Press release
Smart Grid Market Business Overview and Industrial Trends by Leading Players 2021-2030
Smart grid holds wide applications in residential, commercial, and industrial sector, owing to their capability to ensure uninterrupted power supply by detecting and simultaneously restoring the faults in electricity supply chain.
Smart grid comprises of smart appliances, smart meters, as well as energy efficient and renewable resources that assist in production, distribution, and conditioning of power in the entire supply chain, along with providing an integrated networking & communication system.
The benefits offered by smart grid such as, higher efficiency, energy conservation, uninterrupted power supply, minimal fluctuations in supply chain, reduced footprints, and most importantly environmental protection; consequently result to higher adoption of smart grid solutions; thereby propagating the growth of global smart grid market throughout the forecast period.
Access Full Description of this report at:-
https://www.nextmsc.com/report/smart-grid-market
Competitive Landscape
The smart grid market is highly competitive and consists of various market players. Some of the major market players include General Electric, Cisco Systems Inc., Honeywell International Inc., Itron Inc., International Business Machines Corporation (IBM), Schneider Electric, Oracle, Tech Mahindra Limited, Siemens, and Wipro Limited, among others.
The cities are undergoing digital transformation with the evolution of smart cities. With this, the smart networks, smart infrastructures, and smart connectivity webs, are gaining momentum; hence generating a demand for reliable and efficient smart grid solutions. With this trend the major players of the global smart grid market are bagging more and more projects for the development and deployment of smart grid solutions, thereby fuel-rocketing the growth of smart grid market at global level.
In December 2019, Tech Mahindra Limited., one of the key players in the smart grid market, bagged a smart city project from Pimpri Chinchwad Municipal Corporation (PCMC), costing INR 500 Crore. PCMC is Asia’s richest municipal corporation catering more than 15 lakh citizens. Tech Mahindra opted to provide robust, reliable, and sustainable ICT infrastructure that comprise of smart network, smart grid, smart water, smart sewerage, smart parking, smart CCTV surveillance system, smart disaster management, and all types of smart solutions; hence, digitally-transforming the city into smart city.
In January 2020, the Metropolitan Electrical Authority (MEA), of Thailand, announced that it has selected Oracle, one of the giants in smart grid market, to develop and deploy its ‘Smart Metro Grid’ project. This project aims at elevating the standards of living for the citizens living in Central Thailand, thereby developing a Smarter Thailand. MEA, a state-owned energy utility group serving Bangkok and two neighboring provinces, caters more than 4 million consumers. The main objective of this project is to provide smart grid solutions, improved electricity services, lower cost supply, and increased speed of internal processes, along with enabling the consumers to monitor their own usage on MEA’s API.
In February 2020, General Electric Company, one of the ruling companies in smart grid market, announced that it has been awarded with $4.2 million funding from Solar Energy Technologies Office (SETO), the U.S. Department of Energy, to develop and deploy advanced grid-forming photovoltaic (PV) inverter control technology that is capable of supporting higher loads of solar power on the grids. SETO with GEC aims at developing reliable, energy efficient, sustainable, and renewable smart grid solutions for nation’s electric grid system.
Request sample copy of this report at:-
https://www.nextmsc.com/smart-grid-market/request-sample
Market Segmentations and Scope of the Study:
The global smart grid market share has been analyzed based on component, application, end user and geography.
Based on component, the smart grid market is segmented into services and solution. The solution segment is sub segmented into Advanced Metering Infrastructure (AMI), Smart Grid Distribution Management, Smart Grid Communications, Smart Grid Network Management, Substation Automation, Smart Grid Security, and others. Based on application, the smart grid market is fragmented into generation, transmission, distribution, and consumption/end use. Based on end user, the smart grid market is divided into commercial, residential, and industrial. Geographic breakdown and analysis of each of the previously mentioned segments include regions comprising Asia-Pacific, North America, Europe, and RoW.
Geographical Analysis
North America dominated the global smart grid market and is expected to maintain its dominance throughout the forecast period. This is due to well-established network infrastructures, increasing number of smart cities, and higher adoption of electric vehicles in this region.
Asia Pacific is expected to grow with the highest CAGR values in the global smart grid market throughout the forecast period, owing to increasing government initiatives to digitally transform the infrastructures and emerging concept of smart cities in this region.
Contact:
Phone Number: +1-217-650-7991
E-mail: info@nextmsc.com
About Next Move Strategy Consulting:
Next Move Strategy Consulting is an independent and trusted third-platform market intelligence provider, committed to deliver high quality, market research reports that help multinational companies to triumph over their competitions and increase industry footprint by capturing greater market share. Our research model is a unique collaboration of primary research, secondary research, data mining and data analytics.
We have been servicing over 1000 customers globally that includes 90% of the Fortune 500 companies over a decade. Our analysts are constantly tracking various high growth markets and identifying hidden opportunities in each sector or the industry. We provide one of the industry’s best quality syndicate as well as custom research reports across 10 different industry verticals. We are committed to deliver high quality research solutions in accordance to your business needs. Our industry standard delivery solution that ranges from the pre consultation to after-sales services, provide an excellent client experience and ensure right strategic decision making for businesses.
