September 25, 2019 by Jason Lee
A smart grid is an electricity network that is used to supply electricity to the consumer via two-way digital communication. This system allows monitoring, analysis, control, and communication within the supply chain. In addition, it helps in improving the efficiency and energy consumption along with maximizing the transparency and reliability of the energy supply chain. Moreover, smart grid is an extended form of analog technology, which controls the use of appliances by employing two-way communication. Furthermore, it not only makes the transmission and distribution efficient but also helps in reducing management and operations costs for the utilities and end users.
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Rise in concerns pertaining to environment protection and growth in adoption of smart grid technology to improve efficiency in energy conservation and consumption are the major factors that fuel the growth of the smart grid market. In addition, supportive government policies & regulations to use smart meters and rise in investments in digital electricity infrastructure are also some of the crucial factors that drive the market growth. However, lack of standardization and rise in privacy & security concerns are expected to hinder the smart grid market growth. Furthermore, increase in the number of electric vehicles on the road and upcoming smart cities projects in developing regions are expected to provide lucrative opportunities for the market growth in the coming years.
The global smart grid market is segmented on the basis of component, application, solutions, end user, and region. Based on component, the market is categorized into solutions and services. On the basis of application, it is classified into generation, transmission, distribution, and consumption/end use. By solutions, the market is categorized into advanced metering infrastructure (AMI), smart grid distribution management, smart grid communications, smart grid network management, substation automation, smart grid security, and others. On the basis of end user, it is divided into residential, commercial, and industrial. Based on region, the smart grid market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
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The market players operating in the smart grid market include Cisco Systems, Inc., General Electric, Honeywell International Inc, International Business Machines Corporation (IBM), Itron Inc., Oracle, Schneider Electric, Siemens, Tech Mahindra Limited, Wipro Limited, and others.
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