Smart Grid Market Size By Technology (Smart T&D Equipment, Distribution & Network Automation, Advanced Metering Infrastructure, Consumer Interface, Communication & Wireless Infrastructure), By Deployment(Generation, Transmission, Distribution, End-Use), By Service (Consulting, Deployment & Integration, Support & Maintenance), Industry Analysis Report, Regional Outlook (U.S., Canada, Mexico, Germany, UK, France, Italy, Sweden, Denmark, Netherlands, Belgium, Spain, China, India, Japan, Australia, South Korea, Saudi Arabia, UAE, South Africa, Brazil, Chile. Columbia), Competitive Market Share & Forecast, 2018 – 2024
Published Date: Jun 2018 | Report ID: GMI1365 | Authors: Ankit Gupta, Aditya Singh Bais Report Format: PDF
Smart Grid Market size was valued over USD 30 billion in 2017 and is set to expand over 11% by 2024.
U.S. Smart Grid Market Size, By Technology, 2017 & 2024 (USD Million)
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Growing need to digitalize the power sector driven by ageing electrical grid infrastructure will stimulate the global smart grid market size. The industry is primarily driven by favorable government regulations and mandates along with rising share of renewables in the global energy mix. According to the International Energy Agency (IEA), global investments in digital electricity infrastructure was over USD 50 billion in 2017.
Growing energy demand accompanied by rising concerns pertaining to unplanned power outages and environment protection will drive the smart grid market growth. Substantial influx of digital technologies, including the Internet of Things(IoT) will positively impact the business scenario. Extensive and sturdy deployment of smart meters across utilities will further strengthen the need for smart grid.
Smart Grid Market, By Technology
Communication & wireless infrastructure smart grid market is predicted to expand over 20% by 2024. The ability of wireless based IoT equipped sensors to enhance grid monitoring capabilities will significantly encourage their adoption across power utilities. Growing implementation of advanced communication technologies to provide real time monitoring with customer load control will positively influence the industry scenario
Advanced Metering Infrastructure (AMI) will witness robust expansion on account of increasing deployment of smart meters to ensure reliable and efficient energy consumption. Improved customer relationship, relatively lower operating expenditure and real time access to the usage information are some of the key features of AMI that will make its deployment preferable over its conventional counterparts.
Smart Grid Market, By Deployment
End use systems, in 2017 accounted for over 30 % of the global smart grid market share. Transparent communication of consumption patterns, lower outage response duration, improved utilization of resources and high energy efficiency will sustain the product penetration across customer side systems. These systems facilitate utilities to proactively provide services and information to end users.
Strengthening focus toward renewable energy integration along with growing implementation of ICT technologies will propel the distribution smart grid market growth. In addition, rising awareness toward energy efficiency coupled with increasing legislative funding to strengthen grid reliability will complement the business landscape.
Smart Grid Market, By Service
Growing investments in smart grid pilot projects and related R&D activities will fuel the growth of deployment & integration smart grid market Integration with existing systems to ensure interoperability along with digitally enabled services have further instigated an appreciable business scenario.
Ongoing upgradation and replacement of ageing electricity infrastructure to reinforce grid reliability along with favorable government mandates toward the installation of smart meters will foster the consulting the market growth.
Smart Grid Market, By Region
The U.S. smart grid market, in 2017 was valued over USD 3 billion. Growing severity and regularity of natural disasters including storms and unplanned power outages have significantly imposed the adoption of smart grid across the country. For instance, in April 2017, a massive power outage in San Francisco was triggered in the utility substation leaving over 90,000 electricity customers without power. Furthermore, Harvey and Irma, both Category 4 hurricanes caused damages of over USD 130 billion in 2017 to the country’s power infrastructure.
Europe smart grid market will witness growth on account of substantial investments toward smart meter roll outs owing to favorable energy and climate policies. The EU aims at replacing atleast 80% of electricity meters with smart meters by 2020. The ongoing integration of renewable energy into power grids is further creating significant growth prospects in the region.
Asia Pacific market is set to grow over 12 % by 2024.High T&D losses, rising electricity thefts, ageing grid infrastructure will entail significant deployment of smart grid across diverse utilities. Stringent regulatory requirements aimed at reducing carbon emissions and energy consumption will further boost the product demand. The State Grid Corporation of China (SGCC), which overlooks the electricity distribution in China has announced investment plans of over 100 billion toward the development of smart grid between by 2020.
Brazil industry will witness growth owing to rising electricity demand and high technical and non-technical losses across the country’s grid infrastructure. Low grid reliability, coupled with significant renewable energy potential, is creating substantial opportunities for the expansion of digital grids AES Eletropaulo, the largest power distribution company in Latin America, in 2015 invested over USD 32 million in smart grid technologies
Competitive Market Share
Eminent industry players operating across the global smart grid market include ABB, General Electric, Siemens, Schneider Electric, Honeywell Elster, Hubbell, Belden, Fujitsu General, Itron, Landis+Gyr, Cisco, Oracle, IBM, Wipro amongst others.
Regulatory conformance, extensive digital product portfolio, system integration capabilities, and successful past deployments of digital grids are the key strategic assets for an industry player to secure a competitive position in the business.
Smart Grid Industry Background
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A smart grid is an electricity network based on digital technology that comprises a two- way communication network to provide reliable electricity supply to end-customers. The grid allows real time monitoring of electricity consumption, control and communication to ensure high efficiency, transparency and lower operational costs across the power supply infrastructure.
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