Pune, India, May 2020, MRFR Press Release/- Market Research Future has published a Half-Cooked Research Report on the Global Smart Grid Market.
The need for an uninterrupted electricity supply is estimated to the central factor spurring the smart grid market 2020. The ICT industry reports are produced by Market Research Future, which highlights market options for expansion. A 20% CAGR is estimated to define the market in the impending period.
The upsurge in demand from solar power systems, wind turbines, and plug-in hybrid electric vehicles, among others, is estimated to shape the smart grid market size. The global lockdown following the COVID-19 pandemic has further emphasized the utility of smart grids, and this is estimated to bolster the global market share in the coming years.
The segmentation of the smart grid market is conducted on the basis of region, technology, components, and end-user. Based on the components, the smart grid market comprises of hardware, services, and software. The hardware sub-segment of the market comprises of sensors, programmable logic controller (PLC), AMI meter, networking hardware, and others such as load tap changers and protective relay. The software sub-segment consists of smart grid distribution management, advanced metering infrastructure (AMI), smart grid communication, substation automation & billing, grid asset management, customer information system and supervisory control & data acquisition (SCADA). The service sub-segment consists of deployment & integration, consulting, and support and maintenance. Based on technology, the smart grid market consists of wired and wireless technology. Based on the end-users, the smart grid market consists of corporate, government, and residential. Based on the regions, the smart grid market consists of Europe, Asia Pacific, North America, and the rest of the regions.
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Detailed Regional Analysis
The regional assessment of the smart grid market includes regions such as Europe, Asia Pacific, North America, and the rest of the regions. The regional market of North America is responsible for the maximum segment in the worldwide smart grid market, followed by the European region. The major factors which are inspiring the smart grid markets are the speedy advances in technology and the requirement for a more unwavering electricity network in the region. An escalation in government initiatives to develop the power generation for the European nations is a crucial factor rousing the market in the European region. The Asia Pacific region is likely to be the best region in growth terms in the smart grid market due to deep investments by the significant companies in the smart grid & smart city projects and the requirement for smart grid and control mechanisms.
The instability in the forces of demand and supply is estimated to create a beneficial impact on the overall global market in the forecast period. The restoration and everyday operations are estimated to take some time, which will lead to intensive development of backlog in delivery. The financial assistance provided by the government around the world and trade bodies is estimated to salvage the situation in the coming years. The downturn effects visible in the market are estimated to stay a little longer due to the scale of impact on the global market. The need for prudent analysis of the market trends and demand projections is estimated to lead to formidable development in the market. The constraints of growth are expected to be significant and considerable support will be needed to transform the market effectively. The need to build sustainability into the core assets of the companies will help companies’ battle situations like the current pandemic more effectively.
The distinguished players in the smart grid market are ABB Ltd. (Switzerland), Open Systems International, Inc. (US), Siemens AG (Germany), Landis+Gyr (Switzerland), Schneider Electric SA (France), General Electric Company (US), Itron, Inc. (US), Oracle Corporation (US), Aclara Technologies LLC (US), Cisco Systems, Inc. (US), IBM Corporation (US), Wipro Ltd. (India), S&C Electric Company (US) and others.