Market Overview:
The global smart grid solution market is expected to grow from USD XX million in 2018 to USD XX million by 2030, at a CAGR of X.X%. The growth of the market can be attributed to the increasing demand for energy efficiency and renewable energy sources. The hardware devices segment is expected to hold the largest share of the global smart grid solution market during the forecast period. However, the software services segment is projected to grow at a higher CAGR during the forecast period.
Product Definition:
A Smart Grid Solution is a type of software that helps electric utilities manage and optimize the flow of electricity from generation to consumption. It does this by integrating advanced communications and information technologies with traditional electrical grid systems. The goal of a Smart Grid Solution is to improve the efficiency, reliability, and security of the electrical grid while reducing costs and environmental impacts.
Hardware Devices:
Hardware devices are the heart of any smart grid solution. They are responsible for collecting energy data and sending it to the cloud where it is analyzed and stored. The information collected by these devices is used by utilities to monitor power consumption patterns, detect outages, forecast demand etcetera.
The global hardware devices market was valued at USD 8,867 million in 2015.
Software Services:
Software services are the set of tools, processes, and practices that help organizations achieve their business goals. Software services include consulting, application management & development (such as enterprise software), project management (such as software engineering), training & education, system integration & deployment and support & maintenance. Software service plays a vital role in smart grid solution implementation by providing core functionalities such as data analytics and reporting capabilities along with advanced technologies such as SCADA or Supervisory Control and Data Acquisition (SCADA).
Application Insights:
The commercial segment dominated the global smart grid solution market in 2017, accounting for over 60.0% share of the total revenue. The growth can be attributed to increasing demand from public utilities and energy service companies for deploying advanced solutions to improve their operations. For instance, in 2015, Pacific Gas & Electric Company (PG&E) announced a plan to deploy a smart grid system with IBM Corporation as its technology partner; this project is expected to enhance PG&E¢â‚¬â„¢s ability to manage power flow and reduce electricity costs by approximately 40%.
Residential application is projected register notable gains owing to rising awareness among consumers regarding their rights related energy supply and growing need for improving home security systems that offer remote monitoring features along with mobile control capabilities. Furthermore, technological advancements such as introduction of low-cost tablets that enable users monitor usage patterns are anticipated drive the demand further over the forecast period.
Regional Analysis:
North America dominated the global market in 2017. The region is expected to maintain its position during the forecast period. This can be attributed to increasing investments in smart grid infrastructure and growing adoption of innovative technologies across various end-use industries, such as energy and utilities. Moreover, rising demand for clean electricity coupled with favorable government initiatives is likely to drive regional growth over the next eight years.
Asia Pacific region accounted for a revenue share of more than 20% in 2017 owing to high penetration of renewable energy generation sources across countries such as China, Japan, South Korea & Taiwan which are also among top 10 consumers of electricity in Asia Pacific region (based on consumption). In addition, rapid urbanization along with increasing population has led to an increase in power demand thereby driving industry growth over the forecast period.
Growth Factors:
- Increasing demand for energy efficiency and conservation
- Rising concerns over climate change and its impact on the environment
- Proliferation of smart devices and the Internet of Things (IoT)
- Development of innovative technologies that can help reduce greenhouse gas emissions
- Growing interest in renewable energy sources such as solar and wind power
Scope Of The Report
Report Attributes
Report Details
Report Title
Smart Grid Solution Market Research Report
By Type
Hardware Devices, Software Services
By Application
Residential, Commercial
By Companies
Cisco, Aclara Technologies, Open Systems International, IBM, Wipro, Oracle, Infosys, GE
Regions Covered
North America, Europe, APAC, Latin America, MEA
Base Year
2021
Historical Year
2019 to 2020 (Data from 2010 can be provided as per availability)
Forecast Year
2030
Number of Pages
149
Number of Tables & Figures
105
Customization Available
Yes, the report can be customized as per your need.
