This report provides exclusive insights into the COVID-19 impact on the Smart Grid Market. The detailed analysis provides information about the impact of the outbreak on the demand and supply conditions, trends and forecasts of the Smart Grid Market. Moreover, the impact analysis covers the study of the COVID-19 on the supply chain of Smart Grid Market. The sectoral impact shall provide insights into both short term and long term effects of the pandemic on the related and support industries.
A recent report published by
Infinium Global Research on the smart grid market provides an in-depth analysis of
segments and sub-segments in global as well as regional smart grid market. The
study also highlights the impact of drivers, restraints and macro indicators on
the global 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 global smart grid market. According to the report, the global smart
grid market is projected to grow at a CAGR of 17.5% over the forecast period of
The smart grid is the term, refers to
the electric network contains various electric components including
transmission lines, transformers, substation and several other components that
help to deliver electricity from the power plant to the consumer. The smart grid is
the reliable and efficient digital technology that uses intellectual two-way
digital communication and delivers power through the integration of renewable
energy sources, smart transmission and distribution system. The smart grid
enables real-time monitoring, analysis, and control of the power system that
further helps to improve efficiency, minimize the transmission and distribution
loss, and reduce energy consumption and 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. For instance, The U.S. smart grid plant contains more
than 9,200 electric generating units, having more than 1 million megawatts of
generating capacity connected to more than 600,000 miles of transmission lines.
The benefits offered by the smart grid over the conventional power supply
system is the major factor facilitating the growth of the smart grids market
worldwide. 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 light, police department, and many other systems to operate
during emergency situations.
The distribution power generation
facility of the smart grid is expected to boost the growth of the smart grid
market. The factors such as favorable government policies, growing Government
initiatives for Smart Meter Roll-outs and rising demand for integration of
renewable energy is contributing to the growth of the smart grid market.
However, high setup cost and lack of expertise are the factors hampering the
growth of the smart grid market. Moreover, growing energy infrastructure and
trending smart city projects are projected to create many opportunities for the
smart grid market in the upcoming years. Geographically, Asia Pacific is the
largest and the fastest-growing region in the 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 Asia Pacific region is likely
to boost the growth of the smart grid market in this region.
The report on the global smart
grid market covers segments such as technology. On the basis of technology, the
global smart grid market is categorized into advanced metering infrastructure,
software and hardware, communication technologies, distribution automation, transmission
upgrades, and cybersecurity.
The countries covered in the
North America region include the U.S., Canada, and Mexico; while Asia-Pacific
includes China, Japan, India, South Korea, Malaysia, and others.
Moreover, Germany, U.K., France, Spain, and Rest of Europe are included in the
European region. The U.S. drives the growth in the North America region as it
is the largest market in the region. The Asia-pacific region offers substantial
potential for market growth owing to rapid growth in markets such as India
and China. The APAC region is projected to experience a growth at a CAGR of x.x%
over the period of 2018-2024.
The report provides profiles of
the companies in the global smart grid market such as Siemens, Schneider
Electric, Sensus, Silver Spring Networks, Aclara, Alstom, Landis+Gyr and Itron.
The report provides deep insights
on demand forecasts, market trends, and micro and macro indicators. In
addition, this report provides insights into the factors that are driving and
restraining the global smart grid market. Moreover, the IGR-Growth Matrix analysis
given in the report brings 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 the smart grid market. Moreover, the study highlights current market trends and
provides forecast from 2018-2024. We also have highlighted future trends in the
smart grid market that will impact the demand during the forecast period.
Moreover, the competitive analysis given in each regional market brings insight
into the market share of the leading players. This report will help
manufacturers, suppliers, and distributors of the smart grid market to
understand the present and future trends in this market and formulate their