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global smart grid market trends analysis

Global Smart Grid Market Trends, Analysis, And Forecast To

2025

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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Sample/105614

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

Oracle Corporation, International Business Machines Corporation, Landis+GYR and Open Systems

International, Inc.

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