Market Scenario

Smart Grid can be defined as a smart electrical network that comprises an electrical network and smart digital communication technology. It is capable of delivering electricity to the user from multiple and widely distributed sources such as wind turbines, solar power systems, and even plug-in hybrid electric vehicles.

The key players in the global smart grid market are General Electric Company (US), ABB Ltd. (Switzerland), Siemens AG (Germany), Schneider Electric SA (France), Itron, Inc. (US) and others.

ABB Ltd. a prominent player in the smart grid market has designed smart grid wireless communication network. Its smart grid wireless communication network solution offers benefits such as lower operational cost by reducing on-field employee expenses, along with transportation, insurance, and medical costs. It encourages energy conservation by quickly identifying water leaks and faulty thermostats. It also helps in reducing customer complaints by maintaining high-quality, real-time data increases billing accuracy and eliminating estimated bills.

Smart grid exhibits extraordinary opportunity for the energy industry, leading it into a new era of reliability, availability, and efficiency these factors are expected to promote the economic and improve environmental health. The benefits associated with smart grid includes efficient transmission of electricity, faster restoration of electricity after power disturbance, improved integration of large-scale renewable energy systems, and others.

Other factors such as government initiatives for smart meter roll-outs, increasing demand for utilization of renewable energy sources and improved grid reliability are driving the market growth. However, factors such as high initial investment for the deployment of technology solutions and smart grid cyber security and vulnerabilities in energy industry are hampering the market growth.

The global smart grid market is estimated to grow at a CAGR of approximately 20% during the forecast period of 2017–2023.

Get Free Sample Copy Report of Smart Grid Market@ https://www.marketresearchfuture.com/sample_request/1110

Portable Scanner Market


Source: MRFR Analysis

Key Players

Some of the prominent players in the global smart grid market are General Electric Company (US), ABB Ltd. (Switzerland), Siemens AG (Germany), Schneider Electric SA (France), Itron, Inc. (US), Landis+Gyr (Switzerland), Aclara Technologies LLC (US), Cisco Systems, Inc. (US), Open Systems International, Inc. (US), IBM Corporation (US), Wipro Ltd. (India), Oracle Corporation (US), S&C Electric Company (US) and others

Segments

The global smart grid market is segmented on the basis of components, technology and end-user. The components segment comprises hardware, software, and services. By hardware, the market is segmented into AMI meter, sensors, networking hardware, programmable logic controller (PLC) and others (load tap changers and protective relay). By software, the market the market is categorized into advanced metering infrastructure (AMI), smart grid distribution management, smart grid communication, grid asset management, substation automation & billing, customer information system and supervisory control and data acquisition (SCADA). Under the service segment, the market consists of consulting, deployment and integration and support and maintenance. Whereas, the technology segment consists of wired and wireless technology. The end-user segment consists of residential, corporate, and government.

Regional Analysis

The global smart grid market is studied for North America, Europe, Asia Pacific, and the rest of the world. North American market accounts for the highest share in the global smart grid market followed by Europe. The main factor which is driving the market is rapid advances in technology and need for more stable electricity network in the region. Increasing government initiatives to improve the power generation for the European countries is a major factor driving the market in Europe. Asia Pacific is estimated to be the fastest growing region in the smart grid market owing to heavy investments by the key players in the smart grid & smart city projects and the need for smart grid and control mechanisms.

Access Complete Report @ https://www.marketresearchfuture.com/reports/smart-grid-market-1110

Intended Audience

Technology Investors
Research/Consultancy Firms
Software Providers
Training and education service providers
Support and maintenance service providers
Network service providers
Utilities
Networking and Communication Service Providers (CSPs)
Governments and urban planning agencies
Smart cities stakeholders
Investors and consultants
DC

smart grid
smart grids
smart grid technology
smart meters
smart grid companies
smart metering systems
advanced metering infrastructure
smart grid system
smart grid projects
smart power grid
microgrid
the smart grid
smart network
smart grid technology and applications
smart grid applications
grid technology
smart meter technology
grid smart
electric smart meter
smart energy grid
smart grid cybersecurity
smart meter
smart grid conference
gas smart meter
smart grid research
smart grid market
smart energy meter
smart grid iot
About Market Research Future:

At Market Research Future (MRFR), we enable our customers to unravel the complexity of various industries through our Cooked Research Report (CRR), Half-Cooked Research Reports (HCRR), Raw Research Reports (3R), Continuous-Feed Research (CFR), and Market Research & Consulting Services.

MRFR team have supreme objective to provide the optimum quality market research and intelligence services to our clients. Our market research studies by Components, Application, Logistics and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help to answer all their most important questions.

In order to stay updated with technology and work process of the industry, MRFR often plans & conducts meet with the industry experts and industrial visits for its research analyst members.

Contact:
Market Research Future
528, Amanora Chambers, Magarpatta Road, Hadapsar
Pune – 411028, Maharashtra, India
Email: [email protected]