Unlock stock picks and a broker-level newsfeed that powers Wall Street.
Smart Grid Optimization Solutions Market to Reach Value of US$ 1,305.3 Million by 2030, And Rise At A CAGR of 8.6%, Contrive Datum Insights
Contrive Datum Insights Pvt Ltd
Updated 8 min read
Contrive Datum Insights Pvt Ltd
According to a market research study published by Contrive Datum Insights, North America holds the greatest market share for smart grid optimization solutions worldwide
Farmington, Jan. 31, 2023 (GLOBE NEWSWIRE) -- The global Smart Grid Optimization Solutions market size was valued at USD 43.1 Billion in 2022 and projected to reach USD 103.4 Billion by 2030, growing at a CAGR of 19.1% during the forecast period. This is mostly because more people are producing their own electricity, which has complicated the grid. This is expected to enhance the need for smart grid optimization solutions during the period covered by the projection. Smart Grid Optimization Solutions are small electrical devices used to locate and monitor various components of power system equipment.
These devices monitor the electrical equipment within power plants and substations. This equipment includes transformers, arrestors, electricity cables, and more devices. In intelligent grids, they also monitor demand-side management. These items are utilised in homes and offices to conserve energy and improve the building's functionality.
Hitachi ABB Power Grids signed a contract with the Gulf Cooperation Council Authority (GCCIA). Hitachi ABB Power Grids offered RelCare, a new reliability-based service solution, as part of this deal. GCCIA has been able to improve operational performance and network system dependability thanks to this approach. During the projected period, such advancements are expected to propel the worldwide Smart Grid Optimization Solutions market forward.
The Los Angeles Department of Water and Power (LADWP) have inked a deal with Itron Inc. to improve grid awareness and lower operational expenses. LADWP may use Itron's Industrial IoT network and Distribution Automation (DA) solution to modernize its grid as a result of this agreement.
September 2, 2021: Power management company Eaton today announced that it is working with Microsoft to identify ways for data centers to monetize existing assets and integrate more renewable energy sources to help create a more sustainable and stable grid. The findings of this collaboration were published today in the joint white paper, Grid-interactive data centers: enabling decarbonization and system stability.
In addition, countries throughout the world are investing heavily in the construction of smart grids and the integration of optimization systems in order to obtain a number of benefits, such as a lower peak load, stable electricity, real-time monitoring, demand-side management, and reduced carbon emissions. Grid optimization approaches are frequently self-contained, and as a result, they aid in reducing grid disturbances in conventional grid networks. The US Department of Energy projects that by the conclusion of the forecast period, the yearly cost of smart grid infrastructure in the United States will exceed $13 billion.
Regional Outlook:
North America holds the greatest market share for smart grid optimization solutions worldwide. This is due to the increasing installation of distributed energy resources (DERs) across the region, particularly in the United States. In the United States, for instance, the power grid has access to flexible resources behind the metre that are worth more than 50 gigawatts (GW). This group contains distributed energy resources that have already been implemented in demand response initiatives.
North America is also a major market for smart grid optimization solutions. This is because the amount of energy from renewable sources has increased, and the government has taken steps to encourage the construction of these systems in order to facilitate the integration of renewable energy solutions into the grid infrastructure. Residential Renewable Energy Tax Credits, USDA - Rural Energy for America Program (REAP) Grants, and business tax incentives are a few of the policies and incentives put in place by the United States government to stimulate the installation of Smart Grid Optimization Solutions.
Hitachi ABB Power Grids, Hubbell, Eaton Corporation, CGI Group, RelCare, GE, Itron Inc., FirstEnergy, Green Mountain Power, Doble Engineering Company, Énergir Limited Partnership, EKM Metering, and Others
Base Year
2022
Historical Year
2017 to 2021
Forecast Year
2023 to 2030
Market Drivers:
Smart Grid Optimization Solutions Market Size, Smart Grid Optimization Solutions Industry Share, and Smart Grid Optimization Solutions Industry Growth are all increasing due to the increasing demand for energy efficiency and the shifting energy landscape. The networks constructed a few decades ago are still in operation, but they must be updated to satisfy the rising need for dependable electricity. Utilizing renewable energy sources and information and communication technologies, such as Smart Grid Optimization Solutions, utilities are working on improving the effectiveness of their power networks.
