Self-Healing Grid Market Share, Industry Strategic Analysis, Demand, Suppliers and Forecasts 2023

“The global self-healing grid market is expected to grow at ~ 9% CAGR during the forecast period.rnrn”
Global Self-Healing Grid Market Report by Application , by Component (Hardware, and Software & Services), End-user (Public Utility, Private Utility) and By Region – Global Forecast to 2023.

Market Overview:-

Self-healing grid is a system which incorporates automated controls, sensors, and advanced software. It uses real-time data to isolate and detect malfunctions and then reconfigures the distribution network to minimize the impact on customers. Improving system reliability is one of the major objectives of a self-healing grid. This can be achieved by reconfiguring the reclosures and switches installed on the distribution feeder.

According to a new report by Market Research Future (MRFR), the global market for self-healing grid  is anticipated to expand at 9 % CAGR during the forecasted period.  A self-healing grid uses real-time communication and digital component to monitor their electrical characteristics and provide a number of benefits that can support an efficient and a stable system.

Self-healing grid has three primary functions, namely – anticipation, rapid isolation, and real-time monitoring and reaction. While real-time monitoring and reaction allow the system to tune itself into an optimal state, anticipation enables the system to look for problems automatically that can trigger larger disturbances. Rapid isolation lets the system to isolate parts that experience failure from the rest of the system to avoid disruption and enable rapid restoration. Hence, due to these functions, a self-healing smart grid system can reduce power outages. As the system is self-healing, it has an end-to-end resilience that overrides and detects human errors in power outages.

 

Competition Analysis:-

Some of the prominent players operating the global market for self-healing grid system are Sentient Energy Inc. (U.S.), General Electric Company (U.S.), S & C Electric Company (U.S.), Siemens AG (Germany), ABB Ltd. (Switzerland), and many more.

 

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Industrial Developments:-

Eaton’s Automatic Source Transfer (ATS) solutions safeguard crucial loads that cannot tolerate sustained loss of voltage event. With the help of flexible, rapid communication and user-selectable restoration options, the solution helps to minimize service disruption and re-energizes critical customers.

 

Global Self-Healing Grid Market Segmentation:-

The global self-healing grid market can be segmented based on component, application, end-user, and region.

The market has been segmented into distribution lines and transmission lines based on application, where transmission lines has been witnessed to dominate the market through 2023. The worldwide dependency on transmission lines for proper current transmission is expected to boost this market.

The market has been segmented into software, hardware and services based on components. In 2016, hardware dominated the market and is witnessed to be the fastest growing segment. Sensors in hardware offer data related to utility assets, based on parameters like temperature, voltage, current, frequency and heat.

The market has been segmented into private utility and public utility based on end-users, where public utility dominated the global market in 2016 due to requirement for energy efficiency and rising investment in grid modernization. Public utilities have a huge customer base and are funded by the government. It has also been witnessed to be the fastest growing packaging type in the coming five years.

 

Drivers and Restraints:-

With the increase in government investment in smart energy infrastructure like need to modernize outdated power distribution system, and smart grids are creating a profitable market for self-healing grids. Besides, the growing need to protect electrical utilities from cyber attacks is expected to boost the market in future. Moreover, with the development of smart cities and integration of IoT is sure to propel the demand for self-healing grids in the years to come.

High initial cost of upgradation and replacement of existing systems is anticipated to hinder the growth of the market. Moreover, monitoring and providing breaches and communication protocols are characterized by augmented electrical supply system connectivity, incorporation of distributed renewable energy systems and monitoring and tracking consumption by service providers and consumers are some of the major concerns that can affect the global market for self-healing grid.

 

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Regional Analysis:-

Geographically, the market for self-healing grid has been segmented into North America, Europe, Asia Pacific and Rest-of-the-World (RoW). North America dominated the market globally and is expected to continue the dominance over the forecast period. Asia Pacific region is estimated to grow at the highest CAGR during the forecast period. With the rising population, there has been a tremendous rise in demand for energy which has resulted in the market growth in this region.

 

 

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