Albany, NY -- (SBWIRE) -- 02/17/2016 -- The smart grid refers to the modernization of the conventional power grid, which allows for a more reliable and secure electrical service. The smart grid is characterized by a two-way flow of communication and information, capable of monitoring the consumer preference, grid connected appliances, and the activities of the grid connected electrical systems. It incorporates the benefits of distributed computing and communication in the power grid, to provide the real-time information as well as enable the momentary restoration of power, and balance the demand and supply at the connected device. The smart grid is expected to make the existing power grid, smart by applying and linking seamless communication systems. The communication systems can gather, process, and store large amount of data, converts it into intelligence, communicate intelligence omni-directionally among the components connected to the smart grids. It also allows for automated control as the response to the intelligence.

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Growing demand for power supplemented by higher transmission and distribution losses, coupled with policy and regulation support by governments are expected to bolster the demand for smart grid market in the near future. Additionally, the increased efficiency achieved through the optimization of the grid and the growing need for increased reliability, quality, and security of power supply are expected to augment the demand for global smart market over the forecast period. Lack of interoperability and open standards can hamper the growth in the global smart grid market. However, emerging options of prepayment of electricity is expected to create a promising market for smart grid in the near future.

Transmission upgrades is expected to dominate the global smart grid market over the coming years. Demand for an efficient, reliable, and secure interstate electrical transmission and distribution network which is expected to integrate renewable sources of energy, presently stranded worldwide, coupled with integration of other smart grid technologies is expected to bolster the demand for transmission upgrades. Distribution automation is expected to hold a considerable market share followed by advanced metering infrastructure technologies. The global market for distribution automation is anticipated to show higher growth rates in the near future. Emerging market for distribution automation is expected in the North American countries with certain countries in Asia Pacific region.

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The growing need for integrating renewable sources of energy and reliability of power supply are expected to drive the market for distribution automation in these regions. Emerging markets for advanced metering infrastructure are in European countries and certain countries in Asia Pacific, on account of increasing deployment of smart meters in the respective region. Transmission upgrades will have a shrinking market in the future, as the electricity transmission and distribution infrastructure will be upgraded for the integration of various smart grid technologies. Software and hardware and communication technologies are likely to show moderate growth rates in the near future. The market for the advanced metering infrastructure and distribution automation will be the most attractive over the forecast period, while transmission upgrades are expected to moderately high growth rates and retain a majority of share in the near future.

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The global smart grid market was dominated by Asia Pacific region followed by North America and Europe. Increasing investment and growing need for secure and reliable supply of power is expected to drive the global market. Asia Pacific is anticipated to capture additional market share by 2019; however, the regional rankings in terms of market share are likely to remain similar in 2019 as well. The Asia Pacific region is likely to display high growth rates as compared to other regions, mainly driven by the countries such as China and India. The smart grid market is fragmented in nature with no individual company occupying a significant portion of the market share. Major market players are regionally confined in nature; however, they have started diversifying globally through mergers and acquisitions abroad. The market is likely to consolidate in the future as small companies form strategic alliances and mergers with the dominant players in industry (Siemens, Schneider Electric) and other emerging players (ABB, EnerNOC) and pursue suitable acquisition with players operating in other smart grid technologies market.

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