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Smart Grid Market to Observe Remarkable Push Over 2019-2024 | ABB, Hubbell, Schneider Electric, Fujitsu General, Belden, General Electric, Honeywell Elster
Smart Grid Market
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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.
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.
Similar efforts are also in motion in Europe where the EU is aiming at replacing 80% of the electric meters with smart grid market by 2020. In a recent venture, EU and China have released a joint statement with the intention of exchanging potential innovative and legislative solutions to meet the global demand of clean and green energy alternatives. Both China and EU agreed that improvement of energy supply security will enhance energy efficiency, support switching to low carbon energy sources and increase the share of renewable energies. According to findings presented by the European Commission, China and EU consume 22% and 12.5% of the global energy respectively and both are trying to break the dependence on fossil fuel imports.
To achieve this goal, increasing the share of renewable energy sources and upgrading the potential of smart grids has been mentioned to be pivotal, pointing towards the increase in investment in the smart grid industry over the coming years. The smart grid market is being predicted to perform well in these regions as EU is currently drafting a 2050 decarbonization strategy and China has committed to bring down its carbon footprint by setting carbon reduction goals and other renewable targets to be met by 2030.
Speaking about China’s investment in the smart grid market it will be prudent to mention that other Asian countries are also recognizing the potential of a smart grids. Indeed, APAC smart grid industry is estimated to grow over 12% over 2018-2024. Citing an instance, the Indian government recently announced that it would develop a smart grid project in the financial and technological hub near New Delhi, Gurugram.
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The underground smart grid market is expected to be completed by 2022, saving 120-150 MW of electricity every day and solving the long-standing issues of power theft and technical faults. A software-based technology will be used to replace manual maintenance in all low-transmission (LT) lines that will be located underground. The underground placement of the lines will potentially curb pilferage and theft that has been impairing power supply by almost 20%. The incidence provides apt evidence that India smart grid market is poised for a bright future.
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.
Glimpse of Table of Content (ToC)
Chapter 3. Smart Grid Market Insights
3.1. Industry segmentation
3.2. Industry landscape, 2013 – 2024 (USD Million)
3.3. Industry ecosystem analysis
3.3.1. Vendor matrix
3.4. Regulatory landscape
3.4.1. U.S.
3.4.2. Europe
3.4.3. China
3.4.4. India
3.4.5. Australia
3.4.6. Brazil
3.5. Innovation and sustainability
3.5.1. ABB
3.5.2. Schneider Electric SE
3.5.3. Fujitsu General
3.6. Global investment trend analysis
3.7. Key existing and upcoming projects
3.8. Smart Grid Developed Vs Upcoming Markets
3.9. Transmission and distribution loss trends
3.10. Customer requirements
3.11. Customer group requirements
3.11.1. Utility
3.11.2. Government institutions
3.11.3. Industrial
3.12. Entry barrier
3.13. Industry impact forces
3.13.1. Growth drivers
3.13.1.1. .Increasing need to digitalize the power sector
3.13.1.2. Favorable government regulations and mandates
3.13.1.3. Growing share of renewable energy in the energy mix
3.13.1.4. Reliable and efficient energy consumption
3.13.2. Industry pitfalls & challenges
3.13.2.1. Rising cyber attacks
3.14. Growth potential analysis
3.15. Porter's analysis
3.16. Competitive landscape, 2017
3.16.1. Strategy dashboard
3.16.1.1. Itron
3.16.1.1.1. Product Development
3.16.1.1.2. Acquisitions
3.16.1.1.3. Long Term Contract
3.16.1.1.4. Restructuring
3.16.1.2. Honeywell
3.16.1.2.1. Acquisition
3.16.1.2.2. Long-term contracts
3.16.1.2.3. New Product Launch
3.16.1.3. ABB
3.16.1.3.1. Acquisition
3.16.1.3.2. New Product Launch
3.16.1.4. Siemens AG
3.16.1.4.1. Acquisition
3.16.1.4.2. Long-term contracts
3.17. Company market share,2017
3.18. PESTEL analysis
Browse complete Table of Contents (ToC) of this research report @ https://www.gminsights.com/toc/detail/smart-grid-market
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Arun Hegde
Corporate Sales, USA
Global Market Insights, Inc.
Phone: 1-302-846-7766
Toll Free: 1-888-689-0688
Email: sales@gminsights.com
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.
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