Global Smart Grid Market is driven by the rapidly advancing technology and software solution. The energy industry has witnessed a significant transformation in all segments, from generation to supply. Improvements in regulatory and market structure changes are surging with favorable policy objectives aimed at improving the security, competitiveness, and sustainability of the power generation system.
According to a recently published study report of Market Research Future (MRFR), the global market of Smart Grid is booming and expected to gain prominence over the forecast period. The market is expected to evaluate at approx. 52 Bn. USD by 2023, registering a 20% CAGR during the review period (2017-2023).
The proliferation of renewable and distributed energy resources and the growing involvement of electricity consumers in the production and management of electricity act as robust transformative forces in the power industry. These new improvements are radically changing the electricity sector and markets, especially at the distribution level, creating opportunities while also presenting challenges to the reliability and efficiency of system operation.
The emergence of local power generation, although small-scale commercial renewables or individual household, they require to comply regulations, which are most often international regulations. Although constructing a wind farm seems to be an appropriate solution to suffice the growing demand to reduce carbon footprints utilizing more renewable energies, securing connections through the wind farm and particularly offshore wind farm takes a whole lot of time.
Simultaneously, the demand patterns are changing, due to the new technologies such as the electric car and some tariff strategies. Hence, digital, smart grid technology is being implemented and rapid large-scale transformation of the grid infrastructure is taking place, as a solution to the operators’ foray to implement a software-based architecture that can be overlaid on the traditional grid to allow greater insight and more efficient utilization.
The ever- increasing demand for energy, driven by constantly growing population, urbanization and industrialization is defining the growth of Smart Grid market. The increasing prominence and adoption garnered by its integration along with its wide applications range including water supply for irrigation and flood control are expected to boost the Smart Grid market growth during the forecast period.
On the other hand, factors such as the high initial investment cost associated with the deployment of technology solutions for Smart Grid infrastructure along with the safety concerns related to smart grid cyber security and vulnerabilities in the energy industry are expected to obstruct the market growth. Also, counterfeit, low-cost technologies are expected to restrain the growth of the global Smart Grid market during the forecast period.
Adversely, increasing demand for utilization of renewable energy sources and improved grid reliability coupled with the increasing government initiatives for smart meter roll-outs are expected to mushroom the market growth during the review period.
Request Free Sample Report @ https://www.marketresearchfuture.com/sample_request/1110
The report is segmented into four key dynamics for an easy grasp and enhanced understanding.
By Components: Software (Advanced Metering Infrastructure (AMI), and Smart Grid Distribution Management, others.), Hardware (AMI meter, Sensors, and Programmable Logic Controller/PLC among others.), and Services (Consulting and others.),
By Technologies: Wired and Wireless among others.
By End-Users: Residential, Corporate, and Government among others.
By Regions: North America, Europe, APAC and Rest-of-the-World.
The North America Smart Grid market is estimated to continue with its dominance in the years to come. The favorable government regulations coupled with the increasing integration of Smart Grid projects in the region drive the regional market growth. The Smart Grid market in the US accounts for the largest market share in the total North American market. Besides, the growing uptake of rapidly advancing technology and the demand for more stable electricity network provides impetus to the smart grid market in the region.
While the smart grid market in Europe is emerging as one of the promising markets closely following the North American market. Increasing government initiatives to improve the power generation in the region is a dominant driving force boosting the market growth in Europe.
The Asia Pacific Smart Grid market has grown as one of the lucrative markets, globally. Factors substantiating the market growth include the growing electricity demand due to the ever-increasing population, urbanization, and industrialization in the region. Simultaneously, the substantial investments by the key players in the smart grid & smart city projects along with the demand for smart grid and control mechanisms are positively impacting the market growth positively, boosting the market growth in the region.
Smart Grid Market demonstrates a high growth potential which is likely to attract many entrants to the market resultantly, intensifying the competition further. Market players strive to develop innovative technologies, and best practices. Well established players incorporate collaboration, acquisition, partnership, technology launch and expansion to gain competitive advantage and to maintain their market position.
Turnkey project management players strive to optimize system reliability, including testing, commissioning and training for all mechanical and electrical equipment, hardware and software. Additionally, they provide all labor, materials, supervision, transportation, and management necessary to assist reclamation in operating and maintaining the critical assets.
ABB Ltd. (Switzerland), General Electric Company (US), Siemens AG (Germany), Itron, Inc. (US), Schneider Electric SA (France), Landis+Gyr (Switzerland), Cisco Systems, Inc. (US), Aclara Technologies LLC (US), Open Systems International, Inc. (US), Wipro Ltd. (India), IBM Corporation (US), S&C Electric Company (US) and Oracle Corporation (US) are some of the fervent players operating in the Global Smart Grid Market. Profiling them in its analysis, MRFR explores strategies that keep them at the forefront of the competition.
Industry/ Innovation /Related News:
July 18, 2018 – Thai government announced that Thailand 4.0, an initiative launched in 2017 to transform cities like Chiang Mai, Phuket, Bangkok and Khon Kaen into technology hubs as well as per the schedule. Thailand 4.0 aims to develop 100 smart cities in the next 20 years. The Smart city domains include Smart Mobility, Smart Economy, Smart Energy & Environment, Smart People Smart Governance, and Smart Living. However, the National Smart City Committee is confronted with the biggest challenge of reinventing Thailand as a nation with Smart Energy. To tackle the challenge, the Smart Grid project was combined with the Energy Policy and Planning Office (EPPO).
LIST OF TABLES
Table 1 Global Smart Grid Market, By Region, 2017–2023
Table 2 North America: Smart Grid Market, By Country, 2017–2023
Table 3 Europe: Smart Grid Market, By Country, 2017–2023
Table 4 Asia Pacific: Smart Grid Market, By Country, 2017–2023
Table 5 The Middle East & Africa: Smart Grid Market, By Country, 2017–2023
Check Discount @ https://www.marketresearchfuture.com/check-discount/1110
LIST OF FIGURES
FIGURE 1 Global Smart Grid Market Segmentation
FIGURE 2 Forecast Methodology
FIGURE 3 Porter’s Five Forces Analysis Of Global Smart Grid Market
FIGURE 4 Value Chain Of Global Smart Grid Market
FIGURE 5 Share Of Global Smart Grid Market In 2017, By Country (In %)
About Market Research Future:
At Market Research Future (MRFR), we enable our customers to unravel the complexity of various industries through our Cooked Research Report (CRR), Half-Cooked Research Reports (HCRR), Raw Research Reports (3R), Continuous-Feed Research (CFR), and Market Research & Consulting Services.
MRFR team have supreme objective to provide the optimum quality market research and intelligence services to our clients. Our market research studies by Components, Application, Logistics and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help to answer all their most important questions.
In order to stay updated with technology and work process of the industry, MRFR often plans & conducts meet with the industry experts and industrial visits for its research analyst members
Company Name: Market Research Future
Contact Person: Abhishek Sawant
Email: Send Email
Phone: +1 646 845 9312
Address:Market Research Future Office No. 528, Amanora Chambers Magarpatta Road, Hadapsar