Global Smart Grid Solution Market Report Segments:
The global Smart Grid Solution market is segmented on the basis of:
Types
Hardware Devices, Software Services
The product segment provides information about the market share of each product and the respective CAGR during the forecast period. It lays out information about the product pricing parameters, trends, and profits that provides in-depth insights of the market. Furthermore, it discusses latest product developments & innovation in the market.
Applications
Residential, Commercial
The application segment fragments various applications of the product and provides information on the market share and growth rate of each application segment. It discusses the potential future applications of the products and driving and restraining factors of each application segment.
Some of the companies that are profiled in this report are:
- Cisco
- Aclara Technologies
- Open Systems International
- IBM
- Wipro
- Oracle
- Infosys
- GE
Highlights of The Smart Grid Solution Market Report:
- The market structure and projections for the coming years.
- Drivers, restraints, opportunities, and current trends of market.
- Historical data and forecast.
- Estimations for the forecast period 2030.
- Developments and trends in the market.
- By Type:
- Hardware Devices
- Software Services
- By Application:
- Residential
- Commercial
- Market scenario by region, sub-region, and country.
- Market share of the market players, company profiles, product specifications, SWOT analysis, and competitive landscape.
- Analysis regarding upstream raw materials, downstream demand, and current market dynamics.
- Government Policies, Macro & Micro economic factors are also included in the report.
We have studied the Smart Grid Solution Market in 360 degrees via. both primary & secondary research methodologies. This helped us in building an understanding of the current market dynamics, supply-demand gap, pricing trends, product preferences, consumer patterns & so on. The findings were further validated through primary research with industry experts & opinion leaders across countries. The data is further compiled & validated through various market estimation & data validation methodologies. Further, we also have our in-house data forecasting model to predict market growth up to 2030.
Regional Analysis
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- Latin America
Note: A country of choice can be added in the report at no extra cost. If more than one country needs to be added, the research quote will vary accordingly.
The geographical analysis part of the report provides information about the product sales in terms of volume and revenue in regions. It lays out potential opportunities for the new entrants, emerging players, and major players in the region. The regional analysis is done after considering the socio-economic factors and government regulations of the countries in the regions.
How you may use our products:
- Correctly Positioning New Products
- Market Entry Strategies
- Business Expansion Strategies
- Consumer Insights
- Understanding Competition Scenario
- Product & Brand Management
- Channel & Customer Management
- Identifying Appropriate Advertising Appeals
8 Reasons to Buy This Report
- Includes a Chapter on the Impact of COVID-19 Pandemic On the Market
- Report Prepared After Conducting Interviews with Industry Experts & Top Designates of the Companies in the Market
- Implemented Robust Methodology to Prepare the Report
- Includes Graphs, Statistics, Flowcharts, and Infographics to Save Time
- Industry Growth Insights Provides 24/5 Assistance Regarding the Doubts in the Report
- Provides Information About the Top-winning Strategies Implemented by Industry Players.
- In-depth Insights On the Market Drivers, Restraints, Opportunities, and Threats
- Customization of the Report Available
Frequently Asked Questions?
A Smart Grid Solution is a comprehensive, integrated system that manages energy resources and information to improve the reliability, efficiency and sustainability of electric systems.
Some of the major players in the smart grid solution market are Cisco, Aclara Technologies, Open Systems International, IBM, Wipro, Oracle, Infosys, GE.
