Smart Grid Market to Reach $50.6 Billion by 2022 - Increased Demand for Integration of Renewable Energy Sources Across the Globe
DUBLIN, July 27, 2017 /PRNewswire/ --
The "Smart Grid Market - Global Forecast to 2022" report has been added to Research and Markets' offering.
The smart grid market is expected to grow from USD 20.83 Billion in 2017 to USD 50.65 Billion by 2022, at a Compound Annual Growth Rate (CAGR) of 19.4%. Increased demand for integration of renewable energy sources across the globe, and government policies and mandates for sustainable energy are some of the driving factors for this market.
The smart grid market report has been broadly classified on the basis of software into Advanced Metering Infrastructure (AMI), smart grid distribution management, smart grid communication, grid asset management, substation automation, and billing and customer information system; on the basis of hardware into AMI meters, sensors, networking hardware, PLC and others (load tap changers and protective relay); on the basis of services into consulting, deployment and integration, and support and maintenance; and on the basis of regions into North America, Europe, Asia Pacific (APAC), Middle East and Africa (MEA), and Latin America.
The smart grid communication software segment is expected to have the fastest growth rate during the forecast period. Smart grid communication enables hardware and software to work together to form a mesh network, enabling a utility grid with intelligent features such as substation automation, distribution automation, energy management, real-time control, self-healing, and increased reliability and security. This would help operators in decision-making and better scheduling of utility storage and distribution.
Sensors for smart grid is expected to gain the highest traction in the smart grid market during the forecast period. Sensor is the pivotal hardware component that provides real-time data of the electric grid. Installed in electric grids, sensors improve utility operation and performance. They help in efficient power management at the transmission, distribution, and consumption levels and play an important role in the integration of power from distributed resources. An increased number of smart grid projects in North America, Europe, and Asia would tremendously increase the demand of the sensors.
The deployment and integration services segment is expected to have the largest market share and projected to grow at the highest CAGR during the forecast period. Deployment and integration services help in reducing the deployment and integration time. These services are crucial for developing end-to-end solutions for the smart grid market.
Companies Mentioned
- ABB Ltd.
- Aclara Technologies LLC
- Cisco Systems, Inc.
- General Electric Company
- International Business Machines Corporation
- Itron, Inc.
- Landis+GYR
- Open Systems International, Inc.
- Oracle Corporation
- Schneider Electric Sa
- Siemens AG
- Wipro Limited
Key Topics Covered:
1 Introduction
2 Research Methodology
3 Executive Summary
4 Premium Insights
5 Smart Grid Market Overview and Industry Trends
6 Smart Grid Market Analysis, By Software
7 Smart Grid Market Analysis, By Hardware
8 Smart Grid Market Analysis, By Service
9 Smart Grid Market, Geographical Analysis
10 Competitive Landscape
11 Company Profiles
For more information about this report visit https://www.researchandmarkets.com/research/qx8cvq/smart_grid_market
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