Smart Grid Technology Market
Smart Grid technology is a generic term used with respect to application of Internet of things (IoT) contrary to the traditional electricity distribution system. The unidirectional communication possesses by the traditional electricity distribution system made it difficult to analyse the dynamic energy requirements of the customer. This issue could be addressed with the adoption of smart grid technology. Smart Grid tends to improve the performance of the distribution system with the help of bi-directional communication between the components in the grid. For achieving this efficiency smart grid technology makes use of distributed control, automation and energy equipment working together. The integrated automation allows the bi-direction communication between the components, sensing and measurement technologies for the analysis of energy requirement, automated controls allows the distribution of energy to the customer.
Market Growth Factors:
Increased investment by the private organizations and favourable government policy forms the major factor in propelling the market. For instance: On January, 2018 Itochu corporation has signed partnership with Moixa, smart grid firm for the expansion of its grid-share platform in Japan and made an investment of 5 million euro for the project. High voltage direct current is the electrical power transmission system used for the supply of current over the long distance with minimum loss proves to be an efficient solution thus propelling the smart grid market. For instance: On February, 2018 Korea Electric Power Corporation (KEPC) and GE Power has signed $320 million contract with the aim of delivering 4 GW HVDC to power South Korea’s Seoul City.
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Smart grid market is bifurcated on the basis of software, hardware and services. On the basis of the software technology used the market is segmented as: Advanced metering infrastructure, smart grid communication, smart grid distribution and management, billing information system and substation automation. Advanced metering infrastructure includes analytics of meter data, distribution and management includes: energy management system, demand response and outage management. Smart grid communication includes: network traffic management, security solutions and device management.Based on the hardware components used the market is divided into: sensors, networking hardware, programmable logic counter, AMI meter and others. Based on the service offered the market is segmented into: consulting, deployment and integration and maintenance.
North America is expected to dominate the smart grid market owing to the adoption of latest technology such as AMI, smart grid distribution and communication. Large-scale investment is also one of the key factor in the propelling the market. Rising demand for secure and reliable power supply forms the major factor in raising the market of Asia-Pacific. Rapid industrialization and urbanization in the China, Japan and India is also leading to the growth.
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The major players in the smart grid market are listed as follows:
- General Electric Company
- ABB Ltd.
- Siemens AG
- Schneider Electric Sa
- Itron Inc.
- Aclara Technologies LLC ,Cisco Systems Inc.
- Open Systems International Inc.
- International Business Machines Corporation
- Wipro Limited
- Oracle Corporation.
On February, 2017 Huawei and Oracle entered into a partnership with aim of developing products and utilities for the smart grid solutions.
Latest News and Innovations:
On January, 2018 Dubai electricity and water authority (DEWA) provided 3,392 smart meters for the buildings in Hatta to support Smart Dubai initiatives. This initiative helps in transforming Dubai into standard and happiest city in the world.
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