Smart Grids Market - Outlook On Emerging Application, Revolutionary Trends & Potential Growth Strategies 2029 | StraitsResearch

Smart Grids Market Overview:

The Smart Grid refers to an electrical grid with advanced automation, communication, IT, and IOT systems that can control the power flow or curtail the load to match generation and monitor power flows from points of generation to points of consumption in real-time or near real-time. Rising urbanization is also one of the major factors augmenting the market growth for the smart grid. According to the United Nations Department of Economic and Social Affairs, the urban population of the world has grown at a rapid rate from 751 million in 1950 to 4.2 billion in 2018. In addition to this, it is also projected that approximately 68% of the world population will live in urban areas by 2050. Therefore, the global smart grids market is anticipated to grow during the forecast period.

The rise in investments in smart grid projects across the globe is expected to propel the growth of the smart grids market. For instance, the Government of Canada is committed to building a clean energy future, and therefore, the Parliamentary Secretary to the Minister of Economic Development and Official Languages and Member of Parliament for London West, Kate Young, on behalf of the Honourable Seamus O'Regan, Canada's Minister of Natural Resources, announced an investment of 5.1 USD million in London Hydro to develop and deploy a smart microgrid in the West 5 net-zero energy community. In addition to this, the American Recovery and Reinvestment Act (ARRA) which is a part of the US federal government, has also allocated 3.4 USD billion and 615 USD million for smart grid investment grants to utilities and demonstration projects.

The initial phase of smart grid deployment requires a lot of capital as compared to conventional grids, which may hamper the growth of the global smart grid market. The local and national governments play a vital role in transforming infrastructures. The smart grid technology demands huge investments to set up the transmission network between the customers and the smart grid.

Furthermore, countries like the USA, India, China, and others are investing heavily in smart city initiatives, which is predicted to create lucrative opportunities for the smart grid market during the forecast period. For instance, Japan is assisting India in developing its smart cities initiatives by investing USD 4.5 billion in the first phase of the DMIC (Delhi-Mumbai Industrial Corridor) project which is expected to install 130 million smart meters by the year 2021. Moreover, the Power Grid Corporation of India has also planned to invest 26 USD billion in the upcoming five years which will further boost the smart grids market growth. This report examines all the key factors influencing the expansion of the worldwide Smart Grids market, including demand-supply scenario, pricing structure, profit margins, production, and value chain analysis. Regional assessment of the worldwide Smart Grids market unlocks a plethora of untapped opportunities in regional and domestic marketplaces. Detailed company profiling enables users to guage company shares analysis, emerging product lines, the scope of NPD in new markets, pricing strategies, innovation possibilities, and far more. This further helps users with their developmental strategy.

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The Major Players Covered in this Report: ABB Ltd, Siemens AG, Schneider Electric, Itron, Inc, Landis+Gyr Corporation, Aclara Technologies LLC, Cisco Systems, Inc, IBM Corporation, Wipro Limited, Honeywell International Inc, S&C Electric Company, Eaton Corporation Plc, & More...

By Hardware, Sensors, Programmable Logic Controller, Smart Meter, Networking Hardware,
By Software, Advanced Metering Infrastructure, Smart Grid Distribution Management, Smart Grid Network Management, Grid Asset Management, Substation Automation, Smart Grid Security, Others,
By Services, Consulting, Deployment and Integration, Support and Maintenance

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Growing Domestic Demand and Expanding Pharmaceutical Sector to Drive the Demand for Smart Grids in the APAC Region:
Asia-Pacific region is anticipated to hold the largest market share in the global Smart Grids market during the forecast period 2020-2029. The growth in this region can be attributed to the presence of emerging economies like India, China, Japan, Vietnam, and Indonesia, which account for the largest share in this region. India is one of the largest producers of Smart Grids and a major exporter of the product to various countries across the globe. India accounts for around 80% of the world’s exports of Smart Grids. The favorable climatic conditions and growth of agricultural inputs and allied services like cold storage and warehousing in India are prompting higher production.

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The report covers exhaustive analysis on:
Overview of the parent market
Global Smart Grids Market Segments, Dynamics, Market Size, Share, Price, Volume, and Cost
Historical, current and projected market size in terms of volume and value
Global Smart Grids Market Forecast 2019 to 2026
Supply & Demand Value Chain
Global Smart Grids Market dynamics, including the current trends/drivers/threats/restraints/challenges
Potential and niche segments/regions exhibiting promising growth
Market landscape, competition, and leading companies involved
Strategies of leading companies and product offerings
Technological advancements

Key Developments:
In September 2019, Schneider Electric expanded its business by opening a smart distribution center in Brazil which has helped in reducing the delivery time to customers and optimizing supply chain operations by reducing equipment downtime and reducing overall power consumption. The distribution center is accessible to customers, partners as well as educational institutions to experience and learn about the company's most innovative technologies delivered through its IoT-enabled, open, interoperable architecture, and EcoStruxure.

In August 2019, Energy Efficiency Services Limited, which is a joint venture of four public sector enterprises under the union ministry of power announced that India had planned to invest USD 379.35 million for the smart meter project in Uttar Pradesh which will enable the major players to pump huge investments into smart grid project in the global market.

In June 2018, GE Power’s Grid Solutions business launched a new Advanced Distribution Management Solution (ADMS) in collaboration with Tata Power Delhi Distribution (Tata Power - DDL) that is specially designed for India with advanced features, such as monitoring, planning, security, and analysis.

In July 2018, ABB acquired GE Industrial Solutions to expand in North America to strengthen its product portfolio in the electrification area.

In 2017, ABB India restored and modernized the critical 1,035 MW Sharavathi hydropower plant in Karnataka, which accounts for approximately 25% of the state utility Karnataka Power Corporation’s power generation. The efforts of ABB India were recognized by the India Smart Grid Foundation (ISGF) Innovation Award, and therefore, it was awarded the “Smart Technology of the Year 2016” for this project.

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