A smart grid is a kind of electronic network that helps in supplying power via a two-way digital communication system. It allows the real-time data collection associated with electricity demand and supply during the distribution and transmission process. Smart grid networking makes use of various devices like power meters and smart sensors to automate device detection failure data collection and billings. These grids are very well equipped with a uniform and continuous power supply without discontinuation as they possess the ability to repair themselves and promote consumer engagement in the grid operation. However, it helps in enhancing the overall efficiency along with lowering the cost of energy production.
The supportive government regulatory framework all around the globe to encourage the deployment of the smart grid is likely to steer the growth of the global smart grid network market. Smart metering is a unique system that is a combination of the data management system, communication network, and smart meters that facilitate two-way communication between customers and utilities. However, the growing adoption of smart metering is also fuelling the growth of the market. Also, all the vendors in the AMI field offer exponential operational benefits that translate into convenience and cost-saving utilities to customers.
The global smart grid network market can be segmented into communication technology, application, component, and region.
By communication technology, the market can be segmented into wireless and wireline.
By application, the market can be segmented into consumption, distribution, transmission, and generation.
By component, the market can be segmented into services, hardware, and softwares.
Asia Pacific accounts for the largest share in the global smart grid network market due to the growing funding activities by the government to support the development. The growing urbanization and development of smart cities are likely to further accentuate the growth of the regional market over the forecasted period.
North America is likely to register significant growth over the forthcoming years due to the presence of prominent market leaders in the region and the growing focus of government on dealing with issues prevailing to conventional electrical networks.
Some of the significant players in the global smart grid network market are Enel X North America, OSI, Aclara, C3 Energy, S&C Electric Company, IBM, Tech Mahindra, Trilliant Holdings, Tantalus, Schneider Electric, Cisco, Landis+Gyr, EsyaSoft Technologies, eSmart Systems, Itron, Fujitsu, Honeywell, Oracle, Kamstrup, Globema, Siemens, and Grid4C. To cite, Schneider Electric, in January 2021, acquired DC Systems BV. It is a major supplier of smart systems. This will help the company in advancing innovations in electrical distribution.
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