COVID-19 Impact on Smart Grid Market to Hit $28.8 Billion by 2021

Posted on 2020-09-25 by MarketsandMarkets in Electronics, Energy, Environment, Industrial, Internet & Online, Semiconductors, Technology // 0 Comments

COVID-19 Impact on Smart Grid Market

Post COVID-19, the “COVID-19 Impact on Smart Grid Market by Component (Hardware, Software and Services) and Region – Global Forecast to 2021″ size is estimated to be USD 26.9 billion in 2020 and projected to reach USD 28.8 billion by 2021 at a CAGR of 7.1% from 2020 to 2021. The major factors driving the growth of the smart grid industry include modernization of aging grid infrastructure, and improved grid reliability and efficient outage response.

Smart grid market for software to hold the highest market share

The software segment is expected to hold the highest market share as it is likely to witness a low impact due to the outbreak of COVID-19. The software segment is further sub-segmented into advanced meter infrastructure (AMI), smart grid distribution management, smart grid network management, grid asset management, substation automation, smart grid security, and billing and customer information system. It is estimated that the grid asset management, smart grid security, and billing and customer information system segments are expected to have the least impact during the lockdown of COVID-19.

Download PDF Brochure: https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=204540248

North America is expected to be largest market for smart grid

The smart grid industry in North America is expected to be the largest during the forecast period. This growth is attributed to the rise in demand for smart grid infrastructure to improve service reliability and operating efficiency. The US and Canada are the major two economies in the region that focus on investing in grid modernization. For instance, the US government allocated funds for smart meter units and making installation of smart meters mandatory in several states, including California and Texas. Such initiatives are likely to drive the smart grid market.

Some of the major players in the smart grid industry 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.

Request Sample Pages: https://www.marketsandmarkets.com/requestsampleNew.asp?id=204540248

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 painpoints 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, 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.

MarketsandMarkets’s flagship competitive intelligence and market research platform, “Knowledgestore” connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.

Matched content

Editor’s pick