The Global Smart Grid Market is anticipated to witness considerable growth due to growing energy demand and growing concerns regarding reduction in carbon footprints is shaping the global smart grid market. A smart grid is a modernized electricity transmission and distribution network that includes two-way communication systems and enables the integration of technologies. Rising investment infrastructure in several countries, economic growth, and technology advancement across the globe are contributing to the growth of the market during the forecast period. Substantial influx of digital technologies, including the Internet of Things (IoT) will positively impact the business scenario.
The smart grid software allows grid players to make sure effective management of smart grid operations, improve process efficiency, and reduce energy production costs. Smart Grid technologies will spot and isolate the outages, containing them before they become large-scale blackouts. Rising demand for integration of renewable energy with favorable government policies and growing government initiatives for Smart Meter Roll-Outs are contributing to the growth of the smart grid market. Moreover, growing energy infrastructure and trending smart city projects are estimated to create several opportunities for the smart grid market in the upcoming years.
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Companies such as General Electric, ABB, Siemens, Schneider Electric, Itron, Landis+Gyr, Aclara, Cisco, OSI, IBM, Wipro, Honeywell, Oracle, S&C Electric Company, Eaton, Trilliant Holdings, Globema, Tech Mahindra, Enel X, eSmart Systems, and Grid4C are the leading players of smart grid market across the globe.
Global Smart Grid Market: Technology Insights
Based on the technology, the smart grid market is bifurcated into Smart T&D Equipment, Distribution & Network Automation, Advanced Metering Infrastructure, Consumer Interface, and Communication & Wireless Infrastructure. Among them, Communication & Wireless Infrastructure is the leading of the smart grid market and projected to lead the market over the forecast period 2019-2025. Varied technological advancements in the communications technologies along with long term profit are expected to offer lucrative opportunities for market growth. The competence of wireless-based IoT equipped sensors to enhance grid monitoring capabilities will significantly encourage their adoption across power utilities. Increasing implementation of advanced communication technologies to offer real-time monitoring with consumer load control will absolutely influence the industry scenario.
Global Smart Grid Market: Service Insights
On the basis of service, the global smart grid market is segmented into Consulting, Deployment & Integration, and Support & Maintenance. Deployment & Integration service dominates the overall smart grid market during the forecast period 2019-2025. Deployment and integration services facilitate in reducing the deployment and integration time. These services are vital for developing end-to-smart grid solutions for the energy sector. The increasing requisite for upgrading traditional smart grid systems to support many smart cities and smart grids is increasing the growth of the deployment and integration services segment in the smart grid market.
Global Smart Grid Market: Regional Insights
Geographically, the smart grid market is analyzed across North America, Europe, Asia Pacific, Middle East & Africa, and Latin America. North America is the leading region of the smart grid industry during the forecast period 2019-2025 owing to early adoption of smart grid projects, large-scale investments in smart grid and smart city projects. Developed economies invest heavily in leading platforms of the smart grid market. Asia-Pacific is the fastest growing region of the smart grid market. Due to factors such as rapid urbanization and industrialization and stringent regulatory requirements aimed at reducing carbon emissions and energy consumption will further boost the product demand.
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