New York, March 23, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Global Smart Grid Market Size, Share & Industry Trends Analysis Report By Component, By End User, By Application, By Regional Outlook and Forecast, 2022 - 2028" - https://www.reportlinker.com/p06435093/?utm_source=GNW
Similar to the Internet, the Smart Grid will be made up of interconnected controls, computers, automation, and new technologies; but, unlike the Internet, these technologies will be used in conjunction with the electrical grid to adapt digitally to rapidly fluctuating energy demand.
The Smart Grid has many advantages, including more effective energy transmission, quicker restoration of electricity during power outages, cheaper operations and administration expenses for utilities, and eventually lower electricity bills for consumers. Peak demand reduction will also aid in lowering power prices. Larger-scale renewable energy systems’ integration, increased security and better customer-owner power generating system integration, particularly systems using renewable energy.
Smart grids transmit information together with power, providing the information we need to control our energy systems. The challenging task for grid operators is to use the information to guarantee that the total power supply and demand are balanced at all times. It calls for continual contact with very volatile energy markets while requesting that producers adjust their output to satisfy demand.
COVID-19 Impact Analysis
Several businesses and nations experienced economic challenges because of COVID-19. Due to the closure of industrial facility chains, the disruption of supply chain analysis, and the lack of sufficient funding among consumers, several projects have been severely interrupted. Hence, the COVID-19 results have also hindered the expansion of the worldwide smart grid market. Also, because of the worldwide shutdown, manufacturers of cutting-edge hardware components are having a number of problems completing orders on time. Delays in procuring raw materials and other components from suppliers, many of whom are based in China and other Southeast Asian nations, have also been identified as a major influence on the speed of the sector.
Market Growth Factors
Smart grid adoption to increase energy saving and dependability and efficiency
The smart grid industry grows as homes and businesses become more dependent on technological gadgets and power. Because it meets customer needs and supplies power when needed. Households, enterprises, communities, and workplaces require dependable and efficient power sources to minimise or eliminate blackouts. Hence, smart grid technologies increase problem detection and network self-healing. Sensors will enable fans to cool just occupied areas. Smart grid’s integrated information and communication system is intended to help utilities better integrate and respond on huge amounts of data to improve system dependability, creating attractive smart grid market potential.
Supporting Government Regulations
Smart grid activities globally will be driven by climate change and renewable energy development. Smart grid technology is also anticipated to assist countries meet carbon emission objectives and boost long-term economic growth. Several nations have net energy metering protocols and equipment, while some are currently studying the technology and its mechanism, which could provide attractive smart grid business potential. In 2021, U.S. electric utilities installed 111 million advanced (smart) metering infrastructure (AMI), 69% of all electric metres. 88% of AMI installations were domestic, and 69% of residential electric metres were AMI. Thus, the support from government drives the smart grid market.
Market Restraining Factors
Storage and administration of complicated smart grid data
Smart grids generate massive amounts of complicated data. Consumer data, utility use, transmission records, etc. Process it to acquire valuable insights. Smart grid solution suppliers struggle to store and manage data generated by network nodes. Unmanaged data may pose many hazards and make it hard to acquire insights. High-volume data centres and cost-effective analytical solutions are needed by the authorities. Utility companies have the most difficult problem of using previous data and consumption trends to anticipate equipment failure, natural catastrophes, and consumer behaviour.
Component Outlook
Based on Component, the Smart Grid Market is divided into Solutions and Services. The Solution segment dominated the market with the largest revenue share in 2021. This area is growing due to lower power rates and the necessity to switch to clean and renewable energy sources. This market is also driven by security and data privacy concerns.
Solution Type Outlook
Based on the solution type, the Smart Grid Market is divided into Smart Grid Distribution Management, Substation Automation, Smart Grid Network Management, Smart Grid Metering Infrastructure, Smart Grid Security, Smart Grid Communications, and Others. The Smart Grid Metering Infrastructure segment registered the substantial revenue share in the market in 2021. AMI reduces operating costs for utilities and improves consumer convenience. By remotely reading metres, connecting/disconnecting service, recognising outages, creating more accurate bills faster, and giving consumers digital access to their consumption information, AMI may drastically cut utility company operational expenses. Countries are investing in advanced metering infrastructure to update the electrical system and decrease T&D losses. This will fuel the AMI market throughout the projection.
Application Outlook
Based on application, the Smart Grid Market is divided into Generation, Transmission, Distribution, and Consumption. Distribution segment procured the highest revenue share in the market in 2021. To prevent energy loss, power plants step down and connect to lower voltage distribution lines to feed customers. Substations, feeders, and transformers distribute power. Smart grids intelligently distribute.
End User Outlook
Based on end user, the Smart Grid Market is divided into residential, commercial, and industrial. The residential segment revenue acquired the prominent revenue share in the market in 2021. Smart grids automatically monitor energy flows and adapt to supply and demand. Smart grids with smart metering systems notify consumers and providers of real-time use. Hence, smart infrastructure and smart grids will rise with smart cities projects.
Regional Outlook
Based on the region, the smart grid market is segmented into North America, Europe, Asia Pacific, and LAMEA. North America led the worldwide smart grid market in 2021. The US and Canadian governments focused more on creating smart grid regulatory frameworks. North America became a market leader in smart grid adoption due to the region’s strong economy.
The major strategies followed by the market participants are Partnerships. Based on the Analysis presented in the Cardinal matrix; Cisco Systems Inc. is the forerunner in the Smart Grid Market. Companies such as Schneider Electric, Siemens AG, Oracle Corporation are some of the key innovators in Smart Grid Market.
