The Smart Grid is an electrical grid with communication, automation and IT systems that can control the power flow or curtail the load to match generation and monitor power flows from points of generation to points of consumption in real time or near real time. Smart Grids can be attained by implementing efficient transmission and distribution systems, system operations, consumer integration & renewable integration. Smart grid solutions help to monitor & measure and control power flows in real time that can contribute to recognition of losses and thus appropriate technical & managerial actions can be taken to arrest the losses. Some of the key features of smart grid are automated outage management & faster restoration, dynamic pricing mechanisms, better energy management, real time monitoring, web portals & mobile apps, in-house displays, incentivize consumers to alter usage during different times of day based on pricing signals and opportunities to reduce & conserve electricity.
According to study, “Global Smart Grid Market to reach USD 109.25 billion
by 2026” the key companies operating in the global smart
grid market are General Electric Company, Siemens AG, ABB Ltd., Schneider
Electric SA, Landis+Gyr, Aclara Technologies LLC, Itron, Inc., Cisco Systems,
Inc., Open Systems International, Inc., Wipro Ltd., Oracle Corporation, IBM
Corporation and S&C Electric Company. Major companies are involved in
different strategic collaborations to increase its market share, such as new
product launch & strategic collaborations, and regional product launches.
The smart grid market is driven by increase in awareness about
carbon footprint management, followed by modernization of aging grid
infrastructure, improved grid reliability & efficient outage response and
increase in government supportive policies and legislative mandates. However, lack
of standards & interoperability, smart grid cyber-security and its vulnerabilities
and high initial costs for deployment of smart grid technology solutions may
impact the market. Moreover, upcoming smart cities projects in developing
regions and revenue opportunity for traditional energy infrastructure vendors
and emerging vendors are key opportunities for market.
Based on geography, the North-American region holds major share in
global smart grid market owing to growth in support from the government in the
region. Whereas, the Asian-Pacific and European regions are expected to exhibit
substantial growth rate due to increase in smart meter deployments through the
governments coupled with rise in smart city projects over the forecast period. In
upcoming years, it is anticipated that future of the global market will be
optimistic as a result of rise in investments in the smart grid technology
during the forecast period. The global smart grid market is valued
approximately US $28.77 billion in 2019 and is likely to grow with a healthy
growth rate of more than 21 % over the forecast period 2019 to 2026.
For More
Information refer to below link:-
Related
Report:-
Global
High Voltage Smart Grid Technology Market Status and Future Forecast 2015-2025
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Ken Research
Ankur Gupta, Head Marketing & Communications
Ankur@kenresearch.com
+91-9015378249
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