Dublin, Nov. 21, 2018 (GLOBE NEWSWIRE) -- The "Smart Grid Market by Software (AMI, Grid Distribution, Grid Network, Grid Asset, Grid Security, Substation Automation, and Billing & CIS), Hardware (Smart Meter), Service (Consulting, Integration, and Support), and Region - Global Forecast to 2023" report has been added to ResearchAndMarkets.com's offering.
Increasing focus on effective management and modernizing aging grid infrastructure to drive the overall smart grid market
The global smart grid market size is expected to grow from USD 23.8 billion in 2018 to USD 61.3 billion by 2023, at a Compound Annual Growth Rate (CAGR) of 20.9% during the forecast period.
Major growth factors for the market include the need for effective management of smart grid operations, modernization of aging grid infrastructure, and the need for specialized service providers who can offer cost-effective services. However, the high initial cost for deployment of smart grid technology solutions can hinder the market growth.
Smart grid distribution management software to grow at the highest CAGR during the forecast period
In recent years, renewable energy sources have gained significance. The development of the smart grid technology has benefitted traditional energy infrastructure vendors and offered business opportunities for emerging players planning to capitalize on the untapped market opportunities. Key growth drivers of the smart grid distribution management/ADM market include the growing smart grid technology market, increasing adoption of distributed renewable generation, and regulatory pressure for reducing carbon emission.
Deployment and integration services segment to hold the largest market size during the forecast period
Deployment and integration services in the energy sector help in streamlining business applications by adequate installation and integration of various modules of utility smart grid operations. These services help in overcoming various business challenges, creating high growth opportunities, and accelerating technological innovations. Hence, enterprises opt for these services to make the whole deployment and integration process smooth and reduce costs and inefficiencies.
Asia Pacific (APAC) to record the highest growth rate during the forecast period
APAC is expected to grow at the highest CAGR during the forecast period, as the rapidly increasing consumption of power in major APAC countries, such as China, India, and Japan, has driven the need to introduce new measures to generate, distribute, or use electricity efficiently. Also, they have finally realized advantages in the smart grid industry and developed a comprehensive roadmap to leverage these assets toward a countrywide smart grid infrastructure development. Meanwhile, North America is projected to hold the largest market size during the forecast period.
Key Topics Covered:
1 Introduction
1.1 Objectives of the Study
1.2 Market Definition
1.3 Market Segmentation
1.4 Country Coverage
1.5 Years Considered for the Study
1.6 Currency Considered
1.7 Stakeholders
2 Research Methodology
2.1 Research Data
2.2 Market Breakdown and Data Triangulation
2.3 Market Size Estimation
2.4 Assumptions for the Study
2.5 Limitations of the Study
3 Executive Summary
4 Premium Insights
4.1 Attractive Opportunities in the Smart Grid Market
4.2 Smart Grid Market in North America, By Component and Country
4.3 Smart Grid Market: Major Countries
5 Market Overview and Industry Trends
5.1 Introduction
5.2 Smart Grid Ecosystem
5.3 Smart Grid Management
5.3.1 Generation
5.3.2 Transmission
5.3.3 Distribution
5.3.4 Consumption
5.4 Top Smart Grid Projects Worldwide
5.5 Strategic Benchmarking
5.6 Market Dynamics
5.6.1 Drivers
5.6.1.1 Governments Supportive Policies and Legislative Mandates
5.6.1.2 Improved Grid Reliability and Efficient Outage Response
5.6.1.3 Increasing Awareness About Carbon Footprint Management
5.6.1.4 Modernization of Aging Grid Infrastructure
5.6.2 Restraints
5.6.2.1 High Initial Costs for Deployment of Smart Grid Technology Solutions
5.6.2.2 Lack of Standards and Interoperability
5.6.2.3 Smart Grid Cybersecurity and Its Vulnerabilities
5.6.3 Opportunities
5.6.3.1 Revenue Opportunity for Traditional Energy Infrastructure Vendors and Emerging Vendors
5.6.3.2 Upcoming Smart Cities Projects in Developing Regions
5.6.4 Challenges
5.6.4.1 Inadequate Data Storage and Management
5.6.4.2 Providing Business Intelligence Through Analytics
5.6.4.3 Energy Loss Resulting in Revenue Loss
5.6.4.4 Long Time to Realize RoI for Utilities May Limit the Smart Grid Market Growth
6 Smart Grid Market, By Component
6.1 Introduction
6.2 Software
6.2.1 Need for Effective Management of Smart Grid Operations is Driving the Growth of the Software Segment
6.3 Hardware
6.3.1 Rising Adoption of Smart Meter Across the Globe is Driving the Growth of the Hardware Segment
6.4 Services
6.4.1 Growing Need to Improve Smart Grid Customer Services is Driving the Growth of the Services Segment
7 Smart Grid Market, By Software
7.1 Introduction
7.2 Advanced Metering Infrastructure
7.2.1 Government Regulations and Mandates By Legislative Bodies, Rise in Global Energy Usage, and Cost-Effective Carbon Savings are the Major Growth Drivers of the Ami Segment
7.2.2 Meter Data Management
7.2.3 Analytics
7.3 Smart Grid Distribution Management
