Report Description
A recent market
intelligence report that is published by Data Insights Partner on the
global Smart Grid Market makes an
offering of in-depth analysis of segments and sub-segments in the regional and
international Smart Grid Market. The research also emphasizes on the impact of restraints,
drivers, and macro indicators on the regional and global Smart
Grid Market over the short as
well as long period of time. A detailed presentation of forecast, trends, and
dollar values of global Smart Grid Market is offered. In accordance with the report, the global
Smart Grid Market is projected to
expand by healthy CAGR over the period
of forecast.
Market Insight, Drivers, Restraints,
Opportunity & Trends of the Market:
Definition
Smart
Grid is an electronic grid including operations of different variations as well
as energy measures which includes smart appliances, smart meters, energy
coherent resources and sources of renewable energy. Mass production and
dispensation of electricity and conditioning of electric power are significant
outlooks of smart grid. It is reliable, efficient, flexible, load adjustable,
and sustainable systems that aid electricity related affairs.
Market Drivers
The
supportive measures undertaken by the governments of different nations across
the globe with respect to residential, commercial, and industrial application
is providing the initial impetus to the growth of this market. The linchpin of
such norms of the government is to move ahead in the execution of smart grids
and take preventative measures for the conservation of the environment. For
instance, the ARRA, section of the federal government of US provisioned USD 3.4
billion as investment grants for smart grids to utilities. Also, an USD 615
million was allocated for the demonstration projects of smart grid. Different
authorities like NERC, OECD and policies like SGIG and many more are popping up
on a worldwide basis and fueling the smart grid market.
The
drive for upgrading the older grid infrastructure and the expansion of the
newly set out smart grids are empowering this market.
The
transition in the preference of the consumers to use electricity derived from
renewable resources coupled with the environmental concerns of the end users
and people in general is thrusting the growth of the smart grid market. The
governments rigid directives to keep a track of carbon emission and reduce it
further is indirectly charging up the growth of the smart grid market.
Smart
grids are not only reliable and efficient sources of energy but also, its
ability to detect fault by itself and possibility of self-healing without the
technician’s assistance are drivers of the smart grid market.
The
rising focus on the digitalization of the power sector, growing urbanization and
rapid industrialization and its consequent effect on demand for electricity are
charging the growth of the smart grid market.
Market Restraints
Huge
capital investment is necessary during the initial stages of setting up power
grid. Smart grids are basically capital intensive. Moreover, in course of time,
the immoderate maintenance and operational costs take a toll on the investors
or entrants, whether it’s the government or the firms and strains the
development of smart grid market.
Cutthroat
competition is among the traditional operators in the smart grid market and the
benefits that accrue to them are not available to new entrants. Thus, new
entrants in the smart grid market face entry barriers and market growth are
affected.
Smart
grid consists of high amounts of complex data. Consumer data include the basic
information of the consumers, data on energy consumption and many more. Smart
grids also consist of data from the industrial and commercial sector which are
not processed. Privacy concerns and growing number of cyber hacks are
threatening the growth of the smart grid market.
Opportunities
Rapid
urbanization and industrialization and the development of the infrastructure
for electrical facilities is assumed to provide lucrative opportunity to this
market.
The
adoption of “smart everything” especially smart city projects will provide good
scope to the smart grid market in the near future.
The
energy saving and money saving attitude of the consumers will improve and
escalate the dependence on smart grid and provide bankable opportunities.
The
growth of the transportation sector and soaring availability and surging demand
for electric vehicles is a good set of circumstances for this market.
Trends
By
2018, North America had a dominant share in the smart grid market. This is a
result of the inelastic directives of the government to monitor the efficient
utilization of energy and adherence to the management norms for the residential
sector. While in case of the industrial sector and commercial sector, their
drive to cut down on energy charges has positively affected this market. Asia
Pacific is likely to register explosive growth because of the presence of a
number of emerging economies, rapidity of industrialization, urbanization and
soaring demographics, favorable government policies, and rising need for
electricity. Middle East and Africa is in the initial stages of growth and is
expected to the most progressive market in the forecast period.
Segment Covered:
This market
intelligence report on the global Smart Grid Market encompasses market segments based on technology, deployment,
services and country.
