Global Smart Grid Market Analysis Focusing on Top Key Players – IBM, Siemens, Cisco, ABB, Hubbell, Schneider Electric, Fujitsu General, Belden, General Electric, Honeywell Elster, Oracle Itron, Wipro

The global smart grid market size is estimated to witness significant growth in the following years on account of favorable government initiatives to lower energy consumption coupled with installation benefits that aid in achieving the goal. What makes a grid smart is the digital technology that enables a two-way communication between the utility and its customers along with the sensing by the transmission lines. Similar to the internet, the smart grid is made up of controls, new technologies, and automation that work with the electrical grid to digitally respond to people’s ever-changing electric demands.

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There are multiple benefits associated with the smart grids which include more efficient power transmission along with quicker restoration after power cut or disturbance, lesser operations and management costs for utilities, minimum peak demands which mean reduced electricity rates and lastly increased integration of renewable energy systems. These benefits are likely to offer lucrative growth opportunities to the global smart grid market in the coming years.

The U.S. smart grid market in 2017, was valued over USD 3 billion. Implementation of various grid automation plans to strengthen the distributed intelligence and communication flexibility of national electrical infrastructure will positively impact the industry growth. Growing demand for energy conservation on account of recurring blackouts will stimulate the business outlook. In 2017, The Public Service Electric & Gas Company invested an amount of USD 69 million to enhance the consumer energy efficiency by data analytics and smart thermostat programs.

Smart grid Market is predicted to reach over USD 70 billion by 2024. Favorable government initiatives toward grid advancement will drive the industry growth. The regulatory authorities across the nations have imposed stringent regulations and mandates as part of their initiatives to combine the grid installation and research & development activities. The global funding for digital electricity infrastructure in 2016, was valued over to USD 45 billion to improve the reliability, security and resiliency of the grid. In addition, the growing government focus toward grid refurbishment to reduce overutilization, load mismatch and integration challenges will further augment the smart grid market.

UK smart grid market is set to witness strong growth owing to favorable regulatory norms toward environmental sustainability and energy conservation. The legislative directive and mandate rollout across the nation toward smart meters will augment the business landscape. As part of the smart grid plan, the Energy Networks Association has aimed to execute a local energy market, enabling the households and businesses to trade power thereby contributing to conservation of energy.

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China smart grid market is anticipated to grow over 11% by 2024. Regulatory measures toward increasing sustainable energy mix along with the development of green infrastructure will foster the industry growth. For instance, the government of China has planned to increase the share of renewable energy over 20% by 2030 in the existing generation mix.

Ongoing investments toward digitalization of grid by implementing advanced communication technology will stimulate the smart grid market. Increasing focus toward the integration of renewable grid along with the necessity for upgrading ageing electrical infrastructure will facilitate the installation of smart grids.

Eminent players in smart grid market include ABB, Hubbell, Schneider Electric, Fujitsu General, Belden, General Electric, Honeywell Elster, Landis+Gyr, Oracle Itron, Siemens, Cisco, Wipro and IBM.

Table of Content:

Chapter 1. Smart Grid Market Methodology and Scope

Chapter 2. Smart Grid Market Executive Summary

Chapter 3. Smart Grid Industry Insights

Chapter 4. Smart Grid Market, By Technology

Chapter 5. Smart Grid Market, By Service

Chapter 6. Smart Grid Market, By Deployment

Chapter 7. Smart Grid Market, By Region

Chapter 8. Smart Grid Market Company Profiles

Outer scope of this report besides the energy efficient benefits, smart grids are set to become major contributors to Europe’s energy strategy for 2020. Smart meters and power grids are considered to fully utilize the potential for energy savings and renewable energy. Therefore, the focus is on concocting a clear policy and standards on smart metering and smart grids ahead of 2020 to ensure interoperability throughout the network.

Furthermore, the reduction in oil consumption would get essential for EU consumers by 2020, where systems like smart grids and digital meters can be of significant help. Thus, the government regulations concerning energy consumption and renewable sources will favor the expansion of the smart grid market.

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