New York, July 26, 2021 (GLOBE NEWSWIRE) -- Grid Optimization Solution Market Overview: According to a comprehensive research report by Market Research Future (MRFR), “Grid Optimization Solution Market Research Report, Type, Application and Region - Forecast till 2027” the market size is projected to grow at a rate of ~11% during the forecast period 2021-2027.
Increasing need for energy efficiency
Power demand has increased in line with the world economy, and it is anticipated that global energy demand will increase by 2030. Energy shortage is becoming a concern for companies, and as a result, every organization is attempting to overcome the energy shortage crisis.
Energy efficiency is one of the most effective strategies to reduce energy consumption since it is more lucrative than collecting more power from reserve plants or investing in the building of newer power sources. Grid efficiency can be increased by optimizing system performance and maximizing asset utilization.
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Key Players
The key players active in the global grid optimization solution market are-
- Hitachi ABB Power Grid
- Hubbell
- Eaton Corporation GE
- FirstEnergy
- Green Mountain Power
- Doble Engineering Company
- Énergir Limited Partnership
- EKM Metering
- CGI Group
Competitive Landscape
Many key competitors, like Hitachi ABB Power Grids, Hubbell, Eaton Corporation, and CGI Group, are actively working on delivering a diverse product range and entering profitable contracts for grid optimization solution systems. In August 2020, Hitachi ABB Power Grids, for example, signed a contract with the Gulf Cooperation Council Authority (GCCIA). Hitachi ABB Power Grids developed a new reliability-based service solution, RelCare, under this contract. This solution has enabled GCCIA to improve operational performance and network system resilience. Such advancements are projected to boost the worldwide grid optimization solution market growth over the next few years.
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Implementation of Smart Grids
Nations all over the world are focusing on the implementation of smart grids and the integration of optimization systems due to the numerous benefits such as reduced peak load, stable power, real-time monitoring, demand-side management, and reduced carbon emissions. Such grid optimization systems often operate autonomously, assisting in the mitigation of grid disturbances in the traditional grid network. According to the US Department of Energy, yearly investment in smart grid infrastructure in the United States is estimated to reach USD 13.8 billion by 2024. In the United Arab Emirates (UAE), the Dubai Electricity and Water Authority (UAE) announced in October 2018 a proposal to install 270,000 smart meters and sensors as part of its Smart Applications via Smart Grid and Meters project. These advancements ensure the continued expansion of smart grids and grid optimization solutions. Many governments around the world, including the United Kingdom, India, China, and Germany, are focusing on the development of smart grid initiatives. Furthermore, smart grids aid in meeting energy demand, reducing T&D losses, and closing the gap between electricity demand and supply. During the projected period, the development and installation of smart grids are likely to expand the use of DERMS to control, maintain, and optimize the grid network. As a result, the advancement of smart grids is likely to provide opportunities for key players.
Market Segmentation
By Type, Hardware Segment to Hold the Largest Market Share
During the projected period, the hardware sector is expected to have the largest share of the global market. The grid optimization solution is a combination of hardware and software; nonetheless, hardware is the essence of the complete solution since the hardware is critical to the solution's proper operation. Sensors are included in the hardware to help in measurement, communication, and control. These hardware components, which are installed on both the low and medium voltage regions of the grid, enable high sampling and accurate, time-synchronized measurements.
By Application, Small-Scale Enterprises Accounted for the Largest Share
Small-scale firms account for the largest share among the other applications since they require a continuous power source. They have implemented distributed energy resources, which have increased grid complexity. A grid optimization solution for advanced utility control is installed to address this issue, allowing for rapid diagnosis and precise solutions, as well as monitoring critical components.
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Regional Analysis
North America to Hold the Largest Market Share
Due to the rising installation of DERs, particularly in the United States, North America has the greatest share of the grid optimization solution market. For example, the US power system has more than 50 GW of behind-the-meter flexible resources at its disposal, which is made up of distributed energy resources (DERs) that have already enlisted in demand response programs. All of these reasons will boost demand for grid optimization solutions in the region, as grid complexity leads to additional grid optimization solution installations. Furthermore, many key firms are concentrating on innovation in terms of releasing new products and expanding their range of grid optimization solutions. Furthermore, due to an increase in the share of renewable energy sources and government programs to support the installation of these systems to reduce the complexity caused by the integration of renewable energy solutions in the grid infrastructure, North America is one of the prominent regions in the grid optimization solution market. Residential Renewable Energy Tax Credit, USDA - Rural Energy for America Program (REAP) Grants, and corporate tax incentives are just a few of the steps done by the US government to promote the installation of grid optimization solutions throughout the country. During the projection period, such factors are projected to boost grid optimization solution market share in North America.
Segmentation of Market covered in the research:
Information by Type (Hardware and Software & Services), Application (Government, Educational Institutes, Small Scale Enterprises, and Others), and Region (North America, South America, Europe, Asia- Pacific, and Middle East & Africa and Region (North America, Europe, Asia-Pacific and Rest of the World)
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