Global Smart Grid Market 2019-2025
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Global Smart Grid
Market Size, Share & Trends Analysis Report by Software (Advanced Metering Infrastructure, Smart Grid Distribution Management, Smart Grid Security, Grid Asset Management and Billing and Customer Information System) by Hardware (Smart Meters, Sensors, Programmable Logic Controllers (PLC) and Others) by Service (Consulting, Support and Maintenance and Others) Forecast 2019-2025.
The global smart grid market is growing at a CAGR of 22.0% during the forecast period. Smart grids are useful in power grid modernization process as they result in lesser and reduced losses such as transmission and distribution losses. It is further used to develop the electrical power grid to handle a large amount of electricity production such as solar and wind energy. The major factors that are augmenting the growth of the smart grid market includes excellent inherent operational efficiency, improved grid reliability, and efficient outage response and rising demand for integration of renewable energy sources, and supportive government initiatives and regulations.
Additionally, increasing demand for advanced metering systems across the globe and incentives for the smart grid are the factors that are promoting the deployment of smart grid technology. For instance, in the US, the Energy Independence and Security Act of 2007, had been passed by the government for the development and deployment of smart grid technologies. Smart grid technologies offer several advantages over other conventional methods (such as reducing the excessive consumption of electricity, minimizing heavy transmission and distributing losses, and others.) that are driving the growth of the market. However, lack of standard and interoperability and inadequate data management are estimated to be the major constraints in the growth of the market.
The global smart grid market is analysed on the basis of the geographical regions that are contributing significantly towards the growth of the market. On the basis of the geography, the global smart grid market is segmented into North America, Asia-Pacific, Europe and Rest of the World (RoW). The Asia-Pacific region is estimated to have significant market size in the global smart grid market owing to high adoption of smart grid technology in the emerging countries such as India and China. Further, increasing smart cities development programs in the region are estimated to be the major factors that are backing the growth of the market in the region. North America is estimated to be the fastest-growing region owing to technological advancement and high adoption rate of smart grid technology in the region.
The crucial players functioning in the global smart grid market include ABB, Ltd., Siemens AG, IBM Corp., General Electric Co., Oracle Corp., Cisco Systems Inc., Aclara Technologies LLC, Landis+Gyr AG, Schneider Electric SE, Stem Inc. In order to sustain in the market, these players adopt different strategies such as merger and acquisition, product launch and geographical expansion. For instance, ABB along with RWE and Technical University has executed advanced technology in research scheme that shows potential for other European grids.
The market study of the global smart grid market is incorporated by extensive primary and secondary research conducted by the research team. Secondary research has been conducted to refine the available data to breakdown the market in various segments, derive total market size, market forecast, and growth rate. Different approaches have been worked on to derive the market value and market growth rate. Our team collects facts and data related to the market from different geography to provide a better regional outlook. In the report, the country-level analysis is provided by analyzing various regional players, regional tax laws and policies, consumer behavior, and macro-economic factors. Numbers extracted from secondary research have been authenticated by conducting proper primary research. It includes tracking down key people from the industry and interviewing them to validate the data. This enables our analyst to derive the closest possible figures without any major deviations in the actual number. Our analysts try to contact as many executives, managers, key opinion leaders, and industry experts. Primary research brings the authenticity of our reports.
The report is intended for technology investors, utilities, investment companies, and government organizations for overall market analysis and competitive analysis. The report provides an in-depth analysis of the market size and growth opportunities. The report will serve as a source for 360-degree analysis of the market thoroughly delivering insights into the market for better business decisions.