Smart Grid Market Forecast 2018-2024 Details Shared in Report | Top Companies Include Hubbell Incorporated, Schneider Electric, Siemens, GE, ABB, Wipro Limited, Oracle, IBM
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Cumulative application of smart technologies in electric appliances, power transmission structures and electricity monitoring instruments propelled the smart grid market valuation over USD 30 billion in 2017. To elaborate on the potential of smart grids, a Finland-based power company Lempäälän Energia recently allotted a contract to Siemens to build a smart grid system as part of the LEMENE project, being developed in the industrial area of Marjamäki.
The smart grid ecosphere has the exact same purpose as any conventional grid system- to supply power when and where required. However, a shifting preference towards the generation and use of sustainable energy resources will gradually render the conventional grids obsolete, adding a renewed dynamism to the smart grid market trends.
Company profiled in this report based on Business overview, Financial data, Product landscape, Strategic outlook & SWOT analysis:
1. Hubbell Incorporated
2. Schneider Electric
6. Wipro Limited
10. Belden Inc.
12. Itron, Inc.
14. Fujitsu Global
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UK smart grid 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.
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.
Growing investments toward grid digitalization through the implementation of advanced communication technologies will foster the smart grid market growth. Growing focus toward renewable grid integration coupled with intensifying need to upgrade ageing electricity infrastructure will further facilitate the large-scale deployment of these grids.
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.
Browse key industry insights spread across 250 pages with 256 market data tables & 29 figures & charts from this 2018 report, Smart Grid Market in detail along with the table of contents:
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