Smart Grid Market - Improve Power System Efficiency & Make Businesses More Energy Efficient And Reduce Emissions

The digital technology that permits for two-way communication among the utility and its customers, and the detecting along the transmission lines is what makes the grid smart. Similar to the Internet, the Smart Grid contains controls, automation, computers, and new technologies and equipment working collectively, but in this case, these technologies will work with the electrical grid to respond digitally to our rapidly changing electric request. Switch of the production and distribution of electricity and electronic power conditioning and are important factors of the smart grid.

The smart grid software segment is anticipated to have the highest development rate during the forecast period. Smart grid communication allows hardware and software to work collectively to form a web network, enabling a utility grid with smart features such as distribution automation, substation automation, energy management, self-healing, real-time control, and increased reliability & security. This would benefit operators in decision-making and better scheduling of utility distribution and storage.

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Sensors for smart grid is anticipated to gain the maximum traction in the smart grid market during the forecast period. Sensor is the essential hardware component that delivers real-time data of the electric grid installed in electric grids. Sensors progress utility performance and operation. They help in effective power management at the transmission, and consumption levels and play a vital role in the integration of power from various resources. A rise in number of smart grid projects in North America, Europe, and Asia would extremely increase the demand of the sensors.

Geographically the market has been segmented into North America, Europe, Asia-Pacific, Middle East & Africa and Latin America. Amongst these North America is anticipated to hold the largest market share in the forecast period. The major driving factors are, advantageous government policies and mandates in North America help in operating the smart grid market. In addition, the regional government in the US are encouraging smart grid solutions and AMI meters. The key challenges faced in this market are, revenue loss occurred due to energy loss, the challenge of insufficient data management, and lack of motivation by electric utilities to improve the grid infrastructure. The major factor that is restricting the development of the smart grid market is the high initial costs for the positioning of technology solutions and lack of standardization and uniformity.

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The Asia Pacific regional market is expected to gain a significant growth over the future period. The rising awareness among customers about the benefits of the smart Grid is anticipated to drive the APAC market for smart grid in the future years. The key companies that provide smart grid include ABB Ltd., Wipro Limited, Cisco Systems, Inc., Siemens AG, General Electric Company, Schneider Electric Sa, Itron, Inc., Oracle Corporation, International Business Machines Corporation, Landis+GYR and Open Systems International, Inc.

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