Smart Grid Market Application, Technological Advancement, Top Key Players, Financial Overview and Analysis Report Forecast to 2023
Jan 16, 2019
Smart Grid Market Research Report — by Components (Hardware (AMI meter, Sensors, PLC), Software, Services (Consulting)), by Technology (Wired, Wireless), by End-User (Residential, Corporate, Government) — Global Forecast till 2023
Pune, India - January 16, 2019 /MarketersMedia/ —
Key Players
Prominent players in the global smart grid market include Cisco Systems, Inc., Siemens AG, Landis+Gyr, Wipro Ltd., Oracle Corporation, IBM Corporation, ABB Ltd. ,Open Systems International, Inc., Aclara Technologies LLC, Itron, Inc., Schneider Electric SA, S&C Electric Company, General Electric Company, and others. These market players have been analyzed for their competitive roles in MRFR's report.
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Market Insights
Smart grids are electric grids which help with power conditioning, and control of the production and distribution of electricity. It includes various measures such as smart appliances and smart meters which increase overall energy efficiency in power consumption. Market Research Future's examination of the global smart grid market indicates highly promising growth for the market. Growing at a CAGR of 20% during the review period from 2017 to 2023, the global smart grid market is on track to grow to an approximate market value of USD 52 Bn by the end of 2023.
Smart grids display immense opportunity for the energy sector as smart grids offer advantages such as reliability, availability, and efficiency. The growing concern regarding environmental damage also encourages the adoption of smart grids as they improve energy efficiency. smart grids also provide consumers with an economical solution to energy consumption as smart meters can be used to regulate power and improve energy efficiency. Governments across the globe have announced smart grid rollouts in the next few years or so as the increasing demand for energy has increased the need for energy efficiency. The capability of smart grids to improve power reliability is another factor which drives the growth of the global smart grid market. Other benefits include improved integration of renewable energy systems at a large scale, swift restoration of electricity in rare cases of power disturbance and efficient transmission of electricity, among others.
The market's challenges include high investments for the deployment of smart grid technology, and cyber security vulnerabilities are slowing market growth during the assessment period.
Market Segmentation
Segments in the global smart grid market have been determined on the basis of components, technology, end-user, and region. Components in smart grids are largely consistent of hardware, software, and services. Hardware has been further segmented to include AMI meter, sensors, networking hardware, programmable logic controller (PLC), and others. Software used in smart grid solutions includes advanced metering infrastructure (AMI), smart grid distribution management, smart grid communication, grid asset management, substation automation & billing, customer information system, and supervisory control & data acquisition (SCADA). Services have been sub-segmented to include deployment & integration, consulting, and support & maintenance.
Technology employed in smart grids is primarily divided between wired and wireless.
End-users of smart grids include residential, corporate, and government.
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Regional Analysis
The North American smart grid market is the most significant market in the global smart grid market. The region is followed by Europe and the Asia Pacific. The key driver of the smart grid market in North America is the rapid advancements in technology which have invariably increased the demand for power. The need for stable electricity also drives the market. Europe has several government initiatives which are driving the smart grid market. Plans to complete rollouts over the next few years have increased the regional market's value. Meanwhile, the Asia Pacific is growing at the most rapid rate due to high investments in the region toward the development of smart grids and smart city projects. The regions high population and resultant massive demand for electricity are expected to catapult the APAC market.
Latest Industry News
Portland General Electric has recently announced plans for a smart grid test bed which will be used to integrate smart grid technology on a very large scale.
Avista Development and Duke Energy have come together to invest in Open Energy solution Inc. The start-up is presently working on an open-source platform for smart grids.
TABLE OF CONTENTS
1 Executive Summary
2 Scope Of The Report
2.1 Market Definition
2.2 Scope Of The Study
2.2.1 Research Objectives
2.2.2 Assumptions & Limitations
2.3 Markets Structure
3 Market Research Methodology
3.1 Research Process
3.2 Secondary Research
3.3 Primary Research
3.4 Forecast Model
4 Market Landscape
Continued……
LIST OF TABLES
Table 1 Global Smart Grid Market, By Region, 2017–2023
Table 2 North America: Smart Grid Market, By Country, 2017–2023
Table 3 Europe: Smart Grid Market, By Country, 2017–2023
Table 4 Asia Pacific: Smart Grid Market, By Country, 2017–2023
Table 5 The Middle East & Africa: Smart Grid Market, By Country, 2017–2023
Continued……
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LIST OF FIGURES
FIGURE 1 Global Smart Grid Market Segmentation
FIGURE 2 Forecast Methodology
FIGURE 3 Porter’s Five Forces Analysis Of Global Smart Grid Market
FIGURE 4 Value Chain Of Global Smart Grid Market
FIGURE 5 Share Of Global Smart Grid Market In 2017, By Country (In %)
Continued……
About Market Research Future:
At Market Research Future (MRFR), we enable our customers to unravel the complexity of various industries through our Cooked Research Report (CRR), Half-Cooked Research Reports (HCRR), Raw Research Reports (3R), Continuous-Feed Research (CFR), and Market Research & Consulting Services.
MRFR team have supreme objective to provide the optimum quality market research and intelligence services to our clients. Our market research studies by Components, Application, Logistics and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help to answer all their most important questions.
In order to stay updated with technology and work process of the industry, MRFR often plans & conducts meet with the industry experts and industrial visits for its research analyst members
Contact Info:
Name: Market Research Future
Organization: Market Research Future
Website: https://www.marketresearchfuture.com/reports/smart-grid-market-1110
Source: MarketersMedia
Release ID: 471490
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