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Self-Healing Grid Market 2024-2033: Production Analysis, Segmentation, Key Drivers And Top Players
Self-Healing Grid Market Growth
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According to The Business Research Company's, The self-healing grid market size has grown strongly in recent years. It will grow from $2.12 billion in 2023 to $2.33 billion in 2024 at a compound annual growth rate (CAGR) of 10.0%. The growth in the historic period can be attributed to early adoption for pilot projects, grid modernization programs, government initiatives and regulations, utilities' emphasis on system efficiency, demand for grid reliability, rising frequency of grid outages.
The self-healing grid market size is expected to see rapid growth in the next few years. It will grow to $3.43 billion in 2028 at a compound annual growth rate (CAGR) of 10.1%. The growth in the forecast period can be attributed to increasing investment in cybersecurity solutions, development of advanced control algorithms, focus on grid modernization initiatives, expansion of renewable energy integration. Major trends in the forecast period include collaboration and standardization, advancements in grid automation, integration of ai and predictive analytics, development of distributed energy resources (ders), enhanced communication and control systems, advancements in edge computing and iot.
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Market Drivers and Trends:
The increase in the increasing energy demand is expected to boost the growth of the self-healing grid market going forward. Energy demand refers to the total amount of energy required by a specific region, sector, community, or individual within a given period. The surge in energy demand poses challenges for conventional grid systems, and the growing need for resilient, disruption-minimizing, and operationally optimized power grids is driving the demand for self-healing grid solutions in tandem with broader trends in energy consumption and grid modernization. For instance, in April 2023, according to a report published by the Energy Information Administration, a US-based government agency, the United States experienced a growth in the consumption of all energy forms ranging from 0% to 15% from 2022 to 2050. Within the industrial sector, energy consumption sees an increase of 5% to 32% during the period from 2022 to 2050. In 2022, households in the U.S. residential sector acquired a total of 5.1 quadrillion British thermal units (quads) of electricity. Therefore, the increasing energy demand is driving the growth of the self-healing grid market.
Investments in smart grids are a key trend gaining popularity in the self-healing grids market. Major companies operating in the self-healing grids market are focusing on investing in the development of smart grids to sustain their position in the market. For instance, in November 2021, DTE Energy Co., a US-based company operating in self-healing grids invested USD 7 billion in a smarter and more reliable grid for Michiganders. This investment focuses on self-healing circuits, pole maintenance, increased automation, tree trimming, and modernizing the grid's old infrastructure.
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Major Key Players of the Market:
Siemens AG, General Electric Company, S & C Electric Company, Eaton Corporation plc, Schneider Electric SE, Oracle Corporation, Landis+Gyr Corporation, Itron Inc., Sprecher Automation GmbH, Georgia Power Co., Eastern Green Power Pte Ltd., EnergyTech Global Pvt. Ltd., Hitachi Ltd., Open Systems International Inc., Det Norske Veritas Germanischer Lloyd, ABB Ltd., Aclara Technologies LLC, Cisco Systems Inc., International Business Machines Corporation, Wipro Limited, Sentient Energy Inc., Infosys Limited, G&W Electric Company, Alectra Utilities Corporation, Honeywell International Inc., C3.ai Inc., Power Analytics Corporation, Utilidata Inc., Varentec Inc., Enel X North America Inc., Opus One Solutions Energy Corporation, Advanced Microgrid Solutions Inc., Blue Pillar Inc., Powerhive Inc., Spirae LLC, Gridco Systems Inc., Autogrid Systems Inc., CleanSpark Inc., Grid4C Inc., Smarter Grid Solutions Inc.
Self-Healing Grid Market 2024 Key Insights:
• The self-healing grid market size is expected to see rapid growth in the next few years. It will grow to $3.43 billion in 2028 at a compound annual growth rate (CAGR) of 10.1%.
• Clean Energy Surge Fuels Robust Growth In Self-Healing Grid Market
• Strategic Investments In Smart Grids Drive Market Leadership In Self-Healing Grids Sector
• North America was the largest region in the self-healing grid market share in 2023
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