Growing need to digitalize the power sector driven by ageing electrical grid infrastructure will stimulate the global smart grid market size. The industry is primarily driven by favorable government regulations and mandates along with rising share of renewables in the global energy mix
The smart grid technologies market can be classified into outage management systems (OMS), energy management systems (EMS), SCADA, demand management systems (DMS), and geographic management systems (GMS) based on network operations software. Sensor segments for this industry include, which include flexible AC transmission systems (FACTS), transformer monitoring sensors, voltage sensors, and SCADA related sensors, direct current transmission & wide area monitoring sensors, dynamic line rating sensors, and home area network sensors.
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After arriving at the overall market size using the market size estimation processes as explained above, the market was split into several segments and subsegments. To complete the overall market engineering process and arrive at the exact statistics of each market segment and subsegment, the data triangulation and market breakdown procedures were employed wherever applicable. The data was triangulated by studying various factors and trends from both the demand- and supply- sides of the smart grid market.
On the other hand, the high cost of smart grid deployment of the entire smart grid network is the major challenge of the global smart grid industry. Further, the shortage of interoperability standards is also adding to the problems the market is facing. Meeting a common consensus is significant for the development of any industry. But, in the smart grid industry, every economy has its own mandates and regulations forcing various service providers to employ different standards of operating based on the geography, in which the enterprise exist. This factor leads to a slower acceptance of smart grid technology, which results in hampering the market growth, notes the research study.
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It has the second largest electricity customer market size in the world. Unlike China, which has the largest, the Indian market will be open to international vendors, as stated in the central government’s smart grid development strategy. This will create very significant market opportunities for the leading global players. Vendors from across Europe, North America, and Asia have already participated in small-scale pilots and grid upgrade projects, and have been linked with announcements of large-scale rollouts by Indian utilities that are upcoming in the next several years.
Some Prominent market Players include ABB, General Electric, Siemens, Schneider Electric, Honeywell Elster, Hubbell, Belden, Fujitsu General, Itron, Landis+Gyr, Cisco, Oracle, IBM, Wipro amongst others.