Press release
Smart Grid Technology Market: Smart Meters Are Paving The Way For Smart Grid
The Smart Grid Technology Market deals with the development of smart grid technology which is used in various applications such as manufacturing and telecommunications. Smart grid is an electrical grid, which is useful in power grid modernization process. The various softwares that support smartgrid technology are MDMS, SCADA, DRM, DMS and Others.Smart grid technology is helpful in managing the demand and supply for electricity along with data exchange through networking, data storage, information analytics and data & information management. Also, it provides wide ranging opportunities for energy conservation and efficient operations. SCADA that is Supervisory control and data acquisition systems provides data in real-time situations for electric power alteration.
Scope & Regional Forecast of the Smart Grid Technology Market
The Smart Grid Technology Market is expected to witness healthy growth due to increasing demand for energy across all the regions of the world, during the forecast period. Rising government support towards the development of smart grid technologies is one of the key growth factor of this market. Growing smart meters usage is also supporting for the development of smart grid technology and helping to create perfect smart grid platform.
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However, high installation costs and high initial investments required coupled with the lack of standards are the major factors that restraints the growth of the Smart Grid Technology Market. But, increasing substantial investments by organizations towards smart grid technology implementation, the technology is estimated to witness positive growth during the forecast period.
Asia-Pacific is dominating the Smart Grid Technology Market by holding the maximum revenue share of the market. Europe and North America are estimated to experience significant growth in terms of massive investment in the power supply sector. Asia-Pacific is also expected to witness positive growth especially in the emerging economies like India and China due to rapid urbanization and industrialization.
Segmentations & Key Players Involved in the Smart Grid Technology Market
According to IndustryARC findings, the Smart Grid Technology Market can be broken down into various segmentations on the basis of –
Technology: Advanced Metering Infrastructure (AMI), Distributed Automation, Software, Hardware, Communication Technologies, Cyber Security, Transmission Upgrades, Services and Consulting and Others.
Service: Services and Consulting, Implementation and Deployment, Maintenance and Others.
Region: Americas, Europe, Asia-Pacific and Rest of the World.
Some of the key players involved in the Smart Grid Technology Market according to IndustryARC are as follows:
Landis+Gyr
GE Energy Management
Eaton Corporation
Schneider Electric
Alcatel-Lucent
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About IndustryARC:
IndustryARC is a Research and consulting firm that publishes more than 500 Reports Annually in various industries, such as Agriculture, Automotive, Automation & Instrumentation, Chemicals and Materials, Energy and Power, Electronics, Food & Beverages, Information Technology, Life sciences & Healthcare.
IndustryARC primarily focuses on Cutting Edge Technologies and Newer Applications of the Market. Our Custom Research Services are designed to provide insights on the constant flux in the global demand-supply gap of markets. Our strong analyst team enables us to meet the client research needs at a very quick speed with a variety of options for your business.
We look forward to support the client to be able to better address customer needs; stay ahead in the market; become the top competitor and get real-time recommendations on business strategies and deals. Contact us to find out how we can help you today.
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