Global Smart Grid Market to Exceed USD 70 billion in Terms of Revenue by 2024

Smart Grid Market has earned substantial revenue due to the increasing awareness about the incredible benefits provided by these products.

Selbyville, Delaware - February 1, 2019 /MarketersMedia/ —

Smart grid market driven by Ambitious government led plans toward grid modernization. Major countries have enforced regulations and mandates to reinforce smart grid deployments and R&D activities as a part of their energy conservation initiatives. In 2016, global investments in digital electricity infrastructure reached over USD 45 billion to enhance the resiliency, reliability, and security of the grid. Increasing government focus toward grid restructuring to mitigate integration challenges, overutilization, and load mismatch will further boost the industry growth.

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Communication and wireless infrastructure smart grid market is anticipated to expand over 20% by 2024. Increasing need for IoT intervention to improve grid efficiency, customer services and demand management across power utilities will boost the product demand. Digitalizing the grid using advanced cloud computing technology and sensors aids in monitoring consumption patterns and provides real time information on electricity usage. The use of control systems for several applications including substation automation, distribution automation, advanced outage management, and demand-side management is further strengthening the product demand.

The U.S. industry was estimated over USD 3 billion in 2017. Frequent blackouts and the incessant need for energy conservation will augment the industry landscape. Implementation of grid automation programs to reinforce communication flexibility and distributed intelligence of the national power infrastructure will further fuel the industry growth. For instance, the Public Service Electric and Gas Company (PSE&G) invested USD 69 million in 2017 to boost consumer energy efficiency through smart thermostat and residential data analytics programs.

The grid modernization investments will automate the process for improved visibility of mechanical equipment, creation of a self-healing grid and automated command and control. These improvements will help reduce power outages and improve the process of storm restoration, as well as enhance the utility companies’ ability to integrate distributed energy resources onto the electric grid. The success of the modernization is expected to encourage such investments in other states as well thus contributing to the expansion of the smart grid industry in the United States.

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To elaborate on the potential of smart grids, a Finland-based power company Lempäälän Energia recently allotted a contract to Siemens to build a smart grid system as part of the LEMENE project, being developed in the industrial area of Marjamäki. Siemens will shoulder the responsibility of designing and delivering a medium-voltage smart micro-grid along with the necessary automation and electrical storage systems. The company aims to ensure reliable and efficient energy supply by using the latest micro-gird technology which can monitor and control the system with the added purpose of blackout protection. Reportedly, two solar panel fields will be the source of electricity to the grid, with annual outputs of 3,600 MWh. Inherently, the services and consulting segment within the smart grid market is certain to accrue tremendous profits, with similar projects being witnessed in other parts of the globe as well.

Growing investments toward grid digitalization through the implementation of advanced communication technologies will foster the market growth. Growing focus toward renewable grid integration coupled with intensifying need to upgrade ageing electricity infrastructure will further facilitate the large-scale deployment of these grids.

UK market will witness growth on account of supportive regulatory frameworks pertaining to energy conservation and environmental sustainability. The mandated nationwide rollouts and legislative directives toward smart meters will further fuel the industry growth. The Energy Networks Association (ENA) plans to implement a local energy market as part of their smart grid plan that would allow business and households to trade electricity, thereby supporting energy conservation.

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Key industry participants in the smart grid market include Hubbell, ABB, Schneider Electric, General Electric, Fujitsu General, Belden, Oracle Itron, Landis+Gyr, Cisco, Siemens, IBM, Honeywell Elster, Wipro.

Smart grid research report includes in-depth coverage of the industry with estimates & forecast in terms of USD from 2013 to 2024, for the following segments:

By Technology
• Smart T&D Equipment
• Distribution & Network Automation
• Advanced Metering Infrastructure
• Consumer Interface
• Communication & Wireless Infrastructure

By Deployment
• Generation
• Transmission
• Distribution
• End Use

By Service
• Consulting
• Deployment & Integration
• Support & Maintenance

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