Global Smart Grid Market – Latest Industry Outlook and Forecasts 2022
A smart grid is a latest electrical technology, which includes a range of energy and operational measures such as smart appliances, energy resources, and smart meters. The report by Decisiondatabases.com "Global Smart Grid Market Research Report - Industry Analysis, Size, Share, Growth, Trends And Forecast" explores the smart grid market opportunities and threats along with the analyses of the market size, growth trends and forecasts.
The smart grid helps in installing smart meters across commercial and residential areas and also controls the whole energy network effectively. It also controls the distribution & production of electricity and ensures a more reliable and secure electrical service. Over the past few years, rising need of efficient power has promoted the elevated adoption of this technology by a large number of power utility companies, in order to reduce the distribution and transmission loss and to make an efficient grid line as well. Rising government initiatives for more installations of smart meters along with the favorable government policies to reduce carbon footprints are expected to drive the demand for smart grid market over the coming years. Additionally, growing demand for integration of sustainable energy resources will further aid in the market growth.
Increasing requirement for replacing old infrastructure and rising preference for centralized grid distribution will fuel market demand in the near future. This offers a bidirectional communication system to utilities and end-user as well, for an effective communication network. The market is witnessing significant investments in various marketing channels and research & development by key vendors, which will further boost the demand in the forthcoming years. However, a dearth of interoperability & open standards and high initial expense for deployment of the technology are major challenges, which may hinder market growth over the forecast period.
The global market has been segmented based on solution into advanced metering infrastructure, smart grid distribution management, smart grid communication, grid asset management, geographic information system and billing & customer information system. The smart grid market has been further segmented based on service into consulting, deployment and integration and support & maintenance.
North America is a leading market for this technology and is anticipated to continue its dominance over the forecast period owing to the rising spending on power efficiency programs along with the supportive regulatory mandates particularly in Canada and U.S. Asia-Pacific is a fastest growing market and is projected to grow at the highest growth rate over the forecast period on account of robust smart grid deployments in various countries such as South Korea, Singapore, China, Australia, Japan, New Zealand and India.
The key players include Schneider Electric SE, Siemens AG, ABB Group, Cisco Systems, Inc., General Electric Company, IBM Corporation, Itron, Inc., Landis+Gyr AG, Oracle Corporation and Open Systems International. The global market is witnessing a significant rise in acquisitions and mergers amongst major players to increase the market share.
In July 2016, The BCIT (British Columbia Institute of Technology) and Siemens Canada have launched a joint research project concentrating on smart grid cybersecurity and microgrids project.
In July 2016, Pacific Gas and Electric Company (PG&E) launched multiple technology projects in San Jose to advance integration of distributed energy resources (DERs) and to unlock offerings of the Grid
In Aug 2016, Grid-Friends a European research project has launched two new smart grid project in Germany and Netherlands to accelerate Europe's energy transition by setting a new standard in smart-grid technology.
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