Managed Grid Services Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2019 - 2027
Albany, NY -- (SBWIRE) -- 04/10/2019 -- The smart grid is an advanced electricity transmission and distribution network with a two-way communication system. The integration of the smart grid with advice technology helps enhance grid potency, reliability, sustainability, and security. Managed grid services is the concept of integration of software and hardware that is used to manage the smart grid system. Managed grid services help improve operational efficiency, enhance reliability and resiliency, and empower consumers for better management of energy.
A rise in demand for transmission and distribution equipment owing to an increase in the need for energy in emerging economies is a major factor driving the global managed grid services market. For instance, according to the International Trade Administration, the global investment in the electricity transmission and distribution network was US$ 303 Bn in 2017. Moreover, a rise in government initiatives for the development of clean energy/renewable energy to reduce carbon emissions is likely to offer attractive growth opportunities to the managed grid services market. For instance, according to the National Investment Promotion and Facilitation Agency, the government of India set a target to develop 175 GW of renewable energy by 2022.
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The global managed grid services market can be segmented based on application and region. Based on application, the market can be classified into energy management systems, distribution management systems, and data analytics.
In terms of region, the global managed grid services market can be categorized into North America, Europe, Asia Pacific, South America, and Middle East & Africa. North America held a dominant position in the global managed grid services market and is expected to retain its dominance throughout the forecast period. The U.S. and Canada are major growth engines of the region. An increase in the installation of smart meters and upgrade of older systems have contributed to the dominant position of North America in the global market. In addition, high investment by the U.S. government for the development of transmission and distribution networks is anticipated to drive the market in the region.
The managed grid services market in Asia Pacific is expected to expand at a rapid CAGR during the forecast period. India, China, Japan, and Australia are some of the major countries driving the market in the region. An increase in government funding for the development of smart cities is a major driving factor for the growth of the market in the region. For instance, in the Union Budget of India (2018-19), the government released funds of US$ 32.07 Bn for the development of smart cities.
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Hence, a rise in investment for the development of smart cities is expected to augment demand for smart grids. This is projected to fuels demand for data analytic and grid maintenance services. Moreover, a rise in FDI in the development of renewable power is projected to provide major growth opportunities to the market in this region. For instance, according to the National Investment Promotion and Facilitation Agency, in 2018, Avaada Power signed a memorandum of understanding with Indian government to invest US$ 1.55 Bn to develop solar projects of 1,600 MW.
Key players operating in the global managed grid services market include Accenture, Capgemini SE, General Electric Company, International Business Machines Corporation, Siemens AG, Alcatel-Lucent S.A, AT&T Inc, Enel Group Company, Ericsson, FirstCarbon Solutions, HCL Technologies Limited, Infosys Limited, Itron, Inc., Lockheed Martin Corporation, and Tendril Networks, Inc..