BANGALORE, India, Feb. 10, 2020 /PRNewswire/ -- In 2017, the smart grid market size was estimated at $66.96 billion and is projected to reach $169.18 billion by 2025, increasing at a CAGR of 12.4% between 2018 and 2025.
The smart grid provides technologies that improve fault detection and enables self-healing of the network automatically after the power disturbances. Smart Grid allows real-time monitoring and regulation of the power system as well as helps to reduce AT&C losses. Smart Grid is expected to serve as a backbone network to allow new business models such as smart cities, electric vehicles, and smart communities to be implemented.
The global market for smart grids is segmented by component, application, solutions, end-user, and region. The market is classified based on component, into solutions and services. It is categorised according to application into generation, transmission, delivery, and consumption/end usage. On the basis of solutions, the market is segmented into advanced metering infrastructure (AMI), smart grid distribution management, smart grid communication, smart grid network management, substation automation, smart grid protection, and more.
TRENDS EXPECTED TO INCREASE THE SMART GRID MARKET SIZE
Increasing use of smart grid technology to improve energy conservation, reliability and consumption efficiency by reducing energy losses are driving the market growth.
Rising environmental concerns along with supporting government policies and regulations to use smart meters and increasing investments in digital electrical infrastructure are also expected to drive the market growth.
Increase in the number of electric vehicles and emerging smart city initiatives in the developing regions are expected to offer lucrative market growth opportunities in the coming years.
The market for the smart grid industry is further motivated by a rise in reliance on electronic devices and a growing need for electricity in both households and the commercial sector. Smart grids deliver electricity to consumers as and when they need it, making it a reliable power source that reduces the frequency and duration of blackouts.
SEGMENT WISE SMART GRID MARKET SHARE ANALYSIS
Commercial segment generated the highest revenue for smart grid market while the overall market share was dominated by the solution segment in 2017. The solution segment is expected to remain dominant during the forecast period. This segment's growth is primarily due to advantages like cost savings on total electricity bills and the need to move from traditional sources of energy to sustainable and renewable resources. Furthermore, increasing security and data privacy issues are also driving this segment's development.
In terms of region, North America has dominated the overall market share of smart grids in 2017 and is expected to remain dominant over the forecast period. This dominance of North America is due to the advent of electric vehicles and major investments pouring in from private and public companies. Asia-Pacific is expected to show the highest growth rate during the forecast period. This growth can be attributed to the increasing demand for connecting remote and rural communities to the national grid and to resolve power outages.
1) Global Remote Terminal Unit (RTU) in Smart Grid Market
Remote Terminal Unit (RTU) is a computer mounted at a remote location that collects data, codes data into a transmittable format, and transmits data back to a central or master station. The remote terminal unit will collect electrical power status data in a smart grid and transmit the data to the station.
The Remote Terminal Unit (RTU) in the Smart Grid market was valued at US$ 230 million in 2018 and is projected to reach US$ 340 million by 2025, at a CAGR of 4.8 per cent during the forecast period.
The demand for remote terminal units in developed regions such as the USA and Europe has attained equilibrium as the market is mature, while the growth rate in emerging regions such as Asia is expected to be more rapid. Asia region is expected to hold a greater production and consumption market share over the next several years.
In this report, 2018 was treated as the base year and 2019 to 2025 as the forecast period for estimating the size of the Remote Terminal Unit (RTU) market for Smart Grid. This report presents the global Remote Terminal Unit (RTU) in the size of the Smart Grid market (value, production and consumption), splits the breakdown (data status 2014-2019 and forecast to 2025), by manufacturers, region, type and application.
A smart grid is an integrated grid system that regulates the demand for electricity in a safe, efficient and economical way, based on advanced technology and designed to promote the integration of all those involved.
There are four components to a smart grid sensor: a transducer, a microcomputer, a transceiver and a power source. Smart grid sensors can achieve real-time transmission of data sampling and processing.
This report presents the worldwide market size of Smart Grid Sensors (value, output, and consumption), splits the breakdown (2014-2019 data status and forecast to 2025), by manufacturers, region, type and application. This report also analyses the market status, market share, growth rate, future trends, market dynamics, opportunities and challenges, risks and barriers to entry, sales channels, distributors and Porter's Five Forces Analysis.
Smart grid equipment comprises all the infrastructure from the transmission system to the point of delivery to the customer. Such devices improve the overall efficiency of the smart grid, reduce technical losses, enhance O&M and enables grid operators to monitor and control grid functions from a remote location.
This study focuses on the volume and value of Smart Grid Equipment at national, regional and enterprise level. From a global perspective, this study reflects the overall size of the market for smart grid equipment by examining historical data and prospects for the future. This study focuses regionally on several main regions, including North America, Europe, China and Japan.
Smart grid networking provides two-way communication between different elements of a utility grid, allowing high-quality network management through communication between network elements.
This study focuses on global networking status for smart grids, future predictions, growth opportunities, key industry and key players. The aim of this study is to address the growth of Smart Grid Networking in North America, Europe, China, Japan, Southeast Asia, India and Central & South America.
Valuates offers in-depth market insights into various industries. Our extensive report repository is constantly updated to meet your changing industry analysis needs.
Our team of market analysts can help you select the best report covering your industry. We understand your niche region-specific requirements and that's why we offer customization of reports. With our customization in place, you can request for any particular information from a report that meets your market analysis needs.