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Smart Grid Technology Market by Software & Hardware - 2023
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There is growing requirement for utilities to upgrade and modernize their transmission, and for distribution grids owing to the emergence of new utility-scale and distributed renewable capacity. Laying of transmission lines to comply with the clean power plan is increasing rapidly due to the increased emphasis on renewable resources.
In 2015, the International Energy Agency estimated the U.S. to spend $2.1 trillion by 2035 on grid technologies and infrastructure to prepare for higher penetrations of renewables and utilities. The nation’s power companies have been steadily increasing their investments in smart grid technologies in recent years.
North America is expected to contribute the largest revenue to the global market, during the forecast period (2016-2022). Additionally, smaller co-operative utilities are expected to inject funds for smart grid deployments in the U.S.
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The major vendors in the global smart grid technology market covered for this study include ABB Group (Switzerland), General Electric Company (The U.S.), International Business Machine (The U.S.), Itron Inc. (The U.S.), Landis+Gyr AG (Switzerland), Oracle Corporation (The U.S.), Schneider Electric SE (France), Siemens AG (Germany), Cisco Systems, Inc. (The U.S.) and Open Systems International, Inc. (The U.S.).
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