7.3.1 Increasing Adoption of Distributed Renewable Generation is Driving the Growth of the Smart Grid Distribution Management Segment
7.3.2 Supervisory Control and Data Acquisition
7.3.3 Demand Response Management
7.3.4 Outage Management
7.3.5 Distributed Energy Resource Management
7.3.6 Energy Management System
7.3.7 Distribution Automation
7.4 Smart Grid Network Management
7.4.1 The Increasing Share of Renewable Energy and the Inability of Traditional Electricity Grids to Transmit Renewable Energy are Driving the Growth of the Smart Grid Network Management Segment
7.4.2 Network Traffic Management
7.4.3 Network Device Management
7.4.4 Network Configuration Management
7.4.5 Network Security Management
7.4.6 Network Performance Monitoring Management
7.5 Grid Asset Management
7.5.1 Need to Reduce the Cost Associated With Failure and Repair of Grid Assets is Spurring the Adoption of the Grid Asset Management Segment
7.5.2 Condition and Performance Monitoring
7.5.3 Predictive Maintenance
7.5.4 Asset Data Management
7.6 Substation Automation
7.6.1 Benefits of Preventing Blackouts and Faster Power Recovery are Propelling the Adoption of the Substation Automation Software
7.6.2 Production Management
7.6.3 Performance Management
7.7 Smart Grid Security
7.7.1 Increasing Instances of Various Cyber-Attacks on Smart Grids is Driving the Growth of the Smart Grid Security Segment
7.8 Billing and Customer Information System
7.8.1 Growing Demand for Efficient Billing and Collection Capabilities is Driving the Growth of the Billing and Customer Information System Segment
8 Smart Grid Market, By Hardware
8.1 Introduction
8.2 Smart Meter
8.2.1 Government Policies, Energy Savings, and Investments in Efficient Distribution Networks are the Driving Factors for the Growth of the Smart Meter Segment
9 Smart Grid Market, By Service
9.2 Introduction
9.3 Consulting
9.3.1 Need to Deliver Maximum Product Assurance is Driving the Growth of the Consulting Segment
9.4 Deployment and Integration
9.4.1 Streamlining Operations of the Smart Grid Components is Driving the Growth of the Deployment and Integration Segment
9.5 Support and Maintenance
9.5.1 Reduced Downtime of Operations and Higher Productivity of Smart Grids are the Driving Factors of the Support and Maintenance Segment
10 Smart Grid Market, By Region
10.1 Introduction
10.2 North America
10.2.1 United States
10.2.1.1 Increasing Investments for Analytics in the Power Industry is Driving the Growth of the Smart Grid Market in the United States
10.2.2 Canada
10.2.2.1 Enhancement of Power Supply Capability and Upgradation of Electric Grid Infrastructure are Driving the Smart Grid Market in Canada
10.3 Europe
10.3.1 United Kingdom
10.3.1.1 Smart Grid Will Help UK Transform into A Low Carbon Economy, Meet Its Carbon Reduction Targets, and Ensure Energy Security
10.3.2 Germany
10.3.2.1 New Regulations in Germany are Expected to Increase the Growth of Smart Grid Infrastructure in the Utilities Sector
10.3.3 France
10.3.3.1 French Government to Target Large Number of Household With Smart Meters By 2020
10.3.4 Rest of Europe
10.4 Asia Pacific
10.4.1 China
10.4.1.1 Rising Adoption of Solar Pv Initiatives is Fuelling the Growth of the Smart Grid Market in China
10.4.2 Japan
10.4.2.1 To Host the 2020 Olympic Games, Japan is Expected to Install Smart Meters
10.4.3 India
10.4.3.1 Government Policies for Energy Access, Deployment of Renewable Resources, and Smart Cities are Pushing India's Smart Grid Market Toward the Growth Phase
10.4.4 South Korea
10.4.4.1 Plans to Implement Smart Infrastructure By 2030, Which Includes Grid, Consumer, Transportation, Renewables, and Electricity Services
10.4.5 Rest of Asia Pacific
10.5 Middle East and Africa
10.5.1 Kingdom of Saudi Arabia
10.5.1.1 Surge in Upgrading Meters, Generating Capabilities, and Developing Advanced Transmission Systems Would Propel the Smart Grid Market Growth in KSA
10.5.2 Qatar
10.5.2.1 Facilitated By the Qatar National Vision 2030, Qatar Plans to Meet the Power Need of the Fifa Tournament in 2022
10.5.3 United Arab Emirates
10.5.3.1 Dubai Aims to Produce a Large Number of Its Energy From Renewable Resources By 2030
10.5.4 South Africa
10.5.4.1 The Department of Energy Established Sasgi Under the South African National Energy Development Institute to Improve Energy Efficiency
10.5.5 Rest of Middle East and Africa
10.6 Latin America
10.6.1 Brazil
10.6.1.1 Increasing Investments for Smart Metering Deployment is Driving the Growth of the Smart Grid Market in Brazil
10.6.2 Mexico
10.6.2.1 To Boost the Adoption of Smart Grids, Mexico is Planning to Invest Heavily on Smart Grids By 2025
10.6.3 Rest of Latin America
11 Competitive Landscape
11.1 Overview
11.2 Ranking of Key Players
11.3 Competitive Scenario
11.3.1 New Product Launches and Upgradations
11.3.2 Mergers and Acquisitions
11.3.3 Partnerships, Collaborations, and Agreements
12 Company Profiles
- ABB
- Aclara
- C3 Energy
- Cisco
- Eaton
- Enel X North America
- eSmart Systems
- EsyaSoft Technologies
- Fujitsu
- GE
- Globema
- Grid4C
- Honeywell
- IBM
- Itron
- Kamstrup
- Landis+Gyr
- Oracle
- OSI
- S&C Electric Company
- Schneider Electric
- Siemens
- Tantalus
- Tech Mahindra
- Trilliant Holdings
- Wipro
For more information about this report visit https://www.researchandmarkets.com/research/295tkh/smart_grid_market?w=12
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