Emergence of Smart Grid Network Market Size with CAGR of 8.39% is forecast between 2019 and 2025
Energy revolution backed with integration of renewables exemplars the Smart Grid Network Market to $89.4 billion. The inclusive 8Th edition on Smart Grid Network Market identifies recovering investments trends across energy sector coupled with supportive policies for energy savings, increasing need for reducing distribution losses and efficient power grids as the underlying trends to shape the smart grid Network market.
The ongoing adoption of integrating renewable sources of energy with smart power grids is crux for green technology reflected by concerns for environment. Accordingly, government initiatives to reduce carbon content flares growth for smart grid Network market. For instnce, EU obligated to meet up to 20% reduction in greenhouse gas emissions (GHG) and generate more than 20% of EU’s energy consumption from renewable energy.
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In addition, the ongoing trend for electro mobility and charging infrastructures along with rise of smart cities are among the influencing factors driving the growth of the market.
Increasing awareness among the consumers coupled with focus on reduction in power outages reflects in wide adaption of smart meters and drives the demand for hardware components globally.
Technical advancements and innovations such as GPRS and radio wave frequencies for collection of data from smart meters accelerates the hardware market growth and holds up to half of the global smart grid Network market share in 2018.
However, high cost of installation of smart grids and cyber-security threats along with lack of clear regulatory framework hinders the market growth.
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Rising electric vehicles and charging infrastructure paves new scope for smart grid Network market
Electric vehicles are forecast to grow at a double digit growth rate over the forecast period till 2025 and are amid the large consumers of smart grid Network market across developed regions.
The substantial increase in the electric vehicles will exponentially increase electric consumption and drives market growth. Accordingly, in the U.S the present unit of EV vehicles is up to 10,000 and the number of EVs will be more than 500,000 by 2025.with rising power demand.
Further, integration of smart grid with EV charging stations with advantages of handling the peak charging loads and discharging of surplus renewable power back to grid is forecast to create long term market opportunity.
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Strong demand for reduction of power losses drives smart grid Network market
Usage of smart grids networks with application of real time load management systems and demand response will safeguard the systems for power outages and disturbances.
It is estimated that around 12% of the total losses in power generated is during transmission and distribution. Smart gird systems directly monitors the consumption patterns of the consumer and supply’s power based on the demand thereby reducing the losses the distribution.
Presence of advanced sensors and protection systems will detect and analyse the peak load and non-peak load situations and also helps in restoring the system quickly.
Growing investments and supportive policies across developed regions are enticing market value
Huge investments in the smart grid projects drive the market growth across the Americas. For example, the U.S “Smart Grid Investment Grant (SGIG) Programme” invested in the transmission and distribution companies with a total of 99 companies receiving a grant of up to 50% of the eligible programme cost. Further, the United States invested around USD 3.4 billion as part of American Reinvestment and Recovery Act Fund for the development of 100 projects for smart grid with private companies investing around USD 4.7 billion.
In addition, European countries have mandated the use of smart meters in their country with most governments aimed at reducing the carbon content. High public awareness in the Europe region coupled with reducing power prices due to the implementation of smart meters is also driving the market.
Moreover, emerging countries such as India and China are proceeding growth phase with governments funds channelized for carbon reducing initiatives and pilot testing projects to implement the smart grid network. For instance, Bangalore Electricity Supply Company Limited in India has invested USD 1.44 million in a pilot study project.
Accordingly, Chinese Government’s commitment in reducing the carbon content by 40-45% by 2020 increases the adoption of smart grid technologies and drives the market growth.
Advanced metering infrastructure hold the major share for smart grid network market
AMI holds major market share with advantages of gathering energy usage information in less time, reducing load during shedding and performing load outlining. Sophisticated electric utilities are investing to install AMI across the power grids and drive the market growth over estimated period. Accordingly, U.S. electric utilities have installed more than 71 million advanced metering infrastructure (AMI) smart meters as of 2018 and the highest Residential AMI penetration rate is accounted to be 97%, Washington, DC in 2017.
Key market players are focussing on joint ventures and product development to strengthen market share
The key players operating in the market are investing in joint ventures and acquisitions to develop smart grid technology. For instance, in 2019, Siemens Canada entered into an agreement with Nova Scotia Power (NSP) and New Brunswick Power (NB Power) to develop smart grid technology with an investment of CA$92.7 million. On similar lines, Hitachi acquired 80.1% of ABB’s Power Grids Business in an $ 11 million deal.
Further, intense investments are observed by market OEMs to expand their product portfolio based on latest technology and digitization. On similar lines, in 2018, Eaton expanded its smart grid portfolio by integrating next-generation optical sensing technology, provided by Micatu GridView Optical Solutions for utility customers. In addition, in 2018, ABB introduced digitally integrated power transformer to reinforce efficiency of power networks and grid assets.
Key players modelling smart grid Network market are Oracle Corporation, General Electric Company, Fujitsu Limited, ABB Ltd, Cisco, Mitsubishi Electric, Schneider Electric, Siemens AG, Silver Spring Networks, and Huawei
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