Chicago, Aug. 18, 2022 (GLOBE NEWSWIRE) -- Smart Grid Market size is projected to grow from USD 43.1 billion in 2021 to USD 103.4 billion by 2026, at a CAGR of 19.1% according to a new report by MarketsandMarkets™. Smart grid technology enables the transition from a traditional energy distribution network to an intelligent electricity grid that allows two-way communication between the utility and its customers. Governments across the world have imposed several supportive policies and mandates, focusing on implementing smart grids and spreading awareness about energy conservation. These regulations drive the adoption of smart grid technology for industrial, commercial, and residential applications.
With the increasing complexity of the bulk power system and the growing focus on mitigating power outages, smart grid technology is poised to transform the traditional grid and is likely to become a more reliable and resilient approach. This technology helps the utilities sector to speed up the restoration process when a power outage takes place after major storm events; it also reduces the restoration cost and total outage time, resulting in less financial losses to utility providers. Smart grid technology provides better situational awareness and relies on cloud-processed data to receive commands to exert autonomous control actions to the utility provider. Increasing demand for smart infrastructure in industrial, commercial, and residential environment to offer lucrative opportunities for the smart grid market during the forecast period.
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The software is expected to be the most significant segment of the smart grid market
The software segment accounted for the largest share of the smart grid market, by component, in 2020. Smart grid software simplifies the implementation and functionality of the smart grid. It also supports the construction and maintenance of smart grids, including infrastructure management, advanced technical calculations, forecasting and planning production of energy, control and regulation of voltage levels and reactive power, as well as mechanisms to actively shape the demand. Smart grid software solutions help ensure effective management of smart grid operations, improve process efficiency, and reduce energy production costs, which, in turn, would likely to accelerate the demand for smart grid software solutions.
The consumption is anticipated to be the fastest-growing segment of the smart grid market
The consumption segment expected to be the fastest-growing segment, by application, during the forecast period. The introduction of smart grids has brought several benefits to the utilities industry, such as enhanced reliability and power quality, reduced dependence on imported energy, and better use of existing assets. Advanced Metering Infrastructure (AMI) enables consumers to have a fair idea of consumption and pricing information, thereby enabling them to participate more effectively in peak load reduction and energy conservation. The software offers personalized tariff plans, along with other enhanced services, such as remote meter reading for error-free data, network congestion identification, load profiling, energy audits, and partial load curbing in case of load shedding.
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North America is expected to dominate the global smart grid market
In this report, the smart grid market has been analyzed for 5 regions, namely Asia Pacific, North America, Europe, Middle East & Africa, South America. North America is expected to lead the market during the forecast period. The analysis shows that the spending on smart grid infrastructure is increasing due to constant technological advancements, high demand for renewable energy sources in power generation, stringent government policies and legislative mandates for energy conservation, regional government initiatives for smart grid rollouts, as well as the emergence of the cloud platform. One of the key reasons for the large market size is the early adoption of smart grid projects. Moreover, the rising number of projects related to smart cities, smart communities, and electric vehicles is the key reason for the growing focus on smart grid management. The strong financial position of the US and Canada enables them to invest heavily in smart infrastructure platforms of the smart grid market.
The US market is anticipated to grow primarily because it is the most mature market in terms of the deployment of smart grids, advanced IT infrastructure, the existence of numerous enterprises, and the accessibility and availability of technical expertise in the region. S , smart grid technology in the US is experiencing a significant transition as digital technologies are used to distributed energy resources. All of these factors are anticipated to fuel the growth of the smart grid market in North America.
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To enable an in-depth understanding of the competitive landscape, the report includes the profiles of some of the top players in the Smart Grid Market. These include including include GE (US), ABB (Switzerland), Siemens (Germany), Schneider Electric (France), and Itron (US)The leading players are trying to establish themselves in the markets of developed countries and are adopting various strategies to increase their respective market shares.
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