Smart Grid refers to an electrical grid that uses digital information received from various equipment such as smart meters and appliances, renewable energy resources, and communication technology. Smart grids use digital information and control various equipment to improve the efficiency, reliability, and security of the grid.
The global smart grid market is expected to gain robust growth owing to increasing demand for power and government regulatory policies for the transmission and distribution of power, which are expected to augment the growth of the smart grid over the forecast period.
Moreover, growing environmental concerns over carbon footprints and the need for the replacement of antiquated infrastructure are also projected to fuel demand for the smart grid during the forecast period. However, a lack of awareness and high implementation costs for the modification of existing infrastructure are expected to restrain the demand for smart grids in the near future.
Asia Pacific is expected to be the most promising market over the forecast period due to increasing power demand in emerging economies such as India and China as a result of rapid urbanization in the region. Following it, North America is anticipated to be the second-largest region in the global smart grid market. The growth in the region is augmented by various government regulations and increasing government initiatives to reduce carbon footprints are expected to drive the demand for smart grids in the region.
Leading players identified across the value chain of the smart grid market are focusing on mergers and acquisitions.
The global smart grid market is segmented on the following basis:
By Product Type
- Advanced Metering Infrastructure (AMI)
- Distribution Management System (DMS)
- Smart Grid Communication
- Grid Asset Management
- Outage Management System (OMS)
- Others (Billing and Customer Information Systems)
- North America
- Rest of Europe
- Rest of Asia-Pacific
- Latin America
- Rest of Latin America
- Middle East and Africa
- GCC Countries
- South Africa
- Rest of Middle East and Africa
Key players identified across the value chain in the smart grid market include, but are not limited to:
Cisco, IBM, Itron Inc., Siemens, Schneider Electric, ABB, and others
This report offers the following:
- An overview of the global smart grid market
- Market trends assessment for the period 2016-2023, with historical information for 2013 and 2014 and projections through 2023, with respective CAGRs during 2016-2023 and 2015 as the base year
- Qualitative assessment tools such as market drivers, challenges, and future prospects, and competitive analysis: market positioning of key market players
- Focus on each level of market segmentation based on product approvals, launches, and current and anticipated market dynamics.
- A general overview of the industry structure
- Company profiles highlight key information about the major players operating in the global smart grid market.
- This report includes an estimation of market size and value. Both top-down and bottom-up approaches have been used to estimate and validate the size of the global smart grid market.