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Smart Grid Market Forecast 2018-2024 Details Shared in Report | Top Companies Include Hubbell Incorporated, Schneider Electric, Siemens, GE, ABB, Wipro Limited, Oracle, IBM

05-03-2019 11:06 AM CET | Energy & Environment

Press release from: Global Market Insights, Inc.

Smart Grid Market

Smart Grid Market

Smart Grid Market in Communication and wireless infrastructure is anticipated to expand over 20% by 2024. Increasing need for IoT intervention to improve grid efficiency, customer services and demand management across power utilities will boost the product demand. Digitalizing the grid using advanced cloud computing technology and sensors aids in monitoring consumption patterns and provides real time information on electricity usage. The use of control systems for several applications including substation automation, distribution automation, advanced outage management, and demand-side management is further strengthening the product demand.

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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
3. Siemens
4. GE
5. ABB
6. Wipro Limited
7. Oracle
8. IBM
9. Cisco
10. Belden Inc.
11. Landis+Gyr
12. Itron, Inc.
13. Honeywell
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:

www.gminsights.com/industry-analysis/smart-grid-market

About Global Market Insights

Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.

Contact Us

Arun Hegde
Corporate Sales, USA
Global Market Insights, Inc.
Phone: 1-302-846-7766
Toll Free: 1-888-689-0688
Email: sales@gminsights.com
Web: www.gminsights.com
Blog: www.industry-source.org

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