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A smart grid is primarily a two-way communication of electricity data, instead of one-sided flow. It enables real-time data collection of electricity supply and demand during the transmission and distribution process, which provides monitoring, generation, consumption and maintenance more efficient and reliable. Renewable energy sources are increasing dramatically, which is beneficial in terms of availability, cost, emissions, and adaptability. Hence, the integration of renewable energy into the grid is managed by a smart grid which helps to optimize the plant efficiency and reliability. It enables real-time monitoring and control of the power system as well as helps in reducing AT&C losses, demand response and demand-side management, outage management, power quality management, smart home energy system. Hence, smart grid technology brings efficiency and sustainability in meeting the growing electricity demand with reliability and the best of quality.
The smart grid market is segmented into components, solutions, end-user, and geography. Based on the component, the market is bifurcated into solutions and services. Based on the solution, the market is divided into advanced metering infrastructure (AMI), smart grid distribution management, smart grid communications, smart grid network management, substation automation, smart grid security, and others. Based on end-user, the market is segmented into residential, commercial, industrial, and utility.
Key Market Driver -
Improved Grid Reliability and Efficient Outage Response
Key Market Restraint -
High Initial Costs for Deployment of Smart Grid Technology
Smart grid technology reduces the operational cost and capital cost by improving the reliability of the utilities. Hence, improved grid reliability and efficient outage response drive the demand for the smart grid market during the forecast period. Additionally, increasing focus on curbing the carbon footprint and spreading more awareness for clean energy also propels the demand for the smart grid market. The renewable energy sector is booming the market due to significant investment in integrating renewable energy sources to reduce carbon emissions and achieving global targets. Hence, the smart grid helps to integrate renewable energy sources with advanced efficiency, reliability, and energy security. Upgradation of aging grid infrastructure along with associated benefits of smart grid technology helps to leverage the demand smart grid market during the projected period. However, high initial costs for deployment of smart grid technology hampers the market growth during the projected period.
The key players in the smart grid market are ABB, Cisco, GE, Honeywell, Itron, Inc., Schneider Electric, Siemens, IBM, Oracle, Wipro Limited, Landis+Gyr, Tech Mahindra, Aclara, Open Systems International, Eaton, Kamstrup, Fujitsu, eSmart Systems, EsyaSoft Technologies Pvt Ltd, and S&C Electric Company.
The smart grid market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America. North America is expected to hold the largest market share and dominate the global smart grid market, owing to significant growth and implementation of technological advancements, which includes AMI, smart grid distribution management, distributed management system, and distributed automation. The government had mandated various supportive policies which helped to deploy smart grid at a large scale in the industrial, commercial, and residential sector. These factors drive the demand for smart grid technology resulting in the growth of the smart grid market during the forecast period. Asia Pacific is also leading the market, followed by North America, owing to the wide adoption of smart grid technology and a strong focus on the growth of renewable energy.
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The integration of renewable energy and the development of renewable energy projects leverage the demand for the smart grid to optimize plant efficiency and minimize outages. Hence, the proliferation of renewable energy demand increases the demand for a smart grid, which propels the demand for the smart grid market during the projected period. Middle East & Africa is also increasing its market share in the global smart grid market owing to rising investments in smart grid technology which primarily focuses on promoting the renewable sources of energy and the implementation of technology to integrate new sources of clean energy without compromising the reliability and stability of existing grids. Hence, growing advancement in technology and development in the renewable energy sector accelerates the demand for the smart grid market during the forecast period.
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