Global Grid Optimization Solutions Market to Grow 11.36% CAGR 2017 to 2021 – Analysis of ABB, Aclara Technologies, Eaton, and General Electric

MarketResearchNest.com adds “Global Grid Optimization Solutions Market 2017-2021” new reports to its research database. The report spread across 77 pages with tables and figures in it.

The research analysts forecast the global grid optimization solutions market to grow at a CAGR of 11.36% during the period 2017-2021.

Grid optimization solutions are compact electrical devices that are used to detect and monitor power system equipment. These devices monitor electrical equipment such as transformers, arrestors, power cables, and other equipment installed in power plants or substations along with the demand-side management in smart grids. These devices are used in residential areas and offices to enhance energy efficiency. The benefits of grid optimization are to reduce the overall cost of delivering power to users, increase the reliability of grids, and ensure the efficient use of assets, thereby deferring the investments in generation, transmission, and distribution assets.

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Technavio recognizes the following companies as the key players in the global grid optimization solutions market: ABB, Aclara Technologies, Eaton, and General Electric.

Other Prominent Vendors in the market are: Advanced Control Systems, Advanced Electronics Company, Arbiter Systems, Arteche, BEIJING SIFANG AUTOMATION, CGI Group, Doble Engineering Company, EKM Metering, Electric Power Group, Elster Group (owned by Honeywell), ERLPhase Power Technologies, FirstEnergy, Green Mountain Power, Hexagon, Holley Metering, Intel, Itron, Jiaxing Eastron Electronic Instruments, Kaihen, Kamstrup, Landis+Gyr, LINYANG Energy, Metrycom Communication, Milsoft Utility Solutions, Mitsubishi Electric, mPower Innovations, Murata Power Solutions, National Information Solutions, Open Systems International, Operation Technology, Oracle, Powel, Power Sensors, Power System Engineering, PowerWorld, QinetiQ, Quanta Technology, Ripley Power & Light Company, Schneider Electric, Schweitzer Engineering Laboratories, SEDC, Sensus, Sentient Technologies Holdings, Siemens, Silver Spring Networks, Simpson Electric, Survalent Technology, and Westinghouse Electric.

The latest trend gaining momentum in the market is Changing energy landscape and increased demand for power generation. Globally, power consumption has increased in line with the global economic growth. Thus, capacity addition has increased exponentially across the globe, favoring fossil fuels. Further growth in the population and the global economy is expected to drive this trend in the future as well. According to the World Bank, the world population is projected to increase from 7.4 billion in 2016 to 8.7 billion by 2035.

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According to the report, one of the major drivers for this market is Transition to smart grids. Smart grids optimize all the grid functions by deploying sensors, communication systems, and information technology, thereby making the grid smarter and allowing utilities to achieve the balance among cost, reliability, and efficiency. Smart grid implementation thus allows utilities to get the most out of the available infrastructure.

Further, the report states that one of the major factors hindering the growth of this market is Concerns over cybersecurity. Advances in IT and implementation of technology to control power generation and distribution have exposed the grids to cyber-attacks that traditional utilities were not concerned about. Smart grid infrastructure uses Internet technologies, thus making it vulnerable to security threats in the absence of a robust cybersecurity setup.

The study was conducted using an objective combination of primary and secondary information including inputs from key participants in the industry. The report contains a comprehensive market and vendor landscape in addition to a SWOT analysis of the key vendors.

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