A grid is a network of interconnected devices used to transport power from generators to consumers. Electric power distribution to individual customers, where voltage is again stepped down to the necessary service voltage, electrical substations to step voltage up or down, electrical power transmission to carry power over long distances, and power stations, which are frequently located near the energy and away from densely populated areas. Moreover, the growing advancement in grid technology has led to the advent of smart grids. The development of a sustainable, reliable, efficient, and resilient electricity grid through the use of computational intelligence and networking capabilities of multiple communication networks is known as a "smart grid."
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The Grid Optimization Solution Market is expected to grow at a steady rate of around 11% the governments putting several efforts toward strict regulations for lowering carbon emissions, and an expanding number of programs for decreasing greenhouse emissions. Major companies in the market are offers technologically advanced platforms and products for the implementation of the grid optimization solution. For instance, Siemens launched the PSS power system simulation and modeling solution which offers power system planning, analysis, protection, and data management.
According to UnivDatos Market Insights (UMI)’ research report “Global Grid Optimization Solution Market”, the market is expected to witness robust growth during the forecast period (2022-2028). This is mainly due to the growing need for energy conservation coupled with the launches of the new solution.
Based on type, the market is categorized into hardware and software. The hardware segment holds a significant share in the market. Since hardware is essential to the effective operation of the solution, hardware constitutes the entirety of it. Hardware components that aid in measurement, communication, and control include sensors. These hardware elements allow for high sampling and precise, time-synchronized measurements, and they are positioned on the grid's low and medium voltage areas.
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Based on the application, the market is categorized into government, educational institutes, small-scale enterprises, and others. Small-scale enterprises hold a significant share in the market as they require a continuous power supply. Moreover, they have scattered energy resources in place, which has made the grid more complex. This problem is resolved by installing a smart grid optimization system for enhanced utility control, which enables quick diagnosis, exact remedies, and monitoring of crucial components.
North America to witness extensive growth
For a better understanding of the market adoption of the grid optimization solution industry, the market is analyzed based on its worldwide presence in the countries such as North America (U.S., Canada, Rest of North America), Europe (Germany, U.K., France, Spain, Italy, Rest of Europe), Asia-Pacific (China, Japan, India, and Rest of Asia-Pacific), Rest of World. APAC is anticipated to grow at a substantial CAGR during the forecast period. This is mainly due to the increasing adoption of the smart grid along with supportive government policies such as the enhanced grid permitting process. Also, the growing need for energy and the adoption of renewable energy coupled with government support for the implementation of the grid optimization solution for energy conservation is expected to support the market growth in the region. Additionally, the presence of several major players in the region and the integration of smart technologies such as IoT and machine learning coupled with the new product launches and increasing investment in the research development activities is expected to support the market. For instance, according to the US Department of Energy (DoE), electric utilities spend the US $ 80 billion on capital improvement including distribution and transmission systems in the year 2019.
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According to UnivDatos Market Insights (UMI)’, the key players with a considerable market share in the grid optimization solution market are Hitachi Energy, Hubbell, General Electric, FirstEnergy, Green Mountain Power, Doble Engineering Company, Énergir Limited Partnership, EKM Metering, CGI Group, and Electric Power Group.
“Global Grid Optimization Solution Market” provides comprehensive qualitative and quantitative insights on the industry potential, key factors impacting sales and purchase decisions, hotspots, and opportunities available for the market players. Moreover, the report also encompasses the key strategic imperatives for success for competitors along with strategic factorial indexing measuring competitors’ capabilities on different parameters. This will help companies in the formulation of go-to-market strategies and identifying the blue ocean for its offerings.
Market Segmentation:
- By Type (Hardware and Solution)
- By Application (Government, Educational Institutes, Small-Scale Enterprises, and Others)
- By Region (North America, Europe, Asia-Pacific, Rest of the World)