1. Market Research
  2. > Energy & Environment
  3. > Energy
  4. > Electric Power Market Trends
COVID-19 Impact on Smart Grid Market by Component and Region - Global Forecast to 2021

COVID-19 Impact on Smart Grid Market by Component and Region - Global Forecast to 2021

  • April 2020
  • 58 pages
  • ID: 5892824
  • Format: PDF
  • MarketsandMarkets

Summary

Table of Contents

Search Inside

Increasing investments for modernization of aging grid infrastructure is expected to drive the growth of the smart grid market.

The global smart grid market size is expected to grow from an estimated value of USD 26.9 billion in 2020 to USD 28.8 billion by 2021, at a CAGR of 7.1% from 2020 to 2021 in the realistic scenario. Grid modernization efforts vary with utility companies across the world. For instance, some vendors focus on the ongoing replacement of aging infrastructure, and some are working to interconnect greener and more distributed energy sources. In contrast, others are focused on utilizing improved diagnostics to give grid operators more visibility into the system and enhance grid reliability, flexibility, and resiliency.

Smart grids enable two-way communication between utilities and end-users, whereas the traditional system consists of electrical wires, wires, cables, towers, and distribution lines.Increased investments in the digitalization of the grid by implementing advanced communication technology will fuel the growth of smart grid market.

The smart grid also helps during the period of uncertainties. Presently, the lockdown due to COVID-19 drives the requirement of smart systems to manage grid operations so that there is minimum human intervention.

The software segment is expected to be the largest market, by component during the forecast period.
The smart grid market, by component, is segmented into hardware, software, and services.The software segment holds the largest market share as it simplifies the implementation and functionality of the smart grid.

It also supports the construction and maintenance of smart grids, including infrastructure management, advanced technical calculations (based on static and dynamic data), forecasting and planning production of energy, control & regulation of voltage levels & reactive power. Furthermore, the smart grid software helps ensure the effective management of smart grid operations, improves process efficiency, and reduces energy production costs, thereby increasing the demand for the software segment in the market.

North America is expected to lead the smart grid industry during the forecast period “
The smart grid market in North America is expected to be the largest during the forecast period.This growth is attributed to the increasing investments in smart grid infrastructure and the early adoption of smart grid projects.

The growing trend of smart cities, smart communities, and electric vehicles are also driving the market for smart grid management. Furthermore, the smaller cooperative utilities are expected to inject funds for smart grid deployments in the US.
• By Company Type: Tier 1 – 55 %, Tier 2 – 30%, and Tier 3 – 15%
• By Designation: C-level Executives – 60%, Directors – 20%, Others – 20%
• By Geography: Europe-30%, North America- 25%, Asia Pacific-25%, Middle East & Africa- 10%, and South America-10%

Some of the major players in the global smart grid market are GE (US), ABB (Switzerland), Siemens (Germany), Schneider Electric (France), Itron (US), Landis+Gyr (Switzerland), Aclara (US), Cisco (US), OSI (US), IBM (US), Wipro (India), Oracle (US), Honeywell (US), S&C Electric Company (US), Eaton (Ireland), Kamstrup (Denmark), and Trilliant Holdings (US), among others.

Research Coverage
This report covers the COVID-19 impact on the smart grid market based on components and regions.

Reasons to Buy the Report:
• Illustrative segmentation, analysis, and forecast pertaining to the smart grid industry based on component and region have been conducted to provide an overall view of the smart grid industry considering the detailed impact analysis of COVID-19
• Major drivers and restraints for the smart grid market have been detailed in this report.

Get Industry Insights. Simply.

  • Latest reports & slideshows with insights from top research analysts
  • 150+ Million searchable statistics with tables, figures & datasets
  • More than 25,000 trusted sources
  • Single User License — provides access to the report by one individual.
  • Department License — allows you to share the report with up to 5 users
  • Site License — allows the report to be shared amongst all employees in a defined country
  • Corporate License — allows for complete access, globally.
Ahmad helps you find the right report:
Testimonials

The research specialist advised us on the best content for our needs and provided a great report and follow-up, thanks very much we shall look at ReportLinker in the future.

