Market Study on Smart Grid Market and its Key Opportunities

Posted on 2019-10-11 by MarketsandMarkets in Technology // 0 Comments

The global Smart Grid Market size is expected to grow from USD 23.75 billion in 2018 to USD 61.25 billion by 2023, at a CAGR of 20.9% as per a report by MarketsandMarkets.

Government policies and legislative mandates, the awareness of carbon footprints, modernization of aging grid infrastructure, and improved grid reliability and efficient outage response are driving the adoption of smart grid solutions. With the increasing deployment of smart grid solutions in the smart cities, the smart grid market is expected to gain a major traction during the forecast period.

How revenue opportunity exists for traditional and emerging energy infrastructure vendors?

Along with opening markets for new entrants, the development of the smart grid market is likely to create opportunities for traditional energy infrastructure vendors. Traditional vendors will get opportunity for the renewal of the utility assets with enhanced features and functionality to integrate with smart technologies. New aspirants, such as IT hardware providers, software solution providers, telecommunication and networking companies, semiconductor manufacturers, and system integrators, would harness the major part of the technology investments. A service-oriented business model to offer set of product and services fulfilling basic requirement of customers could help new entrants to strengthen their position in the smart grid market. However, participants would need to make their presence felt during the entry into the market to effectively face the competition from traditional vendors.

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Key Market Players for Smart Grid Market

The major players in the smart grid market include GE (US), ABB (Switzerland), Siemens (Germany), Schneider Electric (France), Itron (US), Landis+Gyr (Switzerland), Aclara (US), Cisco (US), OSI (US), IBM (US), Wipro (India), Honeywell (US), Oracle (US), S&C Electric Company (US), Eaton (Ireland), Kamstrup (Denmark), Trilliant Holdings (US), Globema (Poland), Tech Mahindra (India), Enel X North America (US), eSmart Systems (Norway), Tanatalus (US), EsyaSoft (India), Grid4C (US), and C3 Energy (US).

These players have adopted various growth strategies, including new product launches, partnerships, agreements, mergers and acquisitions, and expansions. The strategy of product launch and acquisition were 2 major strategies adopted by these players to achieve a strong foothold in the smart grid market.

General Electric (GE) is one of the prominent players in the smart grid market. The company provides smart grid technologies and operations management systems for electric utilities and renewable energy. It offers all types of products and services for energy and power industries. In the field of smart grids, it provides solutions that are reliable and optimize the efficiency of the end-to-end grid operations. Its Real Smart Solutions re-energize the need to improve grid performance.

Siemens AG is another prominent player in the smart grid market. The company specializes in electrical engineering and electronics-related products and services. It is a global technology powerhouse reputed for its engineering excellence, innovation, quality, and reliability. It has a wide breadth of offerings; it bundles various solutions into one and offers an integrated digital grid to its clients. It provides a complete end-to-end range of smart grid technologies, products, services, and solutions.

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About MarketsandMarkets™

MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their pain points around revenues decisions.

Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the “Growth Engagement Model – GEM”. The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write “Attack, avoid and defend” strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, and strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.

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