A smart grid uses computer-based automation technology to monitor and control power flows from the point of generation to consumption, enhancing predictability, visibility, and efficient management of the production and demand.
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The reduction in the reliance on foreign oil imports for energy consumption and the rise in concerns about greenhouse gas emissions is expected to drive the smart grid equipment market.
Technavio’s market research analyst predict the smart grid equipment market in the US to witness a steady growth at a rate of around 9% during the forecast period.
The smart grid can aid in significantly reducing the cost incurred due to power disturbances.
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Real-time data monitoring by the use of advanced sensors and measurement techniques will enable the grid to detect, analyze and respond to peak load and adverse situations.
Segmentation by application and analysis of the smart grid equipment market
Software and hardware
Smart transmission and distribution (T&D) equipment
Communication and wireless network infrastructure
This research report estimates the communication and wireless network infrastructure segment to dominate the smart grid equipment market and reach USD 9 billion by the end of 2019. The government support processes providing interoperability standards and the recent generation of wireless technologies such as RF Mesh, LTE, and WiMAX have provided great potential for the development of the smart grid communications.
Competitive landscape and key vendors
The commercialization of new technologies in the smart grid sector and the new installations in the T&D segment of the market is expected to intensify the competition among providers. Additionally, the augmented government support and investments in the market during the forecast period is expected to drive competition in the market over the next few years.
The top five vendors in the market are –
Growth drivers, challenges, and upcoming trends: Integration of renewable energy sources
Upcoming trends such as integration of renewable energy sources with the power grid network is gaining popularity as it helps to reduce the carbon footprint of the electric power system. For instance, in the US, the provisions under the Energy Independence and Security Act of 2007 and EPA programs stipulate the need to increase the share of renewable energy in the total energy mix.
Such high rate of renewable energy production demands the need for adequate and reliable power transmission, which is provided by the smart grid.
This research report provides a number of factors contributing to the adoption, limitations, and opportunities of the smart grid equipment market in the US. It also offers an analysis of each factor and an estimation of the extent to which the factors are likely to impact the overall market growth.
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