Smart Grid Market By Top Players ABB Ltd., Wipro Limited, Cisco Systems, Inc., Siemens AG, General Electric Company, Schneider Electric Sa, Itron, Inc., Oracle Corporation : Include Covid-19 impact Analysis

Overview of Smart Grid Market

A comprehensive evaluation of the Smart Grid Market has been presented in the report for the forecasted period 2019 to 2025. In order to get a deep insight into the market, a wide range of segments have been covered in the report along with the thorough analysis of the key trends and the factors that impact the market. The main highlight of the report includes the key factors that impact the Smart Grid Market market, the market dynamics, major drivers, restraining factors, and the opportunities and threats that arise in the market. The intrinsic factors that have been identified are restraints and drivers. The identified threats and opportunities are the extrinsic factors that exist in the market setting. The thorough study provides an insight into the market development in terms of the revenue generation capacity during the forecasted period.

The digital technology that permits for two-way communication among the utility and its customers, and the detecting along the transmission lines is what makes the grid smart. Similar to the Internet, the Smart Grid contains controls, automation, computers, and new technologies and equipment working collectively, but in this case, these technologies will work with the electrical grid to respond digitally to our rapidly changing electric request. Switch of the production and distribution of electricity and electronic power conditioning and are important factors of the smart grid.

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The smart grid software segment is anticipated to have the highest development rate during the forecast period. Smart grid communication allows hardware and software to work collectively to form a web network, enabling a utility grid with smart features such as distribution automation, substation automation, energy management, self-healing, real-time control, and increased reliability & security. This would benefit operators in decision-making and better scheduling of utility distribution and storage.

Sensors for smart grid is anticipated to gain the maximum traction in the smart grid market during the forecast period. Sensor is the essential hardware component that delivers real-time data of the electric grid installed in electric grids. Sensors progress utility performance and operation. They help in effective power management at the transmission, and consumption levels and play a vital role in the integration of power from various resources. A rise in number of smart grid projects in North America, Europe, and Asia would extremely increase the demand of the sensors.

Geographically the market has been segmented into North America, Europe, Asia-Pacific, Middle East & Africa and Latin America. Amongst these North America is anticipated to hold the largest market share in the forecast period. The major driving factors are, advantageous government policies and mandates in North America help in operating the smart grid market. In addition, the regional government in the US are encouraging smart grid solutions and AMI meters. The key challenges faced in this market are, revenue loss occurred due to energy loss, the challenge of insufficient data management, and lack of motivation by electric utilities to improve the grid infrastructure. The major factor that is restricting the development of the smart grid market is the high initial costs for the positioning of technology solutions and lack of standardization and uniformity.

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The Asia Pacific regional market is expected to gain a significant growth over the future period. The rising awareness among customers about the benefits of the smart Grid is anticipated to drive the APAC market for smart grid in the future years. The key companies that provide smart grid include ABB Ltd., Wipro Limited, Cisco Systems, Inc., Siemens AG, General Electric Company, Schneider Electric Sa, Itron, Inc., Oracle Corporation, International Business Machines Corporation, Landis+GYR and Open Systems International, Inc.

Smart Grid Market : Research Methodology

Smart Grid Market research methodologies comprise primary research, secondary and expert panel reviews. Secondary research consists of the following sources: company annual report, research papers, and press releases, as documented in the industry. For further understanding, the following have been considered: Industry magazines, trade journals, government websites, and associations since they also contain vital information that can be useful during the study period. If all these sources are efficiently used to gather information about the industry, then the Smart Grid Market market achieves its goals in the study, which is most likely to expand its territory in the market.

Primary research has been the best way during the study, as it involves things like; telephone conversations that can be either as interviews or creation of appointments between the Smart Grid Market researchers and market players. Questionnaires are also used, and this can also be sent as emails or distributing them to the people for question and answer moments. Lastly, there is a face-to-face interaction between the researchers and the market players. This has been the most effective way the two parties involved engage in one on one question and answer sessions. At primary research, the engagement always leaves both Smart Grid Market research and the market players convinced of the way forward for the betterment of the industry. Primary research enhances discussion on essential factors such as market trends, size, competitions involved has to be done on an ongoing basis with industry experts, to understand the existing market.

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