What’s driving the Smart Grid Market Trends? | Top Companies Include Hubbell Incorporated, Schneider Electric, Siemens, GE, ABB, Eaton, Wipro Limited, Oracle, IBM

The Worldwide Smart Grid Market was valued at USD 23.23 Billion in 2018 and is projected to reach USD 104.43 Billion by 2026, growing at a CAGR of 20.73% from 2019 to 2026.

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.

A smart grid is an electricity network using digital technology to supply electricity to consumers via two-way digital communication. This system allows for monitoring, analysis, control and communication within the supply chain to help increase efficiency, lessen energy consumption and cost, and maximize the transparency and dependability of the energy supply chain. The smart grid was introduced with the aim of overcoming the flaws of conventional electrical grids by using smart meters.

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Key factors such as modernization of old grid infrastructure, improved grid dependability and efficient outage response, governments supportive policies and legislative mandates and increasing awareness about carbon footprint management are anticipated to drive the global Smart Grid in the forecast period. On the contrary, high initial costs for deployment, lack of standards and interoperability and weaknesses of smart grid cybersecurity could be the major restraining factors in the growth of this market in the coming years.

Verified Market Research narrows down the available data using primary sources to validate the data and use it in compiling a full-fledged market research study. The report contains a quantitative and qualitative estimation of market elements which interests the client. The “Global Smart Grid Market” is mainly bifurcated into sub-segments which can provide classified data regarding the latest trends in the market.

Global Smart Grid Market Competitive Landscape :

The “Global Smart Grid Market” study report will provide a valuable insight with an emphasis on global market including some of the major players such as GE, Schneider Electric, ABB, Siemens, Itron, Cisco, Aclara, Landis+Gyr, OSI, Oracle, Wipro, IBM, Honeywell, Eaton, S&C, Electric Company, Kamstrup, Trilliant Holdings, Globema, Tech Mahindra, Enel X North America. Our market analysis also entails a section solely dedicated for such major players wherein our analysts provide an insight to the financial statements of all the major players, along with its product benchmarking and SWOT analysis. The competitive landscape section also includes key development strategies, market share and market ranking analysis of the above-mentioned players globally.

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Global Smart Grid Market, By Software
• Advanced Metering Infrastructure
• Grid Asset Management
• Smart Grid Distribution Management
• Substation Automation
• Smart Grid Security
• Billing and Customer Information System
• Smart Grid Network Management

Global Smart Grid Market, By Hardware
• Smart Meter

Global Smart Grid Market, By Service
• Consulting
• Deployment and Integration
• Support and Maintenance

Global Smart Grid Market, By Technology
• Advanced Metering Infrastructure (AMI)
• Transmission Upgrades (TU)
• Distribution Automation (DA)
• Software and Hardware (S&H)
• Communication Technologies (CT)
• Cyber Security (CS)

Global Smart Grid Market Geographic Scope
• North America
o U.S.
o Canada
o Mexico
• Europe
o Germany
o UK
o France
o Rest of Europe
• Asia Pacific
o China
o Japan
o India
o Rest of Asia Pacific
• Latin America
o Brazil
• Rest of the World

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