This report covers the COVID-19 impact on the smart grid market based on components and regions.
The global smart grid market size is expected to grow from an estimated value of USD 26.9 billion in 2020 to USD 28.8 billion by 2021, at a CAGR of 7.1% from 2020 to 2021 in the realistic scenario.
Some of the major players in the global smart grid market are GE (US), ABB (Switzerland), Siemens (Germany), Schneider Electric (France), Itron (US), Landis+Gyr (Switzerland), Aclara (US), Cisco (US), OSI (US), IBM (US), Wipro (India), Oracle (US), Honeywell (US), S&C Electric Company (US), Eaton (Ireland), Kamstrup (Denmark), and Trilliant Holdings (US), among others.
Increasing investments for modernization of aging grid infrastructure is expected to drive the growth of the smart grid market.
Grid modernization efforts vary with utility companies across the world. For instance, some vendors focus on the ongoing replacement of aging infrastructure, and some are working to interconnect greener and more distributed energy sources. In contrast, others are focused on utilizing improved diagnostics to give grid operators more visibility into the system and enhance grid reliability, flexibility, and resiliency.
Smart grids enable two-way communication between utilities and end-users, whereas the traditional system consists of electrical wires, wires, cables, towers, and distribution lines. Increased investments in the digitalization of the grid by implementing advanced communication technology will fuel the growth of the smart grid market. The smart grid also helps during the period of uncertainties. Presently, the lockdown due to COVID-19 drives the requirement of smart systems to manage grid operations so that there is minimum human intervention.
The software segment is expected to be the largest market, by component during the forecast period.
The smart grid market, by component, is segmented into hardware, software, and services. The software segment holds the largest market share as it simplifies the implementation and functionality of the smart grid. It also supports the construction and maintenance of smart grids, including infrastructure management, advanced technical calculations (based on static and dynamic data), forecasting and planning production of energy, control & regulation of voltage levels & reactive power. Furthermore, the smart grid software helps ensure the effective management of smart grid operations, improves process efficiency, and reduces energy production costs, thereby increasing the demand for the software segment in the market.
North America is expected to lead the smart grid industry during the forecast period
The smart grid market in North America is expected to be the largest during the forecast period. This growth is attributed to the increasing investments in smart grid infrastructure and the early adoption of smart grid projects. The growing trend of smart cities, smart communities, and electric vehicles are also driving the market for smart grid management. Furthermore, the smaller cooperative utilities are expected to inject funds for smart grid deployments in the US.
Reasons to Buy the Report
Illustrative segmentation, analysis, and forecast pertaining to the smart grid industry based on component and region have been conducted to provide an overall view of the smart grid industry considering the detailed impact analysis of COVID-19
Major drivers and restraints for the smart grid market have been detailed in this report.
Key Topics Covered
1 Introduction 1.1 Covid-19 Health Assessment 1.2 Covid-19 Economic Assessment 1.2.1 Covid-19 Impact on the Economy: Scenario Assessment
2 Impact of Covid-19 on the Smart Grid Ecosystem 2.1 Value Chain of the Smart Grid Industry 2.2 Impact on the Value Chain 2.2.1 Generation 2.2.2 Transmission 2.2.3 Distribution 2.2.4 EPC 2.2.5 Manufacturers/OEMs 2.2.6 Service Providers 2.3 Macroeconomic Indicators 2.3.1 Drivers 188.8.131.52 Modernization of Aging Grid Infrastructure 184.108.40.206 Improved Grid Reliability and Efficient Outage Response 2.3.2 Restraints 220.127.116.11 High Initial Cost for the Deployment of Smart Grid Technology Solutions 18.104.22.168 Lack of Standards and Interoperability
3 Customer Analysis 3.1 Shift in Transmission & Distribution 3.1.1 Disruption in the Industry 3.1.2 Impact in Customers' Output & Strategies to Resume/Improve Production 3.1.3 Impact on Supply Chain 3.1.4 New Market Opportunities and Key Initiatives to Reduce the Impact 3.2 Shift in Generation 3.2.1 Disruption in the Industry 3.2.2 Impact in Customers' Output and Strategies to Resume/Improve Production 3.2.3 Impact on Supply Chain 3.2.4 New Market Opportunities and Key Initiatives to Reduce the Impact
4 Short-Term Strategies of Smart Grid Companies Due to the Covid-19 Outbreak 4.1 Impact on Software Companies' Portfolio 4.2 Impact on Hardware Companies' Portfolio 4.3 Impact on Services Companies' Portfolio 4.4 Winning Strategies to Gain Market Share 4.4.1 Short-Term Strategies 4.4.2 Mid-Term Strategies 4.4.3 Long-Term Strategies 4.5 Key Companies and Their Business Plans
5 Impact of Covid-19 on the Smart Grid Market 5.1 Smart Grid Market, by Software 5.1.1 Advanced Meter Infrastructure 5.1.2 Smart Grid Distribution Management 5.1.3 Smart Grid Network Management 5.1.4 Grid Asset Management 5.1.5 Substation Automation 5.1.6 Smart Grid Security 5.1.7 Billing and Customer Information System 5.2 Smart Grid Market, by Hardware 5.2.1 Smart Meter 5.3 Smart Grid Market, by Service 5.3.1 Consulting 5.3.2 Deployment and Integration 5.3.3 Support and Maintenance
6 Impact of Covid-19 on the Smart Grid Market, by Region 6.1 Introduction 6.1.1 Optimistic Scenario 6.1.2 Realistic Scenario 6.1.3 Pessimistic Scenario 6.2 North America 6.2.1 By Component 6.2.2 By Country 6.3 Europe 6.3.1 By Component 6.3.2 By Country 6.4 Asia-Pacific 6.4.1 By Component 6.4.2 By Country 6.5 South America 6.5.1 By Component 6.5.2 By Country 6.6 Middle East & Africa 6.6.1 By Component 6.6.2 By Country