New York, October 25, 2021 (GLOBE NEWSWIRE) – Reportlinker.com announces the publication of the report “Smart Grid: Global Markets to 2026” – https://www.reportlinker.com/p06177618/?utm_source=GNW
Using 2020 as the base year, the report provides estimated market data for the forecast period 2021 to 2026. Market values ââhave been estimated on the basis of the total revenue of smart grid manufacturers and electricity providers / electricity.
This report covers the smart grids market with regards to their implementation in different regions. It also focuses on the main trends and challenges that will affect the market and the vendor landscape.
The report includes:
– 33 tables
– An updated overview of the global smart grid technologies market
– Analyzes of global market trends, with data from 2020, estimates for 2021, 2022 and 2024 and projections of compound annual growth rates (CAGR) to 2026
– Highlights of emerging technology trends, opportunities and gaps estimating current and future demand for smart grid, and the impact of COVID-19 on the progress of this market
– Assessment and forecast of smart grid market size (by number of unit installations and product sales in dollar value) and corresponding market share analysis by component, grid type, industry vertical of end user and geography
– Identification of companies best positioned to meet demand due to their proprietary technologies, new industry specific developments and other growth strategies
– Assessment of smart grid (DRO) market dynamics, technological advancements, power sector structure, government regulations and other macroeconomic factors affecting the market
– Descriptions of the company profiles of the main manufacturers of smart grid infrastructure. Key players including Eaton, Fujitsu Ltd., General Electric, Honeywell, Landis + Gyr, Schneider Electric, Siemens etc.
The smart grid, considered the next generation electricity grid, uses two-way electricity and information flows to create a widely distributed automated power distribution network.
Most countries around the world are faced with the predominant problems of power loss and the problems of resilience of traditional electricity transmission and distribution infrastructure. As a result, many countries have made significant investments in research while collaborating with key players and deploying to modernize the current network.
The smart grid market is expected to be boosted during the forecast period of this report owing to the energy efficiency benefits of smart grid and the move towards the digitalization of the grid.
A smart grid infrastructure offers a key benefit of integrating renewable energy sources into the current electricity grid. Therefore, it allows the creation of a hybrid network while meeting the increasing demands for energy protection.
Promising government initiatives aimed at sustainable energy production that require reliable electricity infrastructure are expected to accelerate the smart grid market through 2025.
The main players in the smart grid market are ABB, Aclara, C3 Energy, Cisco, Eaton, Enel X North America, eSmart Systems, EsyaSoft, Fujitsu, General Electric, Globema, Grid4C, Honeywell, IBM, Itron, Kamstrup, Landis + Gyr , Oracle and OSI. All of these companies are investing in smart grid technology to meet the growing demand for power management and automation.
Increased collaborations and mergers and acquisitions, as well as product development and launches, are expected to optimize environmental and economic benefits by improving and utilizing new and innovative ideas and technologies.
The global smart grid market has been estimated to be DELETED in 2020 and is expected to reach DELETED through 2026 increasing at a CAGR of REMOVED during the forecast period. Urbanization and industrialization continue to increase rapidly due to the development of emerging economies, and due to this growth, investment in smart grids is expected to increase across the world.
Smart grid technology is activated by advanced sensors called phase measurement units (PMUs), which allow operators to measure grid stability; advanced digital meters that provide consumers with information and automatically report faults; relay to automatically detect and recover errors in the substation; automated power switches for the rerouting of energy; and batteries to store excess energy and make it available in the future on the grid to meet demand.
Smart grid technology is increasingly seen as a strategic infrastructure investment that will facilitate long-term economic prosperity and maximize profits while conserving energy.
The European Union launched a strategic energy technology project in 2006 to advance a smart power system by 2036. The EU has set itself the goal of improving energy efficiency by to 2020.
To improve its share of renewable energy by REDACTED and minimize its greenhouse gas emissions by REDACTED, the EU has undertaken efforts to rationalize and make its aging electricity grid more flexible, generate economies of scale for renewables and encourage consumer skills.
Read the full report: https://www.reportlinker.com/p06177618/?utm_source=GNW
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