The global Self-Healing Grid Market is expected to grow at a CAGR of 9% by 2022. Continuous technological advancement in energy sector is expected to drive global Self-Healing Grid Market.
The Self-Healing Grid Market is being governed by state regulations and legal obligations for power transmission facilities, the intricacy of generating power, and the necessity to defend power companies from cybercrime. One of the primary prospects for this market sector is the upgrading of the old transmission networks.
The equipment providers are at the beginning of the global self-healing grid industry's ecology, which is the first phase. The absorption of all equipment and their synchronization with the technology platform is the second step. Self-healing grid solutions companies are primarily responsible for this. These technologies are used in distributing, transferring, and substation operations. After the self-healing grid program is installed, technology solutions providers handle the servicing repair, and maintenance.
The increasing government investments in smart energy infrastructure such as smart girds and a growing need to modernize the outdated power distribution systems, are creating a lucrative market for self-healing grids. Moreover, the increasing need to protect electrical utilities from cyber-attacks due to deployment of smart grids, is expected to boost the Self-Healing Grid Market further.
The key players of global self-healing grid market are ABB Ltd. (Switzerland), Siemens AG (Germany), General Electric Company (U.S.), S & C Electric Company (U.S.), Sentient Energy, Inc. (U.S.), Eaton Corporation plc (Ireland), Schneider Electric SE (France), Landis+Gyr AG (Switzerland), Cisco Systems, Inc. (U.S.), Infosys Limited (India), Oracle Corporation (U.S.), and G&W Electric (U.S.).
The global self-healing grid size was valued at Usd 1.72 billion in 2017 and is expected to rise at a CAGR of 9% percent between 2022 and 2030, reaching USD 2.66 billion by 2022. Because of considerable public programs to encourage grid modernization, the rising economies in the Asia Pacific present a big potential for the industry. The marketplace for self-healing grids has been studied in 4 key areas: North America, Europe, Asia Pacific, and the rest of the globe. By 2022, the North American industry is forecasted to outperform the global marketplace.
ABB Ltd. (Switzerland), Siemens AG (Germany), General Electric Company (US), S & C Electric Company (US), Sentient Energy, Inc. (the US), Eaton Corporation plc (Ireland), Schneider Electric SE (France), Landis+Gyr AG (Switzerland), Cisco Systems, Inc. (the US), Infosys Limited (India), Oracle Corporation (US), and G&W Electric are the major part of the global self-healing grid industry (U.S.).
The self-healing grid market is expected to have a huge number of developments over the forecast period, owing to continuous technological advancement in energy sector coupled with growing power demand. The market is also expected to have high expansion activities by multinationals and well-established companies. Mergers and acquisition activities are expected to be seen over the forecast period with numerous contracts and agreements between top EPC and Government, across the globe.
Global self-healing grid market has been segmented based on application, component, end-user and region. Based on applications the market is segmented as transmission lines and distribution lines. Among these, transmission lines, is projected to dominate the self-healing grid market through 2023. The high dependency on transmission lines across the world for proper current transmission is expected to boost this segment modification through self-healing systems. Based on components, the market is segmented into hardware, and software & services. Hardware dominated the market in 2016 and is projected to be the fastest-growing component segment. The sensors in the hardware segment provides the data related to various utility assets, based on various parameters, such as, voltage, current, heat, temperature, and frequency. This data provided by sensors are used by equipment/component management system to provide actionable information, which is used to form a predictive maintenance schedule, depending on the health of the gird. Based on end-user, the market has been segmented into public utility, and private utility. As a result of increasing investments in grid modernization and requirement for energy efficiency, public utility dominated the market in 2016. It has also been projected to be the fastest-growing packaging type over the next five years. Public utilities are funded by the government and have a huge customer base. Increasing investments in distributed energy generation sources, have increased the grid complexity, as these sources are to be connected to grid for reliable supply of power.
The global self-healing grid market is expected to witness phenomenal growth during the forecast period. This is due to the considerable growth in the power sector with population boom along with rise in energy demand. The growth is primarily attributed to up gradation of aging utility infrastructure and growing investments in distributed generation, and related government regulations, which is likely to continue during the forecast years. The Asia Pacific region is expected to grow at the highest CAGR from 2022 to 2030, wherein China was the largest country-level market, followed by India and Japan. Rising population with tremendous energy demand growth has resulted in phenomenal growth for electrical infrastructure in the region and subsequently resulted into growth for self-healing grid market.
The self-healing grid is a system comprised of sensors, automated controls, and advanced software that utilize real-time distribution data to detect and isolate faults and reconfigure the distribution network to reduce the customers impacted. One of the major goals of a self-healing grid is to improve system reliability. This can be accomplished by reconfiguring the switches and reclosers installed on the distribution feeder. This is done to quickly isolate the faulted section of the feeder and re-establish service to as many customers as possible from alternate sources/feeders.
A self-healing grid uses digital components and real-time communications technologies to monitor their own electrical characteristics at all times and can provide a number of benefits that support a more stable and efficient system. The three primary functions of self-healing grid are real time monitoring and reaction, anticipation and Rapid isolation. Real time monitoring and reaction allows the system to constantly tune itself to an optimal state. Anticipation enables the system to automatically look for problems could trigger larger disturbances. Rapid isolation allows the system to isolate parts of the network that experiences failure from rest of the system to avoid the spread of disruption and enables a more rapid restoration. As a result of these functions, a self-healing smart-grid system is able to reduce power outages and minimize their length when they do occur. Also, because the system is self-healing, it has an end-to-end resilience that detects and overrides human errors that results in some power outages.
|Market Size||2030: Significant Value|
|CAGR||9% CAGR (2022-2030)|
|Historical Data||2019 & 2020|
|Forecast Units||Value (USD Million)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Application, Component and End-user|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||ABB Ltd. (Switzerland), Siemens AG (Germany), General Electric Company (U.S.), S & C Electric Company (U.S.), Sentient Energy, Inc. (U.S.), Eaton Corporation plc (Ireland), Schneider Electric SE (France), Landis+Gyr AG (Switzerland), Cisco Systems, Inc. (U.S.), Infosys Limited (India), Oracle Corporation (U.S.), and G&W Electric (U.S.)|
|Key Market Opportunities||New product launches and R&D amongst major key players|
|Key Market Drivers||Continuous technological advancement in energy sector|
The global Self healing grid is expected to record a substantial market valuation due to the increasing technological advancement and increasing expansion.
The global Self healing grid is projected to register a moderate 9% CAGR in the forecast period.
A few major market players operating in the global Self healing grid are ABB Ltd. (Switzerland), General Electric Company (U.S.), Siemens AG (Germany), S & C Electric Company (U.S.), among others.
The transmission segment is slated to expand as the fastest-growing segment.
The software and services segment is slated to expand as the fastest-growing segment.