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Smart Grid Market to 2024: Growth Analysis by Technology, Regions, Deployment and Service

Author : Ronak Bora | Published Date : 2020-09-09 

UK smart grid market is set to witness strong growth owing to favorable regulatory norms toward environmental sustainability and energy conservation. The legislative directive and mandate rollout across the nation toward smart meters will augment the business landscape. As part of the smart grid plan, the Energy Networks Association has aimed to execute a local energy market, enabling the households and businesses to trade power thereby contributing to conservation of energy.

China smart grid market is anticipated to grow over 11% by 2024. Regulatory measures toward increasing sustainable energy mix along with the development of green infrastructure will foster the industry growth. For instance, the government of China has planned to increase the share of renewable energy over 20% by 2030 in the existing generation mix.

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Smart grid market by communication & wireless infrastructure is predicted to grow over 20% by 2024. Growing requirement of IoT intervention for improving demand management, grid efficiency and customer services across power utilities will stimulate the business outlook. Digitalization of grid by using sensors and cloud computing technology provides real time data on electricity usage and helps in consumption pattern monitoring. The wide application of control systems across distribution & substation automation, demand-side management and advanced outage management will enhance the product penetration.

In the recent years, smart grid market has earned substantial revenue due to the increasing awareness about the incredible benefits provided by these products. In addition, this vertical has also received quite some impetus on account of the rising requirement of power grids that can accommodate and support increasing numbers of electronic devices in each household. The importance of smart grids has been recently upheld by the city council of Sault Ste. Marie in Canada when a multi-million-dollar implementation of smart grid technology was cleared. Authorities managing the development of the project assured citizens that the upgrading to smart grid will have no financial, reliability or environmental drawbacks. In fact, it would bring about a 11-cent reduction in the monthly energy bills and drastically reduce CO2 emission to 2,804 tons annually within the city.

As the disasters caused by rapidly incremental climate change have plagued the news headlines of late, investment in the smart grid industry in the United States has also registered a cumulative upsurge. In 2017, U.S. smart grid market was valued at $3 billion. Recently the Massachusetts Department of Public Utilities issued an approval for significant upgrade in the state’s electric grid. The order authorized utility companies of the state to invest $220 million in the modernization of the existent grid. The improvement project, which is expected to improve reliability and efficiency, will require 3 years for the upgrade. Agencies with environmental interest such as Energy and Environmental Affairs of U.S. have acclaimed the order to be a recognition to the role advanced meters and smart grids play to reduce costs, increase energy efficiency and maximize clean energy generation.

Ongoing investments toward digitalization of grid by implementing advanced communication technology will stimulate the smart grid market. Increasing focus toward the integration of renewable grid along with the necessity for upgrading ageing electrical infrastructure will facilitate the installation of smart grids.

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Eminent players in smart grid market include ABB, Hubbell, Schneider Electric, Fujitsu General, Belden, General Electric, Honeywell Elster, Landis+Gyr, Oracle Itron, Siemens, Cisco, Wipro and IBM.

Table of Contents (ToC) of the report:

Chapter 1.    Methodology and Scope

1.1. Methodology

1.2. Market definitions

1.3. Market estimation and forecast parameters

1.4. Data sources

1.4.1.   Primary

1.4.2.   Secondary

1.4.2.1.   Paid Sources

1.4.2.2.   Public Sources

Chapter 2.    Executive Summary

2.1. Smart grid market 3600 synopsis, 2013 – 2024

2.2. Business trends

2.3. Technology trends

2.4. Service trends

2.5. Deployment trends

2.6. Regional trends

Chapter 3.    Smart Grid Market Insights

3.1. Industry segmentation

3.2. Industry landscape, 2013 – 2024 (USD Million)

3.3. Industry ecosystem analysis

3.3.1.   Vendor matrix

3.4. Regulatory landscape

3.4.1.   U.S.

3.4.2.   Europe

3.4.3.   China

3.4.4.   India

3.4.5.   Australia

3.4.6.   Brazil

3.5. Innovation and sustainability

3.5.1.   ABB

3.5.2.   Schneider Electric SE

3.5.3.   Fujitsu General

3.6. Global investment trend analysis

3.7. Key existing and upcoming projects

3.8. Smart Grid Developed Vs Upcoming Markets

3.9.     Transmission and distribution loss trends

3.10.    Customer requirements

3.11.    Customer group requirements

3.11.1. Utility

3.11.2. Government institutions

3.11.3. Industrial

3.12.    Entry barrier

3.13.    Industry impact forces

3.13.1. Growth drivers

3.13.1.1. .Increasing need to digitalize the power sector

3.13.1.2. Favorable government regulations and mandates

3.13.1.3. Growing share of renewable energy in the energy mix

3.13.1.4. Reliable and efficient energy consumption

3.13.2. Industry pitfalls & challenges

3.13.2.1. Rising cyber attacks

3.14.    Growth potential analysis

3.15.    Porter's analysis

3.16.    Competitive landscape, 2017

3.16.1. Strategy dashboard

3.16.1.1. Itron

3.16.1.1.1.   Product Development

3.16.1.1.2.   Acquisitions

3.16.1.1.3.   Long Term Contract

3.16.1.1.4.   Restructuring

3.16.1.2. Honeywell

3.16.1.2.1.   Acquisition

3.16.1.2.2.   Long-term contracts

3.16.1.2.3.   New Product Launch

3.16.1.3. ABB

3.16.1.3.1.   Acquisition

3.16.1.3.2.   New Product Launch

3.16.1.4. Siemens AG

3.16.1.4.1.   Acquisition

3.16.1.4.2.   Long-term contracts

3.17.    Company market share,2017

3.18.    PESTEL analysis

Browse complete Table of Contents (ToC) of this research report @ https://www.gminsights.com/toc/detail/smart-grid-market

About Author

Ronak Bora

Ronak Bora

A graduate in Electronics Engineering, Ronak writes for fractovia and carries a rich experience in digital marketing, exploring how the online world works from a technical and marketing perspective. His other areas of interest include reading, music, and sport. [email protected] | https://twitter.com/RonakBora26

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