Smart grid is an electricity grid that is used to deliver electricity using two way technology to enable communication between consumers and utility. Smart grid manages electricity demand in a reliable, efficient and sustainable manner. A smart grid involves a network of sub-stations, transformers, and electric lines that help in delivering electricity from power plant to business offices and homes. In a similar way as the internet, a smart grid also involves the use of computers, automation, controls, and new technologies working in conjunction with each other.
The major driving factor of this market is the rising demand for electricity in both residential and commercial applications. The key advantage of smart grid technology is its ability to create stability between electricity demand and supply. Most of the smart grids available worldwide is hardware focused, especially for installation of smart meters. Advanced sensors and meters are a small portion of the entire unexplored smart grid market. The major restraint of this market is that underlying smart grid technology is expensive. Some of the major trends in smart grid technologies involve intersection of distribution automation and AMI, less cyber security failure risks, adopting new technologies and upgrading old technologies, thereby leading to efficient use of electricity.
Technologies such as Static Compensators (STATCOMs), Dynamic Volt-Ampere Reactive (D-VAR), Flexible Alternating Current Transmission Systems (FACTS), High Voltage Direct Current (HVDC), and Outage Management Systems (OMS) are required in order to decrease the distribution and transmission losses and maintain the grid strength. Developing countries such as India, China, Japan South Africa, Brazil and Mexico signify growth market for smart grid technologies. With increase in globalization these countries provide a huge potential. Some of the key players of smart grid market include Itron, eMeter, Echelon, Cisco System Inc., Landys+Gyr, and Telvent.
This research report analyzes this market depending on its market segments, major geographies, and current market trends. Geographies analyzed under this research report include
- North America
- Asia Pacific
- Europe
- Rest of the World
- Market growth drivers
- Factors limiting market growth
- Current market trends
- Market structure
- Market projections for upcoming years
This report is a complete study of current trends in the market, industry growth drivers, and restraints. It provides market projections for the coming years. It includes analysis of recent developments in technology, Porter’s five force model analysis and detailed profiles of top industry players. The report also includes a review of micro and macro factors essential for the existing market players and new entrants along with detailed value chain analysis.
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