By Technology
the global Smart Grid Market has been divided into:
q Hardware
o Smart
Meters
q Software
o Billing
and Customer Information System
o Smart
Grid Security
o Substation
Automation
o Grid
Asset Management
o Smart
Grid Network Management
o Smart
Grid Distribution Management
o Advanced
Metering Infrastructure
By Deployment the global Smart Grid
Market has been divided into:
q Distribution
q Transmission
q Generation
By
Services the global Smart Grid Market has been divided into:
q Support
& Maintenance
q Deployment
& Integration
q Consulting
By country/region,
the global Smart Grid Market has been divided into:
q North
America (the U.S., Canada),
q Latin
America (Brazil, Mexico, Argentina and other countries),
q Europe
(Germany, France, the U.K., Spain, Italy, Russia, and other countries),
q Asia
Pacific (India, Japan, China, Australia and New Zealand and other countries),
q Middle
East and Africa (GCC, South Africa, Israel and Other countries).
Profiling of Market
Players:
This business
intelligence report offers profiling of reputed companies that are operating in
the market. Companies such as:
q Schneider
Electric
q ABB
q GE
Power’s Grid Solution
q Itron
q Lyndis+Gyr
q Aclara
Technologies
q General
Electric
q Siemens
q Cisco Systems, Inc
q Wipro Ltd
q IBM Corporation
others have been
profiled into detail so as to offer a glimpse of the market leaders. Moreover,
parameters such as Smart Grid Market related investment & spending and developments by
major players of the market are tracked in this global report.
Report Highlights:
In-depth
analysis of the micro and macro indicators, market trends, and forecasts of
demand is offered by this business intelligence report. Furthermore, the report
offers a vivid picture of the factors that are steering and restraining the
growth of this market across all geographical segments. In addition to that, IGR-Growth
Matrix analysis is also provided in the report so as to share insight of the
investment areas that new or existing market players can take into consideration.
Various analytical tools such as DRO analysis, Porter's five forces analysis
has been used in this report to present a clear picture of the market. The
study focuses on the present market trends and provides market forecast from
the year 2020-2028. Emerging trends that would shape the market demand in the
years to come have been highlighted in this report. A competitive analysis in
each of the geographical segments gives an insight into market share of the
global players.
Few Recent Developments
Schneider Electric
In September
2019, Schneider Electric’s business expansion in Brazil was made by the
initiation of smart distribution centre. Educational Institutions, partners and
consumers could access this centre to get information about the company
IoT-based, interoperable infrastructure and also Exostruxure.
ABB
In July 2018, GE
Industrial Solution located in North America was acquired by ABB. The
acquisition strengthened the product portfolio of ABB with respect to
electrification area.
GE Power’s Grid Solution
In June 2018, a
new ADMs was launched by GE Power’s Grid Solution in association with TATA
Power-DDL. The ADMs was especially designed for India.
Salient Features:
Ø
This study offers
comprehensive yet detailed analysis of the Smart Grid
Market, size of the market (US$ Mn), and Compound
Annual Growth Rate (CAGR (%)) for the period of forecast: 2020-2028, taking
into account 2019 as the base year
Ø
It explains upcoming
revenue opportunities across various market segments and attractive matrix of
investment proposition for the said market
Ø
This market intelligence
report also offers pivotal insights about various market opportunities,
restraints, drivers, competitive market strategies of leading market players,
emerging market trends, and regional outlook
Ø
Profiling of
key market players in the world Smart Grid Market is done by
taking into account various parameters such as company strategies, distribution
strategies, product portfolio, financial performance, key developments,
geographical presence, and company overview
Ø
The data of
this report would allow management authorities and marketers of companies alike
to take informed decision when it comes to launch of Type of models, government
initiatives, marketing tactics and expansion, and technical up gradation
Ø
The world
market for Smart Grid caters to the needs of various stakeholders pertaining to this
industry, namely suppliers, manufacturers, investors, and distributors for Smart
Grid Market. The research
also caters to the rising needs of consulting and research firms, financial
analysts, and new market entrants
Ø
Research
methodologies that have been adopted for the purpose of this study have been
clearly elaborated so as to facilitate better understanding of the reports
Ø
Reports have
been made based on the guidelines as mandated by General Data Protection
Regulation
Ø
Ample number
of examples and case studies have been taken into consideration before coming
to a conclusion
Reasons to buy:
v
Identify
opportunities and plan strategies by having a strong understanding of the investment
opportunities in the Smart Grid Market
v
Identification
of key factors driving investment opportunities in the Smart Grid
Market
v
Facilitate
decision-making based on strong historic and forecast data
v
Position
yourself to gain the maximum advantage of the industry’s growth potential
v
Develop
strategies based on the latest regulatory events
v
Identify key
partners and business development avenues
v
Respond to
your competitors’ business structure, strategy and prospects