ID: MRFR/ICT/0604-HCR | February 2021 | Region: Global | 110 pages
Smart Grid Market Overview:
The smart Grid market is prevalent in the market as an electronically smart network market. This market provides services to the customers that make use of smart digital technology for communications. This network market has the ability to delivering a good amount of electricity to the users. This is not done through a single platform. Instead, different and multiple distributed sources are used for electricity generations. Some of the very common examples of the smart grid market are solar power systems, plug-in hybrid electric vehicles along wind turbine plants put up at various places.
The smart grid market analysis is a sheer representation of how promising the market operations are in the current scenario, as well as, in the forthcoming years. An expectation of more reliable, authentic, and wide availability of the energy industry is prevailing. The global smart grid market is all set to witness growth at a CAGR of 20% in the forecast period till 2023.
COVID 19 Analysis:
There was a halt in major services due to the fatal spread of the coronavirus pandemic. Many industries were at a standstill even though they have promising results to offer. However, there are some industries and markets, where the demand for the services grew. The smart grid market is one of them. With the lockdown imposition, people were at home, thus more need and usage of electricity. There was a good availability of the resources for electricity generation, thus, the industries were producing enough to meet the daily requirements on a global level.
The most prominent example of the same is the work from home culture. This culture demanded proper electricity services and devices for communications. Also, there was a lookout for quick restoration services in the case of power cuts and disturbances. All these factors added to the market growth in both the current, as well as, the forthcoming scenario.
The smart grid industry currently exhibits splendid and out-of-the-box opportunities in the electricity-producing energy industry. There are efforts towards building a smart grid network solution that supports qualified wireless communication. These have various benefits like low cost of operations concerning the employee expenses - on the field. There are reduced costs as well in the medical, transportation, along insurance dimensions.
The smart grid market forecast is a clear picture showing that the customers can now file complaints and seek redressals concerning the maintenance of the quality of the Smart Grid Market . Also, the customers are now exposed to accessing the real-time data that comes along with billing accuracy. Also, the figures for the estimated bills are quite less. These act as great growth opportunities for the smart grid industry.
Cumulative Growth Analysis:
The smart grid market trends are the foundation base for an era that comes with efficiency, reliability, as well as, availbility of the electricity resources. These factors are known to boost the economic health and imporve the environment health also. Also, there are faster electricity restoration chances, good level of electricity transmission, as well as, integration of different energy resources on a very large scale.
Even though many government initiatives are lined up, for leading to an increase in the utilization fo the resources, there are some boundaries and implications. There is a need for huge investment initially, to cater to the needs of technology solutions. Also, there are cyber security along with many vulnerabilities prevalent. These tend to increase the implications thus gampering the market’s visibility, on the global level. Also, the question related to the return on investment (RoI) is a big question.
Owing to the large customer base and necessity of the services that are provided by the Smart Grid Market share, the market has different segments. The market division is done on the following bases.
On components basis:
By the end of the forecast period, there is an expectation that the Asian Pacific Nations are expected to undergo major growth. The main reasons behind this are the increased size of investments along with the gearing up of the smart city projects with respect to the control mechanisms. Also, there is an expectation that a grwoing need for smart grids will be witnessed.
The smart grid global market consists of the understated key players:
ABB Ltd. of Switzerland is an emerging market player. This market has an established network that suppports wireless communication. There are going to be reduced operational costs as well as a significant reduction in the employee expenses working on-field. Also, the medical and insurance costs are expected to be reduced significantly.
There is a good chance of new entranats forming a part of this market. The high-scale development of the market is creating oppiortunities for the traditional vendors also. They are liely to get good opportunities with respect to their asset utility. The features are enhances and the functionality well integrates with the smart technologies. The adoption of a model that is service-oriented is going to offer a great deal of products and services with a view of fulfilling the customers’ requirements. This will also help the new entries in the market to strengthen their position, globally. The technology investments are all set to benefit the new smart grid market aspirants, very well.
ABB, with a view tro strengthen its product portfolio took over the GE Industrial solutions. This increased their hand in the North American market. Also, supplu chain opeartions have been underatken to reduce the cost of power consumption.
However, there is a need for all the competitors on the global level to be felt in an effective manner in competition.
The smart grid market trends report discusses the following:
The smart grid market forecatse show the emerging dimensions of the market in prociding quality energy services that are high-end, along with being reliable. The market services are making use of technology by making use of solar power systems, hybrids, and much more. Also, this market is encouraging ways for energy conservations by identifying the shortcomings related to water leaks, as well as, faulty therostats. The segmented market aims to extend the services to private, public, individual, as well as, government entities. Also, the services aim to provide and increase the accuracy levels related to billing accuracy and reducing the estimated bill amounts, too.
Frequently Asked Questions (FAQ) :
The factors such as reliability, availability, and efficiency are expected to propel the expansion of the market in the coming years.
The high initial investment required can check the rate of growth of the market in the near future.
The market is expected to grow at a 20% CAGR by the end of 2027 that is the forecast year.
Increasing investments in stable electricity network is expected to drive the expansion of the regional market in the near future.
General Electric Company (US), Siemens AG (Germany), ABB Ltd. (Switzerland), Schneider Electric SA (France), Landis+Gyr (Switzerland), Itron, Inc. (US), and Aclara Technologies LLC (US) among others are some of the prominent participants of the market.
The main restrcition causing hurdle in the grwoth of the market is the requirement of a high capital amount for investment. There is a lot of uncertainity related to the returns, also.
Increasing investments are being witnessed that is a major driving force for the European market.