Smart Electric Grid Market Size, Trends and Growth Forecast (2021-2027) | UnivDatos

According to UnivDatos’ research report “Global Smart Electric Grid Market”, the market is expected to witness a CAGR growth of 15.2% during the forecast period 2021-2027F. Increased investment in smart meters, EV chargers, and other infrastructure technologies, Government policies and financial incentives for Smart Electric Griding Solutions and Technological advancement in the Energy sector are the major factor driving the market for smart electric grid solution globally. However, Low accessibility to electricity especially in the underdeveloped nations and the poor regulations paired with High Initial Costs for deployment would act as major restaining factor for the market growth.

Owing to the growing need for digitalization and decarbonization globally, smart electric grids solutions is expected to play a vital role in helping utility companies in achieving their energy transition and digital transformation goals. Benefits of smart electric grid infrastructure include but not limited to energy saving, cost reduction and increasing reliability, among others. Smart electric grid infrastructure is also essential for transitioning to a low-carbon electricity grid that includes intermittent renewable generation, such as utility-scale wind and solar, and smaller-scale DERs. Digitalization of power distribution grids and optimization of network operations is one of the major driver for the growth of Smart Electric Grid solution globally. As per a top market research firm, only 10% of the Smart Meters shipped in 2018 were equipped with cellular IoT; however, the number is expected to increase to 30% by 2025.

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Covid-19 pandemic has resulted in slow growth of the energy and power sector globally, as many countries are resorting to nationwide lockdowns to prevent a spread of the virus. As per the IEA Report 2020, countries around the world are opting for more efficient energy source. Electricity use among the residential sector in the first half of 2020 witnessed an increase of 20%, compared to a decline of 10% among the commercial sector.

Based on the component, the global Smart Electric Grid market is bifurcated into software, Hardware, Service. Currently, hardware segment dominated the market. Investment in smart electric grid remained focused on hardware, from digital substations to smart metering and other power engineering equipment.

Based on software, the market is segmented into Advanced Metering Infrastructure, Smart Grid Distribution Management, Smart Grid Network Management, Grid Asset Management, Substation Automation, Smart Grid Security, Billing and Customer Information System. It is estimated that smart grid distribution management segment would witness high growth during the analyzed period.

Based on hardware, the market is segmented into Sensors, Programmable Logic Controllers, Smart Meters, Networking Hardware. In 2018, globally, the installed base of smart electricity, gas and water meters stood at 1,190 million and the number is expected to reach 1,645 million by the end of 2020.

Based on service, the market is bifurcated into Consulting, Deployment and Integration, Support and Maintenance. Services help in overcoming numerous business challenges, creating high growth opportunities, and accelerating technological innovations in the energy sector.

Asia-Pacific to witness highest growth

Based on region, the report provide detail analysis for overall adoption of Smart Electric Grid in major region including North America (US, Canada, Rest of North America), Europe (Germany, UK, France, Spain, Rest of Europe), Asia-Pacific (China, Japan, India, Australia, Rest of APAC), Middle East and Africa (Saudi Arabia, UAE, South Africa, Rest of MEA), Latin America (Brazil, Argentina, Rest of Latin America). Currently, North America dominates the market, however, Asia-Pacific is expected to overtake North America to become the largest market post 2022. China is expected to invest more than US$240 billion between 2016-2020 (including US$45 billion toward smart grid technologies) to complete the build-out of a “stronger, smarter” power grid in the country.

According to UnivDatos, the key players with a considerable market share in the Global Smart Electric Grid market are Honeywell International, Schneider Electric SE, Duke Energy Corporation, General Electric Company, ABB Limited, Siemens AG, IBM Corporation, Hitachi, Ltd., Landis+Gyr, Itron.

Some of the instances are:

§ In 2020, Microsoft partnered with SNAM to launch first joint project on IoT and cloud technology for the technological and sustainable development of energy sector.

§ In 2019, Schneider Electric announced the expansion of its business in Brazil, with the opening of smart distribution center in the country. The distribution center would be accessible to customers, partners and educational institutions to experience and learn about the company's most innovative technologies delivered through its IoT-enabled, open, interoperable architecture, and EcoStruxure

§ GE Power’s Grid Solutions in collaboration with Tata Power Delhi Distribution, launched a new Advanced Distribution Management Solution (ADMS), designed for India with advanced features, such as monitoring, security, analysis, and planning

“Global Smart Electric Grid Market” provides comprehensive qualitative and quantitative insights on the industry potential, key factors impacting sales and purchase decisions, hotspots, and opportunities available for the market players. Moreover, the report also encompasses the key strategic imperatives for success for competitors along with strategic factorial indexing measuring competitor's capabilities on different parameters. This will help companies in the formulation of Go to Market Strategies and identifying the blue ocean for its offerings.      

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Market Segmentation:

1.     By Component (Software, Hardware, Service)

2.     By Software (Advanced Metering Infrastructure, Smart Grid Distribution Management, Smart Grid Network Management, Grid Asset Management, Substation Automation, Smart Grid Security, Billing and Customer Information System)

3.     By Hardware (Sensors, Programmable Logic Controllers, Smart Meters, Networking Hardware)

4.     By Service (Consulting, Deployment and Integration, Support and Maintenance)

5.     By Region (North America (US, Canada, Rest of North America), Europe (Germany, UK, France, Spain, Rest of Europe), Asia-Pacific (China, Japan, India, Australia, Rest of APAC), Middle East and Africa (Saudi Arabia, UAE, South Africa, Rest of MEA), Latin America (Brazil, Argentina, Rest of Latin America)

6.     By Company (Honeywell International, Schneider Electric SE, Duke Energy Corporation, General Electric Company, ABB Limited, Siemens AG, IBM Corporation, Hitachi, Ltd., Landis+Gyr, Itron etc.)

Key questions answered in the study:

1.     What are the current and future trends of the Global Smart Electric Grid industry?

2.     How the industry has been evolving in terms of end-user demand and product category?

3.     How the competition has been shaping across the countries followed by their comparative factorial indexing?

4.     What are the key growth drivers and challenges for the Global Smart Electric Grid industry?

5.     What are the customer orientation, purchase behavior, and expectations from the Global Smart Electric Grid suppliers across various region and countries?

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