Views: 0 Author: Site Editor Publish Time: 2021-07-15 Origin: Site
MarketsandMarkets, the world"s second largest market research institution, recently released a report stating that the global smart grid market is expected to reach US$23.8 billion in 2018, and this number will reach US$61.3 billion in 2023, with a compound annual growth rate (CAGR) of 20.9% during the forecast period (2018-2023).
The report believes that the main factors promoting the growth of global smart grids include: support from government policies and statutory mandates, improvements in smart grid reliability, and modernization of aging grid infrastructure.
MarketsandMarkets classifies the smart grid market and forecasts the prospects for subdivided areas. On the basis of software, the smart grid market is segmented into metering infrastructure, smart grid distribution management, smart grid management, grid asset management, substation automation, smart grid security, billing and customer information systems; on the basis of hardware, the smart grid market is segmented into smart meters; on the basis of services, the smart grid market is segmented into consulting, deployment and integration, support and maintenance.
In addition, the report also states that the smart grid market is composed of several organizations such as power service providers, solution providers, service providers, system integrators, original equipment manufacturers (OEMs), managed service providers, government and planning agencies, dealers and distributors, and enterprise users and technology providers. The demand side of this market includes utility providers, district energy providers, and private power suppliers; the supply side includes smart grid software vendors that provide different types of smart grid software, such as metering infrastructure, smart grid distribution management, and more.
The major vendors in the global smart grid market, analyzed by MarketsandMarkets across five major regions (North America, Europe, Asia Pacific, Middle East and Africa, and Latin America) are: GE (United States), ABB (Switzerland), Siemens (Germany), Schneider Electric (France), Itron (United States), Landis+Gyr (Switzerland), Aclara (United States), Cisco (United States), OSI (United States), IBM (United States), Wipro (India), Honeywell (US), Oracle (US), S&C ElectricCompany (US), Eaton (Ireland), Kamstrup (Denmark), Trilliant Holdings (US), Globema (Poland), TechMahindra (India), EnelX North America (US), eSmartSystems (Norway), Tanatalus (US), EsyaSoft (India), Grid4C (US) and C3Energy (US).
At present, driven by the awareness of green energy conservation, the smart grid known as "Power Grid 2.0" has become a key area of development for countries around the world. Based on an integrated, high-speed two-way communication network, smart grid can achieve the goals of reliable, safe, economical, efficient, environmentally friendly and safe use of the power grid through the application of advanced sensing and measurement technology, advanced equipment technology, advanced control methods and advanced decision support system technology.
It can be said that the construction of smart grids not only promotes the sustainable development of the global economy, but also promotes the development of smart communities and smart cities and improves people"s quality of life.
