017-2027 |
Base Year | 2021 |
Unit | Value (USD Million) |
The key Manufacturers profiled in the report are S&C Electric Company (United States), Power Grid Corporation of India (India), ABB (Switzerland), General Electric (United States), Cisco Systems (United States), IBM (United States), Itron (United States), Siemens (Germany), Schneider Electric (France), Opower (United States), Silver Spring Networks (United States), Echelon Corporation (United States), Landis+Gyr (Switzerland), CapGemini (France), HCL InfoSystems (HCL Enterprise) (India) and Infosys (India).
Geographic Breakdown and Segment Analysis
The Global Smart Grid market presents a comprehensive analysis of the Smart Grid market and by geography (North America, South America, Europe, Asia-Pacific and MEA) along with country level break-up. This section of our report presents a realistic picture of the Global Smart Grid industry. Investors and Manufacturers can easily understand the inherent opportunities and challenges for their products in geographical region of interest.
For instance, while the holds majority of market share of the Smart Grid market
Analyst at AMA have segmented the market study of Global Smart Grid market by Type, Application and Region.
Influencing Trend:
Rising Trend of Smart Meters Owing to the It is Easier for Households that have their Own Microgeneration Systems Such as Solar Panels on Roofs and Demand-Response Technology Is Trending Because Of Grid Operators and Power Consumers Minimize Their Power Demand in a Time Sensitive Way
Market Growth Drivers:
Many Governments Are Viewing Smart Technology as a Strategic Infrastructural Investment That Will Enable Long-Term Economic Prosperity, Increasing Efforts to Obtain Higher Efficiency in Energy Distribution and Consumption, Governments Mandating Smart Meters for Improving Efficiency and Reducing CO2 Emissions and Rising Efforts to Integrate Sources of Renewable Energy such as Wind and Solar
Challenges:
Challenges Associated with Deployment of Smart Grid and The Challenges of Ensuring Cyber security In a Smart Grid Are Diverse in Nature Due To the Diversity of the Components and the Contexts
Restraints:
Regulations, Privacy and Security Concerns May Hold Back the Development of Smart Grid and High Cost of Installation of Smart Grid
Opportunities:
Utility Companies Have Been Modernizing Power Plants and Substations, Smart Meters Will Shift from Deployment to Applications in Forecast Period and Smart Grid Has the Potential to Streamline and Improve the Efficiency of the Generation, Transmission, and Distribution of Electricity
Market Developments Activities:
In November 2019, Tata Power, one of India’s heavyweight distribution companies and solar power developers, has tapped The Rockefeller Foundation to launch TP Renewable Microgrid Ltd. The new organization will take on and scale up a microgrid model in partnership with the Institute for Transformative Technologies and Smart Power India (SPI), which was launched by Rockefeller Foundation in 2015 and has built microgrids for more than 200 villages in the South Asian country to date.households with 10,000 grids over the next decade.
In November 2019, ABB, a Swiss-Swedish multinational corporation operating mainly in heavy electrical equipment, and automation technology areas has launched a new digital energy app store and machine learning technology. Verdigris Technologies is bringing its new machine-learning applications to ABB’s products to predict unplanned surges in power consumption for building owners. and In December 2019, Nokia, a Finnish multinational telecommunications, information technology, and consumer electronics company is installing a mission-critical IP/MPLS network to enable Fingrid to digitalize and automate the management of its national power grid. The new smart grid will be better able to seamlessly integrate variable renewable sources such as solar, wind and micro-generation from bioenergy
Despite the presence of competition and brand effect problems, due to the awareness of end-users and their demand for smart grid products is drive the market growth. There will be more new investors entering into this industry in the future. The manufacturers who want to occupy the market must depend on market mechanism reform, manufacturing equipment innovation, core technology improvement and brand establishment.
Key Target Audience
Smart Grid Manufacturer, Smart Grid Distributers, Software Companies, Networking Companies, Government Organization, Research Organizations, End-Users and Others