DUBLIN--(BUSINESS WIRE)--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.
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.
Market Dynamics
Drivers
- Governments Supportive Policies and Legislative Mandates
- Improved Grid Reliability and Efficient Outage Response
- Increasing Awareness About Carbon Footprint Management
- Modernization of Aging Grid Infrastructure
Restraints
- High Initial Costs for Deployment of Smart Grid Technology Solutions
- Lack of Standards and Interoperability
- Smart Grid Cybersecurity and Its Vulnerabilities
Opportunities
- Revenue Opportunity for Traditional Energy Infrastructure Vendors and Emerging Vendors
- Upcoming Smart Cities Projects in Developing Regions
Challenges
- Inadequate Data Storage and Management
- Providing Business Intelligence Through Analytics
- Energy Loss Resulting in Revenue Loss
- Long Time to Realize Roi for Utilities May Limit the Smart Grid Market Growth
Key Topics Covered:
1 Introduction
2 Research Methodology
3 Executive Summary
4 Premium Insights
5 Market Overview and Industry Trends
6 Smart Grid Market, By Component
7 Smart Grid Market, By Software
8 Smart Grid Market, By Hardware
9 Smart Grid Market, By Service
10 Smart Grid Market, By Region
11 Competitive Landscape
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/7jrssh/60_billion?w=4
