Smart Grid Market Size By Technology (Smart T&D Equipment, Distribution & Network Automation, AMI, Consumer Interface, Communication & Wireless Infrastructure), By Deployment(Generation, Transmission, Distribution, End-use), By Service (Consulting, Deployment & Integration, Support & Maintenance), Industry Analysis Report, Regional Outlook, Competitive Market Share & Forecast, 2018 – 2024
Published Date: Jun 2018 | Report ID: GMI1365 | Authors: Ankit Gupta, Aditya Singh Bais
Smart Grid Market size valued at USD 30 billion in 2017 and is anticipated to grow at around 11% CAGR from 2018 to 2024.
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Aging electric grid infrastructure along with growing requirement for digitization of the power sector is set to strengthen the smart grid market share. Increasing government focus toward environment sustainability and introduction of stringent mandates with an aim to curb carbon emissions will augment the product installation. Rising investments in digital grid infrastructure owing to restoration time reduction and influx of advanced technologies including IOT is projected to complement the industry outlook.
Mounting implementation of innovative communication technologies to offer consumer load control with real time monitoring data will positively influence the industry scenario. Solutions offered by leading manufacturers including SaaS allow the utilities to integrate different smart grid systems and manage them from a centralised location. Liberalization of the electricity generation will support the incorporation of grid systems thereby encouraging the product penetration.
|Base Year:||2017||Market Size in 2017:||30 Billion (USD)|
|Historical Data for:||2013 to 2017||Forecast Period:||2018 to 2024|
|Forecast Period 2018 to 2024 CAGR:||11%||2024 Value Projection:||70 Billion (USD)|
|Pages:||238||Tables, Charts & Figures:||276|
|Geographies covered (23):||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|
|Segments covered:||Technology, Deployment, Service and Region|
|Companies covered (14):||ABB, General Electric, Siemens AG, Schneider Electric SE, Hubbell Incorporated, Fujitsu General, Honeywell Elster, Itron, Landis+Gyr, Belden, Cisco, IBM, Oracle, Wipro Limited|
|Pitfalls & Challenges:||
Smart T&D equipment will witness growth on account of shifting focus toward advanced cloud computing technology owing to parallel processing and flexible resources & services. Improved demand-side management, substations & distribution automation and advanced outage management will foster the product installation. In addition, ongoing R&D activities accompanied by introduction and commercialization of enhanced technologies is set to encourage the business growth.
Advanced Metering Infrastructure (AMI) is set to observe substantial expansion owing to rising installation of smart meters to guarantee reliable & efficient energy consumption. Low operating expenditure, better customer relationship and lower peak demand leading to reduced electricity rates are the underline parameters augmenting the product deployment.
Transmission was worth over USD 7 billion in 2017. Optimization of the grid performance owing to reduced balancing cost & technical losses to support the utilities is set to enhance the smart grid market penetration. Adoption of smart systems including home appliances and thermostats along with shifting focus toward digital sensing field devices & communication will propel the demand for grid modernization.
Lower outage response duration, consumption patterns, improved resource utilization and high energy efficiency are some factors driving the demand for end-use smart systems. The devices enable utilities to provide information and services to the end users. Rising implementation of ICT technologies along with enhanced focus toward energy integration will propel the product installation.
Rising concerns toward unplanned power outages & environment protection coupled with restructuring of prevalent electricity systems to avoid inaccuracy and load mismatch is set to drive the product penetration in consulting. Increasing grid complexity and the need to upgrade the existing electricity infrastructure is set to augment the industry outlook. In-house product developments accompanied by association with EPC contractors to enhance their aftermarket services is anticipated to foster the business scenario.
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Germany smart grid market is projected to exceed USD 600 million by 2024. Stringency in regulatory framework including legislative directives & regimes pertaining to energy conservation and environment sustainability is set to augment the installation of intelligent metering systems. Implementation of smart grids provide real time energy consumption information with enhanced accuracy, in turn, strengthening the industry landscape. Increasing R&D activities in clean energy leading to enhanced export of renewable energy provide ample opportunities for manufacturers supporting the development of grid systems. For instance, in 2017, the government invested a total of USD 2 billion toward the smart grid technology innovation.
Rising urbanization, facility of theft protection and reduced management & operations cost for utilities are some of the prominent factors influencing the product growth in South Africa. Integration of customer and owner power generation systems including sustainable energy enable the fulfillment of environmental policies & objectives. Increasing partnerships, joint ventures and inorganic strategic alliances will foster the industry landscape. For instance, in 2017, Huawei Technologies along with State Grid Information & Telecommunication Technology Company of China, Accenture, T-System, SAP and Tech Mahindra created an open ecosystem for the electric power industry in South Africa.
The U.S will witness substantial growth owing to mounting severity & regularity of natural disasters coupled with unplanned power outages. In addition, increasing government initiatives with the objective to address climate changes and ensure mutual energy security coupled with the incorporation of renewable energy in the power grids will complement the business outlook.
Competitive Market Share
Key smart grid market players include Itron, ABB, Siemens, General Electric, Honeywell Elster, Schneider Electric, Belden, Hubbell, Landis+Gyr, Fujitsu General, Oracle, Cisco, Wipro and IBM amongst others.
Extensive digital product portfolio, regulatory compliance, system integration abilities, and effective digital grids deployment are the major assets securing a viable share in the business.
A smart grid is a self-sufficient electricity network system comprising of transmission lines, substations and transformers among others, used to deliver electricity from power plant to homes. The system operates on digital automation technology for control, monitoring and analysis within the supply chain. The technology is essential to provide easy integration and reliable service to the end consumers. It permits real time monitoring of the electricity consumed along with enhanced communication to ensure greater transparency and increased efficiency throughout the power supply infrastructure.
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