Smart Grids Market by Component, Application, Communication Technology & Region – Global Forecast to 2026 – ResearchAndMarkets.com

DUBLIN – (COMMERCIAL THREAD) – The report “Smart Grid Market by Component (Software, Hardware, Services), Application (Generation, Transmission, Distribution, Consumption / End Use), Communication Technology (Wired, Wireless) and Region – Global Forecast Up to in 2026 “has been added to ResearchAndMarkets.com offer.

The smart grid market is expected to reach USD 103.4 billion by 2026, up from an estimated USD 43.1 billion in 2021, at a CAGR of 19.1% during the forecast period.

Governments around the world are undertaking many initiatives to meet future demands for electricity and are focused on reducing the carbon footprint by encouraging the use of renewable energy sources to generate energy. The growing need for efficiency and stability of the power grid is expected to provide lucrative opportunities for the smart grid market during the forecast period. However, the high installation costs of smart grid are a constraint for the installation of smart grid systems.

Software segment by component is expected to grow at the highest CAGR from 2021 to 2026.

Based on the component of intelligent grid systems, the software component is estimated to be the fastest growing market from 2019 to 2026. The intelligent grid software helps to ensure efficient management of intelligent grid operations, improve the process efficiency and reduced energy production costs; therefore, the segment captures the largest market share.

Distribution segment by application is expected to become the most important segment for the implementation of smart grids

Retail segment, by application is expected to hold the highest market share during the forecast period. Distribution substations isolate faults in transmission networks. Power lines carry electricity from distribution substations to end users, serving many premises. An efficient distribution application enables faster restoration of electricity after power disruptions, reduces operating and management costs for utilities, and ultimately lowers electricity costs for utilities. consumers.

North America: the largest smart grid market

North America is currently the largest smart grid market, followed by Europe and APAC. The United States accounted for the maximum share of the North American market in 2020. It is also expected to grow at the highest CAGR from 2021 to 2026. One of the main reasons for the large size of the market is the early adoption of projects of smart grids. The solid financial position of the United States and Canada allows them to invest heavily in the smart infrastructure platforms of the smart grid market.

Market dynamics

Conductors

  • Favorable regulatory framework for governments around the world to promote the deployment of smart grids

  • Improved network reliability and efficient response to outages

  • Increased awareness of carbon footprint management

  • Strong focus on modernizing aging network infrastructure

Constraints

  • High installation cost of smart grids

  • Low knowledge of interoperability protocols and standards

Opportunities

  • Create opportunities for existing public service providers and emerging players

  • Smart city projects underway in developing countries

  • Growing trend of automakers to manufacture electric vehicles based on V2G technology

  • Planned transition from on-premises to cloud-based systems

Challenges

  • Appropriate storage and management of complex data generated by the smart grid infrastructure

  • Cyber ​​Security and Vulnerability Issues Faced by Smart Grid Networks

  • Longer payback period for utility providers

Companies mentioned

  • ABB

  • C3 Energy

  • Cisco

  • Eaton

  • Enel X

  • Intelligent systems

  • Esyasoft Technologies

  • GE

  • Globema

  • Grid4C

  • Honeywell

  • IBM

  • Itron

  • Kamstrup

  • Mitsubishi Electric

  • NES (Network Energy Services)

  • Oracle

  • Sap

  • Schneider Electric

  • Siemens

  • Tantalum

  • Tech Mahindra

  • Trilliant Holdings

  • Wipro

  • Xylem

For more information on this report, visit https://www.researchandmarkets.com/r/6h122a

About William G. Patrick

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