Smart Grid Technology Market Size, Trends & Analysis - Forecasts to 2026 By Type of Components (Software [Advanced Metering Infrastructure, Smart Grid Distribution Management, Smart Grid Network Management, Substation Automation, Grid Asset Management, Smart Grid Security, and Others] and Hardware [Smart Meter]), By Type of Network Operation (Outage Management Systems (OMS), SCADA, Demand Management Systems (DMS), Geographical Management Systems (GMS), and Energy Management Systems (EMS)), By Type of Services (Consulting, Deployment & Integration, and Support & Maintenance), By Type of Application (Generation, Transmission, Distribution, and Consumption), By Type of Region (NA [North America], Europe, APAC [Asia Pacific], MEA [the Middle East & Africa], and CSA [Central & South America]), End-User Landscape, Vendor Landscape, Company Market Share Analysis & Competitor Analysis
SGT Market Insights
The smart grid technology market is summarized to register a prominent augmentation in CAGR by 22.1% during the forecast period (2020-2026). A smart grid is an electric grid that involves operations and energy theory that comprises of smart meters, smart appliances, and energy-efficient resources. Few of the privileges of smart grid technology are the efficient transmission of electricity, faster recovery of electricity post power disruptions, lower operational management, and cheaper utility cost administration eventually resulting in lower power prices for customers. Initial installation expenses and network congestion during a two-way communication can be the limitations of the smart grid technology. The smart grid technology can be applied to energy grid networks, gas consumption networks, and water distribution networks respectively. Many countries have employed grid infrastructure for utility administration which has acted as a supportive element during the COVID-19 pandemic times and has established the market hereabouts to endure and has been analyzed to project an incredible growth in the forthcoming years. Demand in up-gradation of existing grid networks, initiatives towards smart city development, and oblige in the reduction of fault in power transmissions are the drivers steering advance the smart grid technology market.
SGT Market: By Type of Components
The components of smart grid technology are based on hardware and software where the smart meter is the sub-category for hardware components and advanced metering infrastructure, grid asset management, smart grid security, and others are distinct sections of software components respectively. The software component where smart grid distribution management is marked to secure a substantial rate in the forecast period. SGDM is a management system for power distribution recommended using multi-agent system technology. The advantage for the system is the optimization of the distribution of renewable energy including cost reduction of electricity bills for consumers. Incorporation of Artificial Intelligence applications in energy and power, surging demand in end-users, and implementation of smart city projects are drivers contributing towards immense momentum of the global market.
SGT Market: By Type of Network Operation
The smart grid technology market categorization based on network operation can be seen as outage management systems, SCADA, demand management systems, and geographical management systems among others. SCADA is analyzed to be the rapidly-growing segment in this market. SCADA is the abbreviation of supervisory control and data acquisition, where it is termed as a control system architecture for high-level supervisory management. The applications of SCADA can be used in project-driven processes in verticals like construction, energy & power. The prevalence of IoT, the rise in enterprise capital investments, and speedy electrification in the automotive industry are some of the highlights developing the global market.
SGT Market: By Type of Services
Based on the services in smart grid technology, the classification of the global market can be observed as consulting, deployment & integration, and support & maintenance. Deployment & integration is estimated to hold a significant market share in the forecast period. The factors stimulating the growth of the market are supportive government regulations, increasing automation procedures at substations, and increasing energy consumption in economically developing countries.
SGT Market: By Type of Application
Based on the type of applications, generation, transmission, distribution, and consumption are the segmentation of the global smart grid technology market. The consumption segment is seen to possess the biggest share in this market. The propellors inducing the augmentation of the market are the modernization of conventional grid structure, integration of clean energy production and increasing demand for digitization of energy grids are the accelerators of the global market.
SGT Market: By Region
Based on the geographic outline, North America has predominated as the principal region until recently APAC is established to designate a remarkable ascent of the global smart grid technology market. The rise in urban population, rise in small and medium scale enterprise and raising awareness of carbon footprint management to behave as navigators facilitating the acclivity of the global market.
Smart Grid Technology Market Share and Competitor Analysis
General Electric Company, Siemens AG, ABB, Schneider Electric, Itron, Landis+Gyr, Aclara Power-Line Systems Inc., Cisco Systems Inc., OSI Systems Inc., IBM Corporation, Wipro Ltd., Honeywell International Inc., Trilliant Holdings Inc, Oracle Corporation Eaton Corporation plc, Kamstrup,.Globema, Tech Mahindra Ltd., Intuitive Surgical Inc., Enel X North America Inc., eSmart Systems AG,Tanatalus, EsyaSoft Technology, Grid4C Ltd., C3 ai, and other companies are the predominant players in the market space.
Please note: This is not an exhaustive list of companies profiled in the report.
In July 2018, ABB acquired GE Industrial Solutions to hold a strong position for electrification in North America.
In June 2018, GE Power’s Grid Solutions business with Tata Power Delhi Distribution (Tata Power - DDL) in India specifically to provide for high-level specialties like protection, monitoring, outlining, and analysis.
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The Global Smart Grid Technology Market has been studied from the year 2017 till 2026. However, the CAGR provided in the report is from the year 2018 to 2026. The research methodology involved three stages: Desk research, Primary research, and Analysis & Output from the entire research process.
The desk research involved a robust background study which meant referring to paid and unpaid databases to understand the market dynamics; mapping contracts from press releases; identifying the key players in the market, studying their product portfolio, competition level, annual reports/SEC filings & investor presentations; and learning the demand and supply side analysis for the Smart Grid Technology Market.
The primary research activity included telephonic conversations with more than 50 tier 1 industry consultants, distributors, and end-use product manufacturers.
Finally, based on the above thorough research process, an in-depth analysis was carried out considering the following aspects: market attractiveness, current & future market trends, market share analysis, SWOT analysis of the companies and customer analytics.
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