Global Smart Grid Market 2018-2024 Key Players: Honeywell, Itron, Inc., Landis+Gyr, Belden Inc., Cisco, IBM, Oracle, Wipro Limited, ABB, GE, Siemens, Schneider Electric, Hubbell Incorporated, Fujitsu Global

In the recent years, smart grid market has earned substantial revenue due to the increasing awareness about the incredible benefits provided by these products. In addition, this vertical has also received quite some impetus on account of the rising requirement of power grids that can accommodate and support increasing numbers of electronic devices in each household. The importance of smart grids has been recently upheld by the city council of Sault Ste. Marie in Canada when a multi-million-dollar implementation of smart grid technology was cleared. Authorities managing the development of the project assured citizens that the upgrading to smart grid will have no financial, reliability or environmental drawbacks. In fact, it would bring about a 11-cent reduction in the monthly energy bills and drastically reduce CO2 emission to 2,804 tons annually within the city.

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Smart grid market by communication & wireless infrastructure is predicted to grow over 20% by 2024. Growing requirement of IoT intervention for improving demand management, grid efficiency and customer services across power utilities will stimulate the business outlook. Digitalization of grid by using sensors and cloud computing technology provides real time data on electricity usage and helps in consumption pattern monitoring. The wide application of control systems across distribution & substation automation, demand-side management and advanced outage management will enhance the product penetration.

Company profiled in this report based on Business overview, Financial data, Product landscape, Strategic outlook & SWOT analysis:

1. ABB
2. GE
3. Siemens
4. Schneider Electric
5. Hubbell Incorporated
6. Fujitsu Global
7. Honeywell
8. Itron, Inc.
9. Landis+Gyr
10. Belden Inc.
11. Cisco
12. IBM
13. Oracle
14. Wipro Limited

Owing to the aforementioned benefits, the smart grid market is experiencing accelerated investments in pilot projects and associated research & development activities which are aimed at enhancing the existing grid systems, by integrating digital capabilities. Smart meters, for instance, extend the sensing capability in transfer line, by providing real-time date to utility companies and effecting price changes based on demand. User are able to get better feedback and can adjust their habits to save energy, lowering their bills. The efforts to upgrade aging electricity grid infrastructure for improving their reliability and the push by governments to install smart meters for all utilities will further bolster the smart grid market revenue.

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In concept, the smart grid market functions towards adding the capabilities of monitoring, control and analysis to any electrical delivery system, allowing for maximized throughput and reduced energy consumption. It allows for a two-way communication between the utilities and the consumer, ensuring quick responses and enabling economical energy use by the consumer. The cost of power for the consumer is also considerably lowered due to less operational and management costs involved with smart technologies. Further, electricity supply can be restored faster after power outages, presenting a vital advantage of the smart grid industry.

Smart Grid Market size was valued over USD 30 billion in 2017 and will surpass USD 70 Billion by 2024. Ambitious government led plans toward grid modernization will drive the smart grid market size. Major countries have enforced regulations and mandates to reinforce smart grid deployments and R&D activities as a part of their energy conservation initiatives.

In 2016, global investments in digital electricity infrastructure reached over USD 45 billion to enhance the resiliency, reliability, and security of the grid. Increasing government focus toward grid restructuring to mitigate integration challenges, overutilization, and load mismatch will further boost the industry growth.

The U.S. industry was estimated over USD 3 billion in 2017. Frequent blackouts and the incessant need for energy conservation will augment the industry landscape. Implementation of grid automation programs to reinforce communication flexibility and distributed intelligence of the national power infrastructure will further fuel the industry growth. For instance, the Public Service Electric and Gas Company (PSE&G) invested USD 69 million in 2017 to boost consumer energy efficiency through smart thermostat and residential data analytics programs.

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China smart grid market is set to expand over 11% by 2024. Introduction of government initiatives to increase the share of renewables in the existing generation mix and develop green infrastructure will fuel the business growth. The government aims at increasing the share of renewables in the existing generation mix to 15% by 2020 and 20% by 2030.

UK market will witness growth on account of supportive regulatory frameworks pertaining to energy conservation and environmental sustainability. The mandated nationwide rollouts and legislative directives toward smart meters will further fuel the industry growth. The Energy Networks Association (ENA) plans to implement a local energy market as part of their smart grid plan that would allow business and households to trade electricity, thereby supporting energy conservation.

As the disasters caused by rapidly incremental climate change have plagued the news headlines of late, investment in the smart grid industry in the United States has also registered a cumulative upsurge. In 2017, U.S. smart grid market was valued at $3 billion. Recently the Massachusetts Department of Public Utilities issued an approval for significant upgrade in the state’s electric grid. The order authorized utility companies of the state to invest $220 million in the modernization of the existent grid.

Key industry participants in the smart grid market include ABB, GE, Siemens, Schneider Electric, Hubbell Incorporated, Fujitsu Global, Honeywell, Itron, Inc., Landis+Gyr, Belden Inc., Cisco, IBM, Oracle, and Wipro Limited.

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