Chapter 1 Executive Summary
Chapter 2 Assumptions and Acronyms Used
Chapter 3 Research Methodology
Chapter 4 Smart Grid Solution Market Overview
4.1 Introduction
4.1.1 Market Taxonomy
4.1.2 Market Definition
4.1.3 Macro-Economic Factors Impacting the Market Growth
4.2 Smart Grid Solution Market Dynamics
4.2.1 Market Drivers
4.2.2 Market Restraints
4.2.3 Market Opportunity
4.3 Smart Grid Solution Market - Supply Chain Analysis
4.3.1 List of Key Suppliers
4.3.2 List of Key Distributors
4.3.3 List of Key Consumers
4.4 Key Forces Shaping the Smart Grid Solution Market
4.4.1 Bargaining Power of Suppliers
4.4.2 Bargaining Power of Buyers
4.4.3 Threat of Substitution
4.4.4 Threat of New Entrants
4.4.5 Competitive Rivalry
4.5 Global Smart Grid Solution Market Size & Forecast, 2020-2028
4.5.1 Smart Grid Solution Market Size and Y-o-Y Growth
4.5.2 Smart Grid Solution Market Absolute $ Opportunity
Chapter 5 Global Market Analysis and Forecast by Type
5.1 Introduction
5.1.1 Key Market Trends & Growth Opportunities by Type
5.1.2 Basis Point Share (BPS) Analysis by Type
5.1.3 Absolute $ Opportunity Assessment by Type
5.2 Market Size Forecast by Type
5.2.1 Hardware Devices
5.2.2 Software Services
5.3 Market Attractiveness Analysis by Type
Chapter 6 Global Market Analysis and Forecast by Applications
6.1 Introduction
6.1.1 Key Market Trends & Growth Opportunities by Applications
6.1.2 Basis Point Share (BPS) Analysis by Applications
6.1.3 Absolute $ Opportunity Assessment by Applications
6.2 Market Size Forecast by Applications
6.2.1 Residential
6.2.2 Commercial
6.3 Market Attractiveness Analysis by Applications
Chapter 7 Global Smart Grid Solution Market Analysis and Forecast by Region
7.1 Introduction
7.1.1 Key Market Trends & Growth Opportunities by Region
7.1.2 Basis Point Share (BPS) Analysis by Region
7.1.3 Absolute $ Opportunity Assessment by Region
7.2 Smart Grid Solution Market Size Forecast by Region
7.2.1 North America
7.2.2 Europe
7.2.3 Asia Pacific
7.2.4 Latin America
7.2.5 Middle East & Africa (MEA)
7.3 Market Attractiveness Analysis by Region
Chapter 8 Coronavirus Disease (COVID-19) Impact
8.1 Introduction
8.2 Current & Future Impact Analysis
8.3 Economic Impact Analysis
8.4 Government Policies
8.5 Investment Scenario
Chapter 9 North America Analysis and Forecast
9.1 Introduction
9.2 North America Market Size Forecast by Country
9.2.1 U.S.
9.2.2 Canada
9.3 Basis Point Share (BPS) Analysis by Country
9.4 Absolute $ Opportunity Assessment by Country
9.5 Market Attractiveness Analysis by Country
9.6 North America Market Size Forecast by Type
9.6.1 Hardware Devices
9.6.2 Software Services
9.7 Basis Point Share (BPS) Analysis by Type
9.8 Absolute $ Opportunity Assessment by Type
9.9 Market Attractiveness Analysis by Type
9.10 North America Market Size Forecast by Applications
9.10.1 Residential
9.10.2 Commercial
9.11 Basis Point Share (BPS) Analysis by Applications
9.12 Absolute $ Opportunity Assessment by Applications
9.13 Market Attractiveness Analysis by Applications
Chapter 10 Europe Analysis and Forecast
10.1 Introduction
10.2 Europe Market Size Forecast by Country
10.2.1 Germany
10.2.2 France
10.2.3 Italy
10.2.4 U.K.
10.2.5 Spain
10.2.6 Russia
10.2.7 Rest of Europe
10.3 Basis Point Share (BPS) Analysis by Country
10.4 Absolute $ Opportunity Assessment by Country
10.5 Market Attractiveness Analysis by Country
10.6 Europe Market Size Forecast by Type
10.6.1 Hardware Devices
10.6.2 Software Services
10.7 Basis Point Share (BPS) Analysis by Type
10.8 Absolute $ Opportunity Assessment by Type
10.9 Market Attractiveness Analysis by Type
10.10 Europe Market Size Forecast by Applications
10.10.1 Residential
10.10.2 Commercial
10.11 Basis Point Share (BPS) Analysis by Applications
10.12 Absolute $ Opportunity Assessment by Applications
10.13 Market Attractiveness Analysis by Applications
Chapter 11 Asia Pacific Analysis and Forecast
11.1 Introduction
11.2 Asia Pacific Market Size Forecast by Country
11.2.1 China
11.2.2 Japan
11.2.3 South Korea
11.2.4 India
11.2.5 Australia
11.2.6 South East Asia (SEA)
11.2.7 Rest of Asia Pacific (APAC)
11.3 Basis Point Share (BPS) Analysis by Country
11.4 Absolute $ Opportunity Assessment by Country
11.5 Market Attractiveness Analysis by Country
11.6 Asia Pacific Market Size Forecast by Type
11.6.1 Hardware Devices
11.6.2 Software Services
11.7 Basis Point Share (BPS) Analysis by Type
11.8 Absolute $ Opportunity Assessment by Type
11.9 Market Attractiveness Analysis by Type
11.10 Asia Pacific Market Size Forecast by Applications
11.10.1 Residential
11.10.2 Commercial
11.11 Basis Point Share (BPS) Analysis by Applications
11.12 Absolute $ Opportunity Assessment by Applications
11.13 Market Attractiveness Analysis by Applications
Chapter 12 Latin America Analysis and Forecast
12.1 Introduction
12.2 Latin America Market Size Forecast by Country
12.2.1 Brazil
12.2.2 Mexico
12.2.3 Rest of Latin America (LATAM)
12.3 Basis Point Share (BPS) Analysis by Country
12.4 Absolute $ Opportunity Assessment by Country
12.5 Market Attractiveness Analysis by Country
12.6 Latin America Market Size Forecast by Type
12.6.1 Hardware Devices
12.6.2 Software Services
12.7 Basis Point Share (BPS) Analysis by Type
12.8 Absolute $ Opportunity Assessment by Type
12.9 Market Attractiveness Analysis by Type
12.10 Latin America Market Size Forecast by Applications
12.10.1 Residential
12.10.2 Commercial
12.11 Basis Point Share (BPS) Analysis by Applications
12.12 Absolute $ Opportunity Assessment by Applications
12.13 Market Attractiveness Analysis by Applications
Chapter 13 Middle East & Africa (MEA) Analysis and Forecast
13.1 Introduction
13.2 Middle East & Africa (MEA) Market Size Forecast by Country
13.2.1 Saudi Arabia
13.2.2 South Africa
13.2.3 UAE
13.2.4 Rest of Middle East & Africa (MEA)
13.3 Basis Point Share (BPS) Analysis by Country
13.4 Absolute $ Opportunity Assessment by Country
13.5 Market Attractiveness Analysis by Country
13.6 Middle East & Africa (MEA) Market Size Forecast by Type
13.6.1 Hardware Devices
13.6.2 Software Services
13.7 Basis Point Share (BPS) Analysis by Type
13.8 Absolute $ Opportunity Assessment by Type
13.9 Market Attractiveness Analysis by Type
13.10 Middle East & Africa (MEA) Market Size Forecast by Applications
13.10.1 Residential
13.10.2 Commercial
13.11 Basis Point Share (BPS) Analysis by Applications
13.12 Absolute $ Opportunity Assessment by Applications
13.13 Market Attractiveness Analysis by Applications
Chapter 14 Competition Landscape
14.1 Smart Grid Solution Market: Competitive Dashboard
14.2 Global Smart Grid Solution Market: Market Share Analysis, 2019
14.3 Company Profiles (Details – Overview, Financials, Developments, Strategy)
14.3.1 Cisco
14.3.2 Aclara Technologies
14.3.3 Open Systems International
14.3.4 IBM
14.3.5 Wipro
14.3.6 Oracle
14.3.7 Infosys
14.3.8 GE
