Smart Grid implies a smart electrical network that consists of smart digital communication technology and an electrical network. It can deliver electricity to the industries from widely available sources such as solar power, plug-in hybrid electric carriers, and wind turbines.
Market Research Future (MRFR) has revealed in its detailed report that the global Covid-19 Impact on Smart Grid Market is likely to develop at an approximate CAGR of 20% over the assessment period of 2017–2023. The market is estimated to generate $52 Bn. by 2023.
Smart grid portrays robust potential for the power sector leading it into a new era of availability, efficiency, and reliability. These aspects are estimated to improve the economic and environmental conditions of a country. The benefits derived from smart grid encompasses better integration of large-scale renewable energy systems, rapid restoration of electricity after power fluctuations, and smooth flow of electricity.
The better availability of renewable energy resources and the increasing involvement of the end-users in the production of electricity act as strong forces for driving the power sector. The growth of local power generation enterprises coupled with the mushrooming wind farms around the world, appears to be apt solutions for dealing with problems like carbon footprints. General Electric Company (US), a leading player in the Smart Grid Market has recently announced in its scheme that by the conclusion of 2020, it is going to make 100% of its operations carbon neutral.
These factors are drastically transforming the electricity markets specifically at the distribution level. They are opening new avenues while also posing challenges to the efficiency and reliability of system operations. The expanding demand for energy, triggered by industrialization, urbanization, and growing population, is influencing the Covid-19 Impact on Smart Grid Market growth positively. Smart grid also finds wide application in flood control and irrigation. However, the high initial investment cost related with the disposition of technology solutions for smart grid infrastructure along with the safety concerns associated with smart grid vulnerabilities and cybersecurity in the energy industry are likely to hinder the market growth.
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The Smart Grid Market is enduring an exacting period with its robust growth coming to an abrupt halt in light of the COVID-19 pandemic. MRFR report on the Smart Grid Market highlights the future prediction and the growth alternatives that can be created.
The global Smart Grid Market is segmented based on technology, end-user, and components. Based on technology, the market is segmented into wireless and wired smart grid. Based on end user, the global Smart Grid Market is segmented into government, residential, and corporate smart grids. Based on components, the global Smart Grid Market is segmented into hardware (Sensors, Programmable Logic Controller (PLC), and AMI meter), services (consulting and others), and software (Smart Grid Distribution Management, Advanced Metering Infrastructure (AMI), and others.)
Global Smart Grid Market is led by key players that include ABB Ltd. (Switzerland), General Electric Company (US), Schneider Electric SA (France), Siemens AG (Germany), Landis+Gyr (Switzerland), Itron Inc. (US), Cisco Systems Inc. (US), Aclara Technologies LLC (US), IBM Corporation (US), Open Systems International Inc. (US), Oracle Corporation (US), Wipro Ltd. (India), and S&C Electric Company (US).
According to geography, the global Smart Grid Market can be segmented into Asia Pacific, Europe, America, and the rest of the world. The North America market represents the largest demand for smart grids and is followed by the Europe market. The factors propelling the growth of smart grid in North America market consist of the rapid progression in technology coupled with the need for steadier electric network among the prevailing enterprises. Expanding government initiatives to upgrade the power generation for the European economies is a key force driving the Smart Grid Market in Europe. Asia Pacific is likely to be the fastest growing market for smart grid due to remarkable outlays by the prominent players in the smart city and smart grid projects, plus, the spurring need for smart grid control mechanisms.