Smart Grid Market Size, Industry Analysis Report, Regional Outlook (U.S., Canada, UK, Spain, Germany, France, Italy, Japan, China, India, Korea, Australia, Saudi Arabia, UAE, South Africa, Brazil, Chile), Application Development, Competitive Market Share & Forecast, 2017-2024
Report ID: GMI1365
Global Smart Grid Market size is expected to witness a substantial growth during the forecast period. Stringent government regulations along with measures towards continuous and reliable energy will positively influence the industry size from 2017 to 2024.The countries across the globe are developing laws and regulations to smoothly facilitate its development across the region. In December 2007, the U.S. government passed the Energy Independence and Security Act (EISA) for the legislative support of smart grid activities by Department of Energy. The EISA reinforced coordination of national grid modernization effort.
Growing investments towards the integration of renewable energy sources with the national and state grid for delivering reliable and clean electricity will augment the smart grid market. For instance, the EU has set target for member countries to increase the penetration of renewable energy by 20% in the total energy supply by 2020.
The need for replacing aging grid infrastructure with advance and secured systems in line of reducing frequent outages will further augment the smart grid market size over the forecast time frame. In 2016, Government of Australia had announced the investment of over USD 6.1 billion from 2017 to 2027 towards deployment of smart meters, battery storage, advanced sensors and communications across the transmission network.
The need for centralized grid distribution management and control systems will further influence the smart grid market size from 2017 to 2024. Rising need for new technologies, integration of fuel choices, increasing energy saving targets and inclination towards efficient energy management are some vital driving forces that impact the industry. It integrates information and communication technologies with the traditional electrical power grid to empower electric utility providers and customers by improving efficiency with constant monitoring and control.
High deployment cost coupled with lack of infrastructure may act as a major restraint, hampering the smart grid market growth.
Based on technology smart grid market is segmented into advanced metering infrastructure, smart grid communication, distribution management, billing & customer information system, grid asset management and geographic information system. The advanced metering infrastructure provides two-way communication and provides real time power consumption data to utility companies. The communication technology is useful for successful operation of systems.
The service smart grid market is segmented as consulting, support & maintenance and deployment & integration services. The increase in demand of system integrators for application technology integration, database design and modelling, and software development act as a major driving factor influencing industry size. The deployment & integration service is set to expand at significantly during the forecast period.
North America dominated the global smart grid market during the forecast period owing to adoption of new software services and technological advancement in the industry. However, towards the end of forecast period, the industry is expected to see a slowdown as majority of the smart grid projects for investor owned large utilities in the U.S., funded by American Recovery and Reinvestment Act 2009, reached completion.
Asia Pacific smart grid market is anticipated to witness exponential growth due to the innovative political and economic reforms to strengthen the grid infrastructure. In Europe, France, UK, and Switzerland is set to witness substantial development due to rising investments towards the development of long distance grid network. Other countries including Russia, Germany and Sweden are expected to register a rapid upsurge in the demand for power and this calls for advancement of end use infrastructure and appliances, operating at low power levels efficiently.
Notable industry participants in the smart grid market are General Electric, Itron, ABB Group, Cisco Systems, Oracle Corporation, Siemens AG, Open Systems International and Landis+Gyr AG. The leading players are adopting several strategies such as collaborations and acquisitions and thereby increasing their geographical extent in developing markets like Asia Pacific and Africa to increase their market share.
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