BRICS Smart Grid Market (Component - Software, Hardware, and Services; Application - Generation, Transmission, Distribution, and Consumption/end Use): Industry Analysis, Trends, Size, Share and Forecasts to 2027

BRICS Smart Grid Market (Component - Software, Hardware, and Services; Application - Generation, Transmission, Distribution, and Consumption/end Use): Industry Analysis, Trends, Size, Share and Forecasts to 2027

Report Code: BRICS023 Region: BRICS Published: December, 2021

A recent report published by Infinium Global Research on BRICS smart grid market provides in-depth analysis of segments and sub-segments in the BRICS as well as regional smart grid market. The study also highlights the impact of drivers, restraints, and macro indicators on the BRICS and regional smart grid market over the short term as well as long term. The report is a comprehensive presentation of trends, forecast and dollar values of the BRICS smart grid market. According to the report, the BRICS smart grid market is projected to grow at a healthy CAGR over the forecast period of 2021-2027.

Market Insight

BRICS countries are under increasing pressure to limit high energy consumption triggered by outsourcing from developed nations. The smart grid refers to the electric network containing various electric components including transmission lines, transformers, substations, and several other components that help to deliver electricity from the power plant to the consumer. The smart grid enables real-time monitoring, analysis, and control of the power system that further helps to improve efficiency, minimize transmission and distribution loss, and reduce energy consumption and cost.

The benefits offered by the smart grid over the conventional power supply system are the major factor facilitating the growth of the smart grids market. The governments across the BRICS countries are focusing on the modernization of energy grids by adopting smart grid solutions with the increase in energy demand and aging electricity infrastructure. Smart grid helps to gain competitive advantage as well as increases productivity. Energy management software control system is designed to reduce energy consumption, improve the utilization of the system, increase reliability, and predict electrical system performance as well as optimize energy usage to reduce cost. The conventional electricity system may blackout due to some electricity disturbances that can majorly affect banking, communications, traffic, and security systems. The smart grid system is able to handle the electricity conflicts caused by storms, earthquakes, large solar flares, and terrorist attacks by allowing for automatic rerouting when equipment fails. In addition, the smart grid technology allows customer-owned power generators to produce power when it is not available from utilities. The distributed generation facility provided by the smart grid technology helps hospitals, traffic lights, police departments, and many other systems to operate during emergency situations. However, the high installation cost of smart grids hampers the BRICS smart grid market. Moreover, growing energy infrastructure and trending smart city projects are projected to create many opportunities for the BRICS smart grid market in the upcoming years. The virus that causes coronavirus disease introduced many changes in energy consumption. While the lockdown measures imposed on millions of people in BRICS countries have brought business as usual to a standstill, the associated estimated decline in global energy demand means that carbon dioxide emissions decreased. In BRICS countries, where offices, factories, bars, restaurants, and theaters remain closed, energy consumption has fallen which is directly impacted on the BRICS smart grid market.

Geographically, China is the largest and the fastest-growing country in the BRICS smart grid market owing to the rapidly growing technological and infrastructure advancements in the energy sectors. The increasing adoption of a smart meter in the China and India is likely to boost the growth of the BRICS smart grid market in these countries. India also holds a significant market share owing to the presence of energy management solutions providers with the most comprehensive network management solution, with features such as monitoring, analysis, control, optimization, planning, and training tools.

Segment Covered

The report on BRICS smart grid market covers segments such as component, and application. On the basis of component, the sub-markets include software, hardware, and services. On the basis of application, the sub-markets include generation, transmission, distribution, and consumption/end use.

BRICS Smart Grid Market

Companies Profiled:

The report provides profiles of the companies in the market such as Siemens, Schneider Electric, Sensus, Tech Mahindra, Wipro, Esyasoft Technologies, Silver Spring Networks, and Other companies.

Report Highlights:

The report provides deep insights into the demand forecasts, market trends, and micro and macro indicators. In addition, this report provides insights into the factors that are driving and restraining the growth in this market. Moreover, The IGR-Growth Matrix analysis given in the report brings an insight into the investment areas that existing or new market players can consider. The report provides insights into the market using analytical tools such as Porter's five forces analysis and DRO analysis of BRICS smart grid market. Moreover, the study highlights current market trends and provides forecast from 2021-2027. We also have highlighted future trends in the market that will affect the demand during the forecast period. Moreover, the competitive analysis given in each regional market brings an insight into the market share of the leading players.


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