Press release
Comprehensive analysis on Smart Grid Market Growth | Key Players are: General Electric Company (US), ABB (Switzerland), Siemens AG (Germany), Schneider Electric SE (France), Itron (US), Landis+Gyr (Switzerland), Aclara Technologies LLC (US), Cisco Systems
Smart Grid Market
Global Smart Grid Market is valued approximately USD 28.77 billion in 2019 and is anticipated to grow with a healthy growth rate of more than 21 % over the forecast period 2019-2026.
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A smart grid is an electrical grid which comprises a variety of operation and energy measures including, energy efficient resources, renewable energy resources, smart appliances and smart meters. The smart grid provides technologies that improve fault detection and enables self-healing of the network automatically after the power disturbances. Smart Grid allows real-time monitoring and regulation of the power system as well as helps to reduce AT&C losses. Hence the increasing adoption of smart grids amidst these benefits drives the market towards growth. Moreover, rising environmental concerns along with supporting government policies and initiatives for the deployment and installation of smart meters further drives the market growth. As as per US Energy Information Administration in 2018 there were 86.8 million smart metering infrastructure installations in US electric utilities of which 88% belonged to the residential sector. And as of June 2018, operator Enexis Netbeheer installed 900 thousand smart meters in one region of Netherlands and further plans to install 2.8 million electricity smart meters and same number of smart gas meters by 2020. Also, increasing investments in the digital electrical infrastructure and smart grid infrastructure further fuels the market growth.
As the per United States Department of Energy report of 2018, the US utilities invested USD 144 billion in electricity generation, transmission and distribution in 2016. Also, the Annual smart grid investments rose by 41% from USD 3.4 billion in 2014 to USD 4.8 billion in 2016 and is further projected to rise to USD 13.8 billion by 2024. However, high Initial Costs for deployment of smart grid technology solutions impedes the growth of the market over the forecast period of 2020-2026. Although, increasing number of electric vehicles and rising smart city developments provide an opportunistic market for Smart Grids during the forecast period.
The regional analysis of global Smart Grid market is considered for the key regions such as Asia Pacific, North America, Europe, Latin America and Rest of the World. North America is the leading/significant region across the world in terms of market share owing to the tremendous support from the government coupled with high investments in the smart grid technology. As June 2018 the Nova Scotia Utility and Review Board (UARB) approved a USD 133.2 million advanced metering infrastructure project which aims to install 500 thousand digital smart meters by 2020 in Nova Scotia, a province in Canada. Whereas, Asia-Pacific is also anticipated to exhibit highest growth rate / CAGR over the forecast period 2020-2026. Factors such as rising smart city projects and increasing smart meter deployments through the governments would create lucrative growth prospects for the Smart Grid market across Asia-Pacific region.
Major market player included in this report are:
General Electric Company (US)
ABB (Switzerland)
Siemens AG (Germany)
Schneider Electric SE (France)
Itron (US)
Landis+Gyr (Switzerland)
Aclara Technologies LLC (US)
Cisco Systems Inc. (US)
OSI Systems Inc. (US)
IBM Corporation (US)
The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming eight years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within each of the regions and countries involved in the study. Furthermore, the report also caters the detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, the report shall also incorporate available opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players. The detailed segments and sub-segment of the market are explained below:
By Software:
Advanced Metering Infrastructure
Smart Grid Distribution Management
Smart Grid Network Management
Grid Asset Management
Substation Automation
Smart Grid Security
Billing and Customer Information System
By Hardware:
Smart Meter
By Services:
Consulting
Deployment and Integration
Support and Maintenance
Furthermore, years considered for the study are as follows:
Historical year - 2016, 2017, 2018
Base year - 20198
Forecast period - 2020 to 2026
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Target Audience of the Global Smart Grid Market in Market Study:
Key Consulting Companies & Advisors
Large, medium-sized, and small enterprises
Venture capitalists
Value-Added Resellers (VARs)
Third-party knowledge providers
Investment bankers
Investors
Chapter 1. Executive Summary
1.1. Market Snapshot
1.2. Global & Segmental Market Estimates & Forecasts, 2018-2026 (USD Billion)
1.2.1. Smart Grid Market, by Region, 2018-2026 (USD Billion)
1.2.2. Smart Grid Market, by Software, 2018-2026 (USD Billion)
1.2.3. Smart Grid Market, by Hardware, 2018-2026 (USD Billion)
1.2.4. Smart Grid Market, by Service, 2018-2026 (USD Billion)
1.3. Key Trends
1.4. Estimation Methodology
1.5. Research Assumption
Chapter 2. Global Smart Grid Market Definition and Scope
2.1. Objective of the Study
2.2. Market Definition & Scope
2.2.1. Scope of the Study
2.2.2. Industry Evolution
2.3. Years Considered for the Study
2.4. Currency Conversion Rates
Chapter 3. Global Smart Grid Market Dynamics
3.1. Smart Grid Market Impact Analysis (2018-2026)
3.1.1. Market Drivers
3.1.2. Market Challenges
3.1.3. Market Opportunities
Chapter 4. Global Smart Grid Market Industry Analysis
4.1. Porter's 5 Force Model
4.1.1. Bargaining Power of Suppliers
4.1.2. Bargaining Power of Buyers
4.1.3. Threat of New Entrants
4.1.4. Threat of Substitutes
4.1.5. Competitive Rivalry
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