Smart Grids Market Analysis, Major Competitor and Strategies, Regional Outlook, 2021 to 2029

Smart Grids Market

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. It can be attained by implementing efficient transmission and distribution systems, system operations, consumer integration, as well as renewable integration. Smart grid solutions help in monitoring, measuring, and controlling power flows in real-time that can contribute to recognizing losses so that appropriate technical & managerial actions can be taken to arrest the losses.

Some of the key features of a smart grid are automated outage management and faster restoration, better energy management, dynamic pricing mechanisms, real-time monitoring, web portals & mobile apps, in-house displays, and many others. These grids can coordinate the needs and capabilities of all energy players and end-users for optimizing power usage, which in turn reduces costs and environmental impact. 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 various initiatives and supportive policies and regulations laid by the governments are expected to increase the demand for smart grids across the globe. The increasing need to alleviate climate change for renewable energy expansion is further anticipated to drive the smart grid initiatives worldwide. Additionally, various governments have started investing in smart grid technology as it is expected to help them in achieving their carbon emission reduction targets and enable long-term economic prosperity.

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.

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The Major Prominent 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

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

NOTE: Our analysts monitoring the situation across the globe explains that the market will generate remunerative prospects for producers post the COVID-19 crisis. The report aims to provide an additional illustration of the latest scenario, economic slowdown, and COVID-19 impact on the overall industry.

Geographically, this report is segmented into several key regions, with sales, revenue, market share and growth rate of Steerable Medical Devices in these regions, from 2021 to 2029, covering:
North America (United States, Canada and Mexico)
Europe (Germany, UK, France, Italy, Russia and Turkey etc.)
Asia-Pacific (China, Japan, Korea, India, Australia, Indonesia, Thailand, Philippines, Malaysia and Vietnam)
South America (Brazil, Argentina, Columbia etc.)
Middle East and Africa (Saudi Arabia, UAE, Egypt, Nigeria and South Africa)

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Key Smart Grids Market Trends:
- The report identifies, determines, and forecasts the Global Smart Grids Market segments based on their type, sub-type, technology used, applications, end-users, and regions.
- Industry to Industry Holds Largest Share in the Smart Grids Market
- It examines the micro-markets based on their growth trends, development patterns, future prospects, and contribution to the overall market.
- Demand from Regional / geographical is Expected to Drive the Growth
- Rising Adoption of Market Segments in this Growth
- North American, Europe is Expected to Witness Higher Growth Rate over the Forecast Period
- It studies the competitive developments such as partnerships and collaborations, mergers and acquisitions (M&A), research and development (R&D) activities, product developments, and expansions in the Global Smart Grids Market.

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.

Key Questions Answered in The Report:
What will the Smart Grids market growth rate?
What are the key factors driving the global Smart Grids market?
Who are the key manufacturers in the Smart Grids market space?
What are the market opportunities, market risk, and market overview of the Smart Grids market?
What are sales, revenue, and price analysis of top manufacturers of the Smart Grids market?
Who are the distributors, traders, and dealers of the Smart Grids market?
What are the market opportunities and threats faced by the vendors in the global Steerable Medical Devices Industry?
What are sales, revenue, and price analysis by types and applications of the Smart Grids Industry?
What are sales, revenue, and price analysis by regions of Smart Grids industry?
What are the driving factors contributing to market growth during the short, medium, and long term?

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