Smart grid intends to modernize the power grid by using the latest technology that supports the utility to reduce the transmission and distribution loss. This can be achieved with the help of advanced metering infrastructure, software’s such as SCADA, DRM, DMS, MDMS, etc., and communication networks such as Wi-Fi, ZigBee, Z-Wave, etc.
Smart grid will balance the electricity supply and demand. It will improve the grid reliability by monitoring the frequency and duration of power outages and the number of disturbances, including reduction of the possibility of regional blackouts. Smart grid will improve the efficiency and dependability in energy distribution and assist in optimizing utilization of resources.
Reduction in transmission and distribution loss, coupled with an increase in energy efficiency, is one of the major drivers of the smart grid market. The governments of various countries are playing important roles in the commercialization of the smart grid market and passing on mandates and regulations for the same. The high cost of installation of the entire smart grid network is one of the restraints of the smart grid market. Another major restraint is the lack of interoperability of standards. There are huge amounts of investments happening in the smart grid market, which are an opportunity for the growth of the market. Prepaid electricity is also en-route, wherein the users will prepay for the electricity that will be consumed by them.
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Lack of interoperability standards exists at all the levels in a system. There are numerous service providers across the globe with different standards of operating and meeting a common consensus is very important for the growth of any industry. This is lacking in the smart grid market as every country has its own rules and mandates. This leads to a slower adoption of technology and increases risks for the industry as a whole.
The current trend prevailing in the smart grid technology market is the upgradation of old technology as well as adopting a new technology, which will lead to a more efficient usage of electricity. The increase in investment from the governments as well as the utilities’ point of view is expected to reach a billion mark in the next five years.
The global smart grid market is expected to reach $80.6 billion in 2016 from $22.8 billion in 2011 at a CAGR of 28.7% from 2011 to 2016. Some of the players in the smart grid market include Landys+Gyr (U.S.), Itron (U.S.), Cisco (U.S.), eMeter (U.S.), and Telvent (U.S.).
Scope of the report
This research report categorizes the global smart grid technology market and its related applications market on the basis of different kinds of software’s that are being used for the smart grid network, smart meter, various smart sensor, communication network and geographical analysis; forecasting revenue, and analyzing trends in the market.
On the basis of software and hardware
The software and the hardware market are broadly segmented into Distribution Management Systems (DMS), Demand Response Management Systems (DRM), Meter Data Management Systems (MDMS), Supervisory Control and Data Acquisition (SCADA), Outage Management Systems (OMS) and Smart Meters.
On the basis of smart sensors
The Smart sensors segment consists of voltage sensors, transformer monitoring sensors, dynamic line rating sensors and HAN sensors
On the basis of communication network
The communication Network is segmented on the basis of Wide Area Network (WAN) and Home Area Network (HAN). The different networks in the WAN and the HAN network are analysed.
On the basis of geography
North America
Europe
Asia-Pacific
ROW
Each section will provide market data, market drivers, trends and opportunities, key players, and competitive outlook. It will also provide market tables for covering the sub-segments and micro-markets. In addition, the report provides more than 20 company profiles covering all the sub-segments.
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