Press release
Grid Optimization Solution Market is expected to grow at a CAGR of around 11% from 2022-2028
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The grid optimization solution market report has been aggregated by collecting informative data on various dynamics such as market drivers, restraints, and opportunities. This innovative report makes use of several analyses to get a closer outlook on the grid optimization solution market. The grid optimization solution market report offers a detailed analysis of the latest industry developments and trending factors in the market that are influencing the market growth. Furthermore, this statistical market research repository examines and estimates the grid optimization solution market at the global and regional levels.
Market Overview
A grid is a network of interconnected devices used to transport power from generators to consumers. Electric power distribution to individual customers, where voltage is again stepped down to the necessary service voltage, electrical substations to step voltage up or down, electrical power transmission to carry power over long distances, and power stations, which are frequently located near the energy and away from densely populated areas. Moreover, the growing advancement in grid technology has led to the advent of smart grids. The development of a sustainable, reliable, efficient, and resilient electricity grid through the use of computational intelligence and networking capabilities of multiple communication networks is known as a "smart grid." Some of the benefits of the smart grid solution include more efficient transmission of electricity, quicker restoration of electricity after power disturbances, reduced operations, and management costs for utilities, and ultimately lower power costs for consumers.
Factors such as technological advancement coupled with the growing number of industries and manufacturing units along with the new product launches in the market are some of the prominent factors that are positively influencing the market growth globally.
Some of the major players operating in the market include Hitachi Energy, Hubbell, General Electric, FirstEnergy, Green Mountain Power, Doble Engineering Company, Énergir Limited Partnership, EKM Metering, CGI Group, and Electric Power Group.
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COVID-19 Impact
The recent covid-19 pandemic has disrupted the world and has brought a state of shock to the global economy. The global pandemic has impacted the manufacturing industry along with supply chain disruption, regulatory and policy changes, labor reliance, working capital management, and liquidity & solvency management. The grid optimization solution market has been significantly affected during these times owing to the gap between supply and demand.
The global grid optimization solution market report is studied thoroughly with several aspects that would help stakeholders in making their decisions more curated.
• Based on the application, the market is categorized into government, educational institutes, small-scale enterprises, and others. Small-scale enterprises hold a significant share in the market as they require a continuous power supply. Moreover, they have scattered energy resources in place, which has made the grid more complex. This problem is resolved by installing a smart grid optimization system for enhanced utility control, which enables quick diagnosis, exact remedies, and monitoring of crucial components.
• Based on the type, the market is categorized into hardware and software. The hardware segment holds a significant share in the market. Since hardware is essential to the effective operation of the solution, hardware constitutes the entirety of it. Hardware components that aid in measurement, communication, and control include sensors. These hardware elements allow for high sampling and precise, time-synchronized measurements, and they are positioned on the grid's low and medium voltage areas.
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Grid Optimization Solution Market Geographical Segmentation Includes:
• North America (United States, Canada, and Rest of North America)
• Europe (Germany, United Kingdom, Spain, Italy, France, and the Rest of Europe)
• Asia-Pacific (China, Japan, India, and the Rest of Asia-Pacific)
• Rest of the World
North America is anticipated to grow at a substantial CAGR during the forecast period. This is mainly the increasing adoption of the smart grid along with supportive government policies such as the enhanced grid permitting process. Also, the growing need for energy and the adoption of renewable energy coupled with government support for the implementation of the grid optimization solution for energy conservation is expected to support the market growth in the region. Additionally, the presence of several major players in the region and the integration of smart technologies such as IoT and machine learning coupled with the new product launches and increasing investment in the research & development activities is expected to support the market. For instance, according to the US Department of Energy (DoE), electric utilities spend the US $ 80 billion on capital improvement including distribution and transmission systems in the year 2019.
The major players targeting the market include
• Hitachi Energy
• Hubbell
• General Electric
• FirstEnergy
• Green Mountain Power
• Doble Engineering Company
• Énergir Limited Partnership
• EKM Metering
• CGI Group
• Electric Power Group
Competitive Landscape
The degree of competition among prominent global companies has been elaborated by analyzing several leading key players operating worldwide. The specialist team of research analysts sheds light on various traits such as global market competition, market share, most recent industry advancements, innovative product launches, partnerships, mergers, or acquisitions by leading companies in the Grid Optimization Solution market. The major players have been analyzed by using research methodologies for getting insight views on global competition.
Key questions resolved through this analytical market research report include:
• What are the latest trends, new patterns, and technological advancements in the Grid Optimization Solution market?
• Which factors are influencing the Grid Optimization Solution market over the forecast period?
• What are the global challenges, threats, and risks in the Grid Optimization Solution market?
• Which factors are propelling and restraining the Grid Optimization Solution market?
• What are the demanding global regions of the Grid Optimization Solution market?
• What will be the global market size in the upcoming years?
• What are the crucial market acquisition strategies and policies applied by global companies?
We understand the requirement of different businesses, regions, and countries, we offer customized reports as per your requirements of business nature and geography. Please let us know If you have any custom needs.
About UnivDatos Market Insights
UnivDatos Market Insights (UMI) is a passionate market research firm and a subsidiary of Universal Data Solutions. We believe in delivering insights through Market Intelligence Reports, Customized Business Research, and Primary Research. Our research studies are spread across topics across the world, we cover markets in over 100 countries using smart research techniques and agile methodologies. We offer in-depth studies, detailed analysis, and customized reports that help shape winning business strategies for our clients.
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