NEW YORK, Aug. 1, 2016 /PRNewswire/ -- "Mandatory regulations and policies for smart meter and smart grid technology deployment across the globe are some of the factors expected to drive the smart grid market"
The smart grid market size is estimated to grow from USD 19.8 million in 2016 to USD 65.4 million by 2021, at a Compound Annual Growth Rate (CAGR) of 27.0% due to the increasing need for replacing aging infrastructure, mandatory regulations and policies, need for centralized gird distribution management and control, and increasing concern for reducing carbon footprints.
"Smart grid distribution management segment is estimated to be the fastest growing market segment"
The smart gird distribution management segment is estimated to have the highest CAGR during the forecast period as they are responsible for the support of utilities demand response management programs, micro-grids, distribution automation, outage management, network optimization, and workforce management. The major growth drivers identified for the smart gird distribution management market are rising smart grid technology market, increasing adoption of distributed renewable generation, and regulatory pressure for reducing carbon emission. Globally, the market is witnessing substantial investments in R&D and marketing channels.
"North America estimated to have the largest market share during the overall forecast period"
North America is expected to hold the largest share of the smart gird market in 2016 due to increasing spending on energy efficiency programs coupled with regulatory government mandates in the U.S. and Canada. Asia-Pacific (APAC) is expected to grow at the highest growth rate during the forecast period due to rapid smart grid deployments in China, Japan, and India, along with Australia, Singapore, New Zealand, and South Korea.
In the process of determining and verifying the market size for several segments and subsegments gathered through secondary research, extensive primary interviews were conducted with key industry personnel. The break-up profile of primary discussion participants is given below.
- By Company Type: Tier-1 (20%), Tier-2 (25%), and Tier-3 (55%) companies
- By Designation: C-level (75 %) and Manager Level (25 %)
- By Region: North America (35 %), Europe (25 %), Asia-Pacific (APAC) (25 %), and Rest of World (15%)
The various key smart gird vendors profiled in the report are as follows:
1. ABB Group (Switzerland)
2. Cisco Systems, Inc. (U.S.)
3. General Electric Company (U.S.)
4. International Business Machine (U.S.)
5. Itron Inc. (U.S.)
6. Landis+Gyr AG (Switzerland)
7. Oracle Corporation (U.S.)
8. Open Systems International, Inc. (U.S.)
9. Schneider Electric SE (France)
10. Siemens AG (Germany)
The report will help the market leaders/new entrants in smart gird market in the following ways:
1. This report segments the smart gird market comprehensively and provides the closest approximations of the revenue numbers for the overall market and the subsegments across different regions.
2. The report helps the stakeholders understand the pulse of the market and provides them information on key market drivers, restraints, challenges, and opportunities.
3. This report will help the stakeholders to better understand the competitors and gain more insights to better their position in the business. The competitive landscape section includes competitor ecosystem, new product developments, partnerships, and mergers & acquisitions.
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