For more insights, please visit, https://www.nextmsc.com
This release was published on openPR.
Permanent link to this press release:
Copy
Please set a link in the press area of your homepage to this press release on openPR. openPR disclaims liability for any content contained in this release.
You can edit or delete your press release Smart Grid Market Business Overview and Industrial Trends by Leading Players 2021-2030 here
News-ID: 2502126 • Views: …
More Releases from Nextmsc
Home Automation Market 2022 | Size, Growth, Demand, Opportunities and Forecast 2 …
The Home Automation Market size was valued at USD 84.33 billion in 2021 and is predicted to reach USD 210.15 billion by 2030 with a CAGR of 10.7% from 2022-2030. Home automation also known as smart home, is an automation system, which provides access to control appliances such as alarm systems, electrical outlets, lights, fans, and others, using a smartphone. In this system, the primary focus is on home…
Packaging Robots Market Competitive Landscape, Key Players, Business Opportuniti …
The Packaging Robots Market size was valued at 4.02 billion in 2021 and is predicted to reach 8.60 billion by 2030 with a CAGR of 8.9% from 2022-2030. Packaging robots are designed to handle materials, seal & label, and move or pack goods among other tasks to enable products to be packaged. These robots are significantly flexible and easy to integrate into a workspace. When compared with manual processes, packaging…
Automated Guided Vehicle (AGV) Market 2022 Future Development Status Recorded ti …
The Automated Guided Vehicle Market size was valued at 4.02 billion in 2021 and is predicted to reach 8.66 billion by 2030 with a CAGR of 8.9% from 2022-2030. Automated guided vehicle is the material handling automated machines that are programmed to move carts, trays, and pallets in different warehousing and manufacturing facilities. The automation through automated guided vehicle (AGV) aids the requirement for material handling capacity, decreasing production time…
ROS Based Robot Market predicted to reach 87.92 billion by 2030 with a CAGR of 8 …
The ROS Based Robot Market was valued at 42.69 billion in 2021 and is predicted to reach 87.92 billion by 2030 with a CAGR of 8.4% from 2022-2030. The Robot Operating System (ROS) is a set of software tools and libraries that enables the user to build robot applications. It is the collection of open-source software frameworks for robot software development. ROS in robots offers the services of an operating…
More Releases for Smart
Smart Cities Market is Expected to Witness CAGR of 17.3% by 2027 with Applicatio …
A smart city is an urban unit or area that uses various types of electronic Internet of Things (IoT) devices to collect data and then use the insights to manage resources, assets, and services effectively. Green building is a growing trend in the global smart cities market. Constructing eco-friendly infrastructure facilities can provide a sustainable environment in the cities. Moreover, governments are focused on constructing energy-efficient buildings, in order…
Internet of Things (IoT) Devices Market By Type (Computing Devices, Smart Media, …
On a global scale, the Internet of Things (IoT) Devices market is currently showing significant development. The innovative methods and market study have helped many of the major players Samsung Electronics, Apple, Lenovo, ASUS, Acer, Huawei, Coolpad, LG Electronics, Google, Panasonic, Microsoft, Brother Industries, Honeywell, Fitbit, Lenovo to carve a name for themselves in the competitive global market. The Internet of Things (IoT) Devices market is experiencing a massive growth…
Global Smart Cities Market by Component (Hardware, Software) by Application (Sma …
Global Smart Cities Market: Overview
The global smart cities market is expected to reach a mark of over USD 3000 billion by 2024, at a CAGR over 21% during the forecast period. Significant growth in next-generation technologies such as artificial intelligence AI, personalized healthcare, sustainable energy generation and robotics are driving the smart cities’ future. Moreover, the increase in residential preference towards the adoption of advanced information and communication technologies ICT…
Global Smart Infrastructure - A Smart Approach To Smart Cities In 2016
Slowly but surely we are beginning to see a transformation take place in many parts of the world, as governments and councils realise they need to take a holistic approach to future city-wide development. In Australia, for example, we see that Adelaide, Canberra, Newcastle, Lake Macquarie, Sydney, Ipswich and Sunshine Coast have all been identified as being among the leading smart cities. The Netherlands also has great examples of emerging…
Global Smart Infrastructure - A Smart Approach To Smart Cities In 2016
The global smart city transformation is underway
Slowly but surely we are beginning to see a transformation take place in many parts of the world, as governments and councils realise they need to take a holistic approach to future city-wide development. In Australia, for example, we see that Adelaide, Canberra, Newcastle, Lake Macquarie, Sydney, Ipswich and Sunshine Coast have all been identified as being among the leading smart cities. The Netherlands…
Smart Kitchen Appliances Market ( Smart Refrigerators, Smart Dishwashers, Smart …
The rising demand for smart kitchen appliances is linked to their premium design that offers better effectiveness and more comfort than their traditional counterparts. With energy efficiency at its core, the global market for smart kitchen appliances is expected to surge at a robust pace in the near future.In a report titled “Smart Kitchen Appliances Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2014 - 2022,” Transparency…
