Smart Grid Market: Global Industry Outlook, Growth by Top Key Players Region, Application, Driver and Trends by Forecasts to 2027

Pune, India -- (SBWire) -- 01/25/2018 --Global Smart Grid Market Overview:
Electric infrastructure is aging and it is being pushed to do more than it was originally designed to do. Modernizing the grid to make it smarter and more resilient through the use of cutting-edge technologies, equipment, and controls that communicate and work together to deliver electricity more reliably and efficiently can greatly reduce the frequency and duration of power outages, reduce storm impacts, and restore service faster when outages occur.
The basic concept of Smart Grid is to add monitoring, analysis, control, and communication capabilities to the national electrical delivery system to maximize the throughput of the system while reducing the energy consumption. The Smart Grid will allow utilities to move electricity around the system as efficiently and economically as possible.

Smart grid technologies are made possible by two-way communication technologies, control systems, and computer processing. These advanced technologies include advanced sensors known as Phasor Measurement Units that allow operators to assess grid stability, advanced digital meters that give consumers better information and automatically report outages, relays that sense and recover from faults in the substation automatically, automated feeder switches that re-route power around problems, and batteries that store excess energy and make it available later to the grid to meet customer demand.

Increase in government support and substantial investment by organizations towards Smart Grid Market technology implementation, is driving the market and see positive growth over the forecast period. This system enhances usage, distribution and reduces transmission losses during power delivery to the customers. High installation cost and massive initial investment are presumed to hinder the industry growth over the forecast period. Issues such as data security and privacy among customers are estimated to hamper the industry demand.

Major Key Players:
Siemens AG (Germany), devolo AG (Germany), ABB (Switzerland), Cisco Systems (U.S.), IBM (U.S.), Itron (U.S.), S&C Electric Company (U.S.), Schneider Electric (France), Opower (U.S.), Silver Springs Networks (U.S.) are some of the prominent players profiled in MRFR Analysis and are at the forefront of competition in the Global Smart Grid Market.

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Industry News:
January. 2018 - Husk Power Systems, a leading distributed utility company that provides reliable power to rural communities and businesses entirely from renewable energy sources, raised a $20 million Series C round of equity funding.

January 2018 - The federal government and Nova Scotia energy company Emera are investing $4.3 million in the University of New Brunswick's smart grid research project. The project will include designing, building, testing and demonstrating Distributed Energy Resource (DER) solutions for commercialization by industry and implementation by utilities. DERs are the small wind and solar generators, energy storage, and some household and commercial electrical loads from the likes of air conditioners and water heaters.

Global Smart Grid Market Competitive Analysis:
The Market of Smart Grid appears to be highly competitive. To maintain their market position and to drive the market growth, various dynamic and diversified international organizations, domestic organizations and as well as new entrants form a competitive landscape. Market leaders are innovating continuously and increasingly seeking market expansion through various strategic mergers and acquisitions, innovation, increasing investments in research and development and cost-effective product portfolio. Major players are investing on internal R&D and, most of all, in acquiring other firms. Prominent vendors of smart grid are targeting to invest more in technology and research and development activities to innovate their already existing products. The rising government funding is also expected to motivate key companies to invent new smart grid techniques that match the changing trends and needs across the globe.

Global Smart Grid Market Segmentation:
The Smart Grid Market can be segmented in to 5 key dynamics for the convenience of the report and enhanced understanding;

Segmentation by service: Comprises consulting, deployment and integration and maintenance and service.

Segmentation by software: Comprises advanced metering infrastructure, smart grid distribution management, smart grid communication, grid asset management, substation automation and others.

Segmentation by hardware: Comprises AMI meters, sensors, networking hardware, PLC and others.

Segmentation by storage technology: Comprises Air Energy Storage & Batteries (sodium-sulfur (NaS), nickel-cadmium (NiCd), lithium-ion technologies (Li-ion), advanced lead-acid (Pb-acid) among others.

Segmentation by Regions: Comprises Geographical regions - North America, Europe, Asia Pacific and Rest of the World.

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Global Smart Grid Market Regional Analysis:
North America is expected to hold the major market share in the global smart grid market during the forecast period. The main factor which is driving the market is technological advancement and need of more stable electricity network in the country. Favourable government policies and mandates in North America help in fuelling the market. The adoption of smart grid solutions has increased due to the aging existing grid and infrastructure, thus enabling North America to become a highly potential market for smart grid.

Europe is closely following North America in terms of market share. High government participation in the area of electricity and power generation in the European countries are some major factor driving the market in the Europe. Asia Pacific region is expected to grow at a rapid rate during the forecast period. The rising demand for power owing to increasing losses during distribution is one of the major drivers for the Asia Pacific region. The enhanced efficiency achieved due to the optimization of the grid is leading to the growing adoption of smart grids.

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