A comprehensive overview of the Global Smart Electric Grid Market is recently added by UnivDatos Market Insights to its humongous database. The report has been aggregated by collecting informative data from various dynamics such as market drivers, restraints, and opportunities. This innovative report makes use of several analyses to get a closer outlook on the Smart Electric Grid market globally. This report offers a detailed analysis of the latest industry developments and trending factors that are influencing the market growth. Furthermore, this statistical market research repository examines and estimates the Global Smart Electric Grid Market at regional and country levels. The Global Smart Electric Grid Market is expected to grow at a CAGR of 15.2% from 2021-2027 to reach USD 98.9 billion by 2027.
Increased investment in smart meters, EV chargers, and other infrastructure technologies, Government policies and financial incentives for Smart Electric Griding Solutions and Technological advancement in the Energy sector are the major factors driving the growth of smart electric grid solutions globally. For instance, Ministry of Natural Resources Canada has launched, Renewables and Electrification Pathways (SREPs) program, a four-year CA$960 million (US$795 million) investment plan to support the rollout of smart grid technologies. In addition, Thailand’s Ministry of Energy partnered with New Energy and Industrial Technology Development Organization (NEDO) and Marubeni Corporation to help the Electricity Generating Authority of Thailand (EGAT) to maximize the management, operation, and maintenance of its energy generation plants. The project is expected to enable the reliability of the entire grid network through smart grid technologies and data optimization. Furthermore, in 2018, globally, the installed base of smart electricity, gas and water meters stood at 1,190 million and the number is expected to reach 1,645 million by the end of 2020.
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Covid-19 pandemic have impacted all section of the society and industry and Smart Electric Grid market is no exception. The global demand for Smart Electric Grid decreased in 2020 and is expected to witness the trend in the FY2021. The increasing time spent at home due to nationwide lockdown has increased the energy consumption among residential end-users, leading to significant and complex shifts in energy demand.
Global Smart Electric Grid Market report is studied thoroughly with several aspects that would help stakeholders in making their decisions more curated.
By Component, the market is primarily bifurcated into:
Currently, hardware segment dominated the market. Investment in smart electric grid remained focused on hardware, from digital substations to smart metering and other power engineering equipment. However, utility companies worldwide have indicated that they are increasingly adopting sophisticated software tools for better tracking and distribution of electricity.
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By Software, the market is mainly segmented into:
- Advanced Metering Infrastructure
- Smart Grid Distribution Management
- Smart Grid Network Management
- Grid Asset Management
- Substation Automation
- Smart Grid Security
- Billing and Customer Information System
It is estimated that smart grid distribution management segment would witness high growth during the analyzed period.
By Hardware, the market is mainly segmented into:
- Programmable Logic Controllers
- Smart Meters
- Networking Hardware
As of 2018, over 99 million smart electricity meters were deployed across the European Union. It is expected that 24 million more smart meters would be installed in the region by the end of 2020.
By Service, the market is primarily studied into:
- Deployment and Integration
- Support and Maintenance
Services help in overcoming numerous business challenges, creating high growth opportunities, and accelerating technological innovations in the energy sector. For instance, in 2019, Schneider Electric announced the expansion of its business in Brazil, with the opening of smart distribution center in the country.
Global Smart Electric Grid Market Geographical Segmentation Includes:
- North America (United States, Canada, Rest of North America)
- Europe (Germany, United Kingdom, France, Spain, Rest of Europe)
- Asia-Pacific (China, Japan, India, Australia, Rest of Asia-Pacific)
- Middle East and Africa (Saudi Arabia, UAE, South Africa, Rest of MEA)
- Latin America (Brazil, Argentina, Rest of Latin America)
Based on the estimation, North America dominated the market in 2020. However, Asia-Pacific is expected to overtake North America to lead the market post 2022. As pe EIA, US electric utilities had more than 94.8 million advanced (smart) metering infrastructure (AMI) installed as of 2019. About 88% of all AMI installed were among residential end-users. In addition, in 2019, the State Grid Corporation of China (SGCC) announced the Ubiquitous Power Internet of Things plan, to modernize country’s power grid by incorporating 5G and artificial intelligence (AI).
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The major players targeting the market includes:
- Honeywell International
- Schneider Electric SE
- Duke Energy Corporation
- General Electric Company
- ABB Limited
- Siemens AG
- IBM Corporation
- Hitachi, Ltd.
The degree of competition among prominent companies has been elaborated by analyzing several leading key players operating globally. The specialist team of research analysts sheds light on various traits such as global market competition, market share, most recent industry advancements, innovative product launches, partnerships, mergers, or acquisitions by leading companies in the Global Smart Electric Grid Market. The major players have been analyzed by using research methodologies for getting insight views on market competition.
Key questions resolved through this analytical market research report include:
- What are the latest trends, new patterns, and technological advancements in the Global Smart Electric Grid Market?
- Which factors are influencing the Global Smart Electric Grid Market over the forecast period?
- What are the global challenges, threats, and risks in the Global Smart Electric Grid Market?
- Which factors are propelling and restraining the Global Smart Electric Grid Market?
- What are the demanding global regions of the Global Smart Electric Grid Market?
- What will be the market size in the upcoming years?
- What are the crucial market acquisition strategies and policies applied by the companies?
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