Smart Grid Market (Solutions, Services) to Soar at 27% CAGR to 2021 Led by Integration and Deployment Services

Jul 19, 2016, 04:00 ET from ReportsnReports

PUNE, India, July 19, 2016 /PRNewswire/ --

The smart grid market size is estimated to grow from $19.8 million in 2016 to $65.4million by 2021, at a CAGR of 27% 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.

Complete report on smart grid market across 158 pages, profiling 10 companies and supported with 70 tables and 55 figures is now available at .

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.

The integration and deployment service is projected to grow at a high growth rate; hence, will present good market opportunity during the forecast period. The increasing demand of system integrators for integration and implementation service, software development service, application technology integration, database design and modeling, and deployment service acts as a major driving factor for the growth of system integrators and deployment service providers in the smart grid market.

North America is expected to hold the largest share of the smart gird market in 2016due 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.

The various key smart gird vendors profiled in this report such as ABB Group (Switzerland), Cisco Systems, Inc. (U.S.), General Electric Company (U.S.), International Business Machine (U.S.), Itron Inc. (U.S.), Landis+Gyr AG (Switzerland), Oracle Corporation (U.S.), Open Systems International, Inc. (U.S.), Schneider Electric SE (France) and Siemens AG (Germany). Order a copy of Smart Grid Market by Solution (Advanced Metering Infrastructure, Smart Grid Distribution, Smart Grid Communication, Grid Asset Management, Geographic Information System and Billing & Customer Information System), by Service - Global Forecast to 2021 research report at .

In the process of determining and verifying, the smart grid market for several segments and sub segments gathered through secondary research, extensive primary interviews were conducted with key people. In Tier 1 (20%), Tier 2 (25%) and Tier 3 (55%) companies were contacted for primary interviews. The interviews were conducted with various key people such as C Level (75%) and Manager Level (35%) from various key organizations operating in the global smart grid market. The primary interviews were conducted worldwide covering regions such as North America (35%), Europe (25%), Asia-Pacific (25%) and Rest of World (15%).

On a related note, another research on Internet of Things (IoT) in Utility Market Global Forecast to 2020 says, the market size is estimated to grow from USD 4.63 billion in 2015 to USD 11.73 billion by 2020, at a CAGR of 20.4% during the forecast period. Analytics is to gain the maximum traction during the forecast period. Emergence of cloud-based platforms and declining cost of Internet of Things (IoT) components will drive the adoption of IoT-based software solutions in utility sector. Companies like Silver Spring Networks, Inc., Trilliant, Inc., OSI Soft Inc., C3 Energy, Energyworx B.V., Cryptosoft, Tibbo Technology Inc., AmpliaSoluciones S.L., WAVIoT and Grid4C have been profiled in this 147 pages research report available at .

Explore more reports on the IT & Telecommunication market at .

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