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include General Electric Company (GE Grid Solutions), Schneider Electric SE, Cisco Systems, Inc., IBM Corporation, Siemens AG, Wipro Limited, Honeywell International, Inc., Oracle Corporation, ABB Group, and Itron, Inc.
Strategies deployed in Smart Grid Market
Feb-2023: Siemens AG came into partnership with EnergyHub, a leading grid-edge DERMS provider. Through this partnership, both companies would interface their supportive solutions to allow utilities to go toward a comprehensive next-generation DER management solution. Moreover, the companies would be coordinating on supportive suite elements for next-generation DER management by integrating Siemens’ network skill with EnergyHub’s proven grid-edge abilities.
Feb-2023: General Electric came into collaboration with Amazon Web Services, Inc. a subsidiary of Amazon that provides on-demand cloud computing platforms and APIs to individuals, companies, and governments. Through this collaboration, both companies intend to give intelligent grid orchestration solutions. This collaboration’s goal is to assist in the impementation of integrated fo-to-market activities.
Dec-2022: Schneider Electric entered into collaboration with ORPC, a globally acknowledged leader in marine energy technology. Through this collaboration, both companies would put microgrid systems that involve Schneider Electric’s energy storage and innovative microgrid controllers merged with ORPC’s RivGen Power Systems to give communities global along with foreseeable baseload electricity in renewable energy form, allowing them international change regarding net-zero societies.
Jul-2022: Siemens AG came into partnership with Esri, GIS, and location intelligence solution provider. Through this partnership, Siemens intends to stretch its environment of partners for its grid software business. Moreover, this partnership would increase the ability for planning, working, and servicing power networks at grid operators by integrating Esri’s strong mapping and geographical analytics software. Under this partnership, both companies aimed to raise the induction of Distributed Energy Resources (DER) to the grid, such that the net zero can be attained quicker.
Jun-2022: Schneider Electric joined hands with Hitachi Energy, a market and technology pioneer in transmission, distribution, and grid automation solutions. Through this collaboration, the company aimed to assist users to deploy green electricity solutions, which are essential in the battle against climate change.
May-2022: Itron, Inc. teamed up with Microsoft an American multinational technology corporation. This collaboration aims to aid industry stakeholders, users, and others by allowing high-fidelity data to be used at the edge of utilities and cities connected IoT platforms. Moreover, this collaboration would give analytics and data-sharing abilities for utilities and cities, so they can enhance their tasks and boost the shift towards a low-carbon economy.
May-2022: Schneider Electric announced the launch of Grid Operations Platform as a Service. Through this launch, the company would provide a deployment environment that allows grid planning and operations solutions to be organized and controlled on the cloud.
Mar-2022: Cisco System, Inc. entered into collaboration with Schneider Electric, a European multinational company that specializes in digital automation and energy management. Through this collaboration both companies would establish network control and 4,000 smart ring main units to find and sort-out the network faults to make sure energy accessibility and firmness.
Dec-2021: General Electric completed the acquisition of Opus One Solutions Energy Corporation, a software company that assists electric utilities to optimize energy planning, operations, and market management. This acquisition would enable the company to assist the users to move to a sustainable grid.
May-2021: Itron, Inc. came into partnership with Microsoft an American multinational corporation. Through this partnership, both companies aim to design advanced cloud-based meter data management services to assist utilities to exploit data obtained from AMI and enlarge smart meter use cases.
Sep-2020: Siemens AG signed an agreement with the University of New Mexico a public research university in Albuquerque, New Mexico. Through this agreement, the company aimed to replace the current controllers on the microgrid with Siemens controllers in the first stage of the agreement.
Sep-2018: Schneider Electric came into collaboration with Arensis, a provider of decentralized energy systems. Under this collaboration, both companies would create a blockchain Application Programming Interface (API) platform for ENTRADE IO. Both companies are engaged in the development of the system with Arensis would enable customers to search for information quickly, decrease operator mistakes, etc.
Jun-2018: General Electric announced the launch of an Advanced Distribution Management Solution (ADMS) in India in collaboration with Tata Power Delhi Distribution. This launch of Advanced Distribution Management Solution would allow the company to further enhance its services and further aid the company’s goal of giving the best quality power supply to the users.
Scope of the Study
Market Segments covered in the Report:
By Component
• Solution
o Smart Grid Distribution Management
o Substation Automation
o Smart Grid Network Management
o Smart Grid Metering Infrastructure
o Smart Grid Security
o Smart Grid Communications
o Others
• Services
By End User
• Commercial
• Industrial
• Residential
By Application
• Distribution
• Transmission
• Consumption
• Generation
By Geography
• North America
o US
o Canada
o Mexico
o Rest of North America
• Europe
o Germany
o UK
o France
o Russia
o Spain
o Italy
o Rest of Europe
• Asia Pacific
o China
o Japan
o India
o South Korea
o Singapore
o Malaysia
o Rest of Asia Pacific
• LAMEA
o Brazil
o Argentina
o UAE
o Saudi Arabia
o South Africa
o Nigeria
o Rest of LAMEA
Companies Profiled
• General Electric Company (GE Grid Solutions)
• Schneider Electric SE
• Cisco Systems, Inc.
• IBM Corporation
• Siemens AG
• Wipro Limited
• Honeywell International, Inc.
• Oracle Corporation
• ABB Group
• Itron, Inc.
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Read the full report: https://www.reportlinker.com/p06435093/?utm_source=GNW
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