Market Restraints:
The market has not expanded as much as it should due to the high cost of smart grid technologies and the dearth of qualified specialists. Smart metering is most likely to fail because there is insufficient funding to cover its costs. Smart systems are more expensive than conventional metering equipment, which the majority of service providers and end customers are accustomed to and familiar with using. In addition, numerous types of smart metres have been developed, each with its unique set of capabilities based on the needs of the business and its customers. Due to this, they are difficult to deal with and may only be installed by qualified professionals.
Top Market Players: Hitachi ABB Power Grids, Hubbell, Eaton Corporation, CGI Group, RelCare, GE, Itron Inc., FirstEnergy, Green Mountain Power, Doble Engineering Company, Énergir Limited Partnership, EKM Metering, and Others.
By Types:
Hardware
Software
Services
By Applications:
Government
Educational institutes
Small-scale enterprises
Others
Regions and Countries Covered
North America: (US, Canada, Mexico, Rest of North America)
Europe: (Germany, France, Italy, Spain, UK, Nordic Countries, Benelux Union, Rest of Europe)
Asia-Pacific: (Japan, China, India, Australia, South Korea, Southeast Asia, Rest of Asia-Pacific)
The Middle East & Africa: (Saudi Arabia, UAE, Egypt, South Africa, Rest of the Middle East & Africa)
Latin America: (Brazil, Argentina, Rest of Latin America)
Rest Of the World
Check out more related studies published by Contrive Datum Insights:
Pre-employment Testing Software Market - The Global Pre-Employment Testing Software Market Size Was Valued At USD 8,723.4 Million In 2017 And Is Expected To Grow At A CAGR Of 7% During The Forecast Period 2022 - 2030. North America is the largest market for pre-employment testing software, followed by Europe in terms of revenue and volume. Utilization of innovative technologies such as cloud-based solutions along with growing demand from SMEs to reduce operating costs are driving growth prospects over the forecast period.
Klebsiella Testing Market – The Global Klebsiella Testing Market Is Expected To Grow At A CAGR Of 7.1% During The Forecast Period. The United States, Canada, and Mexico are the leading countries for the North American market, owing to rising numbers of patients diagnosed with infectious diseases owing to rising healthcare spending, and strong economic growth in developing countries such as Brazil and Argentina leading to increased demand. for the Klebsiella test.
K-12 Testing and Assessment Market – The K-12 testing and assessment market share is expected to increase by USD 8.24 Billion from 2022 to 2030, and the market's growth momentum will accelerate at a CAGR of 10.19%. North America K-12 test assessment market growth will be prominent owing to the implementation of strong government policies.
Monogenetic Disorders Testing Market - The Monogenetic Disorders Testing market is expected to grow at a CAGR of 11% during the forecast period 2022-2030. The Monogenetic Disorders Testing market is analyzed and market size insights and trends are provided by country, test type, disease type, and end use as mentioned above. North America dominates the Monogenetic Disorders Testing market owing to its high level of intelligence and growing awareness about Monogenetic Disorders Testing procedures.
Customization of the Report: The report can be customized as per client needs or requirements.For any queries, you can contact us on anna@contrivedatuminsights.com or +1 215-297-4078. Our sales executives will be happy to understand your needs and provide you with the most suitable reports.
About Us: Contrive Datum Insights (CDI) is a global delivery partner of market intelligence and consulting services to officials at various sectors such as investment, information technology, telecommunication, consumer technology, and manufacturing markets. CDI assists investment communities, business executives, and IT professionals to undertake statistics-based accurate decisions on technology purchases and advance strong growth tactics to sustain market competitiveness. Comprising of a team size of more than 100 analysts and cumulative market experience of more than 200 years, Contrive Datum Insights guarantees the delivery of industry knowledge combined with global and country-level expertise.
