As per Northeast Group, smart electric grid is a power grid that is fully integrated with ICT (information and communications technology). These tools and other applications power’s both utility company and end customer with improved analytics and control over power flows and usage, to better optimize supply and demand. Owing to the increased investment on the overall deployment of smart electric grid technologies globally, investment on advanced metering solutions is expected to witness significant growth during the forecast period. Governments in both developing and underdeveloped economics have spotted smart grid technology as a strategic energy infrastructural investment as a long-term economic success and help in achieving the carbon emission targets. Together, these factors are expected to enhance market growth and provide ample opportunities for the smart electric grid companies to sustain in the growing market. For instance, Ministry of Natural Resources Canada has launched, Renewables and Electrification Pathways (SREPs) program, a four-year CA$960 million (US$795 million) investment plan to support the rollout of smart grid technologies.
Based on 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. However, utility companies worldwide have indicated that they are increasingly adopting sophisticated software tools for better tracking and distribution of electricity.
Based on software, the market is divided 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 divided into Sensors, Programmable Logic Controllers, Smart Meters, Networking Hardware.
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.
For a better understanding of the market adoption, report provide detailed analysis for major region and countries 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), MEA (Saudi Arabia, UAE, South Africa, Rest of MEA), Latin America (Brazil, Argentina, Rest of Latin America)
Some of the major players operating in the market include Honeywell International, Schneider Electric SE, Duke Energy Corporation, General Electric Company, ABB Limited, Siemens AG, IBM Corporation, Hitachi, Ltd., Landis+Gyr, Itron