Kate Merrick

Global Marketing Manager at
Eurotherm by Schneider Electric

We were impressed with the support that ReportLinker’s research specialists’ team provided. The report we purchased was useful and provided exactly what we want.

Category Manager at
Ikea

ReportLinker gave access to reliable and useful data while avoiding dispersing resources and spending too much time on unnecessary research.

Executive Director at
PwC Advisory

The customer service was fast, responsive, and 100% professional in all my dealings (...) If we have more research needs, I'll certainly prioritize working with ReportLinker!

Scott Griffith

Vice President Marketing at
Maurice Sporting Goods

The research specialist provided prompt, helpful instructions for accessing ReportLinker's product. He also followed up to make sure everything went smoothly and to ensure an easy transition to the next stage of my research

Jessica P Huffman

Research Associate at
American Transportation Research Institute

Excellent customer service. Very responsive and fast.

Director, Corporate Strategy at
Ingredion

I reached out to ReportLinker for a detailed market study on the Air Treatment industry. The quality of the report, the research specialist’s willingness to solve my queries exceeded my expectations. I would definitely recommend ReportLinker for in-depth industry information.

Mariana Mendoza

Global Platform Senior Manager at
Whirlpool Corporation

Thanks! I like what you've provided and will certainly come back if I need to do further research works.

Bee Hin Png

CEO at
LDR Pte Ltd

The research specialist advised us on the best content for our needs and provided a great report and follow-up, thanks very much we shall look at ReportLinker in the future.

Kate Merrick

Global Marketing Manager at
Eurotherm by Schneider Electric

FAQ
  • How we can help
    • I am not sure if the report I am interested in will fulfill my needs. Can you help me?
    • Yes, of course. You can call us at +33(0) 4 37 65 17 03 or drop us an email at researchadvisor@reportlinker.com to let us know more about your requirements.
    • We buy reports often - can ReportLinker get me any benefits?
    • Yes. Set up a call with a Senior Research Advisor to learn more - researchadvisor@reportlinker.com or +33(0) 4 37 65 17 03.
    • I have had negative experiences with market research reports before. How can you avoid this from happening again?
    • We advise all clients to read the TOC and Summary and list your questions so that we can get more insight for you before you make any purchase decision. A research advisor will accompany you so that you can compare samples and reports from different sources, and choose the study that is right for you.

  • Report Delivery
    • How and when I will receive my Report?
    • Most reports are delivered right away in a pdf format, while others are accessed via a secure link and access codes. Do note that sometimes reports are sent within a 12 hour period, depending on the time zones. However, you can contact us to escalate this. Should you need a hard copy, you can check if this option is offered for the particular report, and pay the related fees.
  • Payment conditions
    • What payment methods do you accept?
      1. Credit card : VISA, American Express, Mastercard, or
      2. You can download an invoice to pay by wire transfer, check, or via a Purchase Order from your company, or
      3. You can pay via a Check made out in US Dollars, Euros, or British Pounds for the full amount made payable to ReportLinker
    • What are ReportLinker’s Payment Terms?
    • All payments must normally be submitted within 30 days. However, you can let us know if you need extended time.
    • Are Taxes and duties included?
    • All companies based in France must pay a 20% tax per report. The same applies to all individuals based in the EU. All EU companies must supply their VAT number when purchasing to avoid this charge.
    • I’m not satisfied. Can I be refunded?
    • No. Once your order has been processed and the publisher has received a notification to send you the report, we cannot issue any refund or cancel any order. As these are not ‘traditional’ products that can be returned, reports that are dispatched are considered to be ‘consumed’.
  • User license
    • The license that you should acquire depends on the number of persons that need to access the report. This can range from Single User (only one person will have the right to read or access the report), or Department License (up to 5 persons), to Site License (a group of persons based in the same company location), or Corporate License (the entire company personnel based worldwide). However, as publishers have different terms and conditions, we can look into this for you.

ref:plp2020

Reportlinker.com © Copyright 2020. All rights reserved.

ReportLinker simplifies how Analysts and Decision Makers get industry data for their business.

Make sure you don’t miss any news and follow us on