Smart Grid Market Introduction
In the recent past, the power industry has witnessed massive transformation among its different segments from power to supply. In addition, technology, regulatory, and market structure have been spurred by the adoption of ambitious policies and strategies focused towards enhancing security, competitiveness, and sustainability of energy systems. Increased involvement of electricity consumers in the management and production, the rise in penetration of distributed and renewable energy resources are playing a crucial role in the transformation of the global power sector. These new advancements in the industry are anticipated to radically change the electricity industry and market especially at distribution level which is projected to create massive opportunities as well as pose challenges to the efficiency and reliability of system operation. Nevertheless, major barriers must be overcome to deploy smart grids at the scale they are needed. A smart grid—an electricity network—uses advanced technologies to monitor and manage the generation and transport of energy from various power generation sources to meet electricity demands of end-users.
Introduction of supportive government policies and mandates, rise in demand for integration of renewable energy sources, and increase in awareness among people regarding carbon footprint management are anticipated to boost the market growth over the forecast period. However, the high initial cost to set up smart grids, high risk of digital security and vulnerabilities, and lack of standards and interoperability are some of the major issues that are anticipated to hinder the market growth to some extent.
The smart grid market has been divided into various segments to track market performance from a different perspective. Major segments analyzed in the report are type, hardware, software, and service. Based on hardware, the market is segmented into AMI meter, networking hardware, and others. By software, the market is bifurcated into smart grid distribution management, smart grid communication, billing and customer information, and other. Based on service, the smart grid market includes deployment & integration, support & maintenance, and consulting service segments. Key regions analysed in the global smart grid market are North America, Latin America, Western Europe, Eastern Europe, Asia Pacific, and Middle East and Africa.
Smart Grid Market Competitive Landscape
Key players analysed in the report are ABB Ltd., Aclara Technologies LLC, Cisco Systems, Inc., General Electric Company, IBM Corporation, Itron, Inc., Landis+GYR, Open Systems International, Inc., Oracle Corporation, Schneider Electric Sa, Siemens AG, and Wipro Limited.
Major Regions/Countries include:
- Western Europe
- United Kingdom
- Rest of Western Europe
- Eastern Europe
- Rest of Eastern Europe
- Asia Pacific (APAC)
- Rest of Asia-Pacific
- Latin America
- Rest of Latin America
- Middle East and Africa (MEA)
- North Africa
- South Africa
- Rest of MEA
This research report on smart grid market would be produced using first-hand market information gathered from industry experts and major participants across the value chain, during primary research. It would provide broad view of current market trends, growth factors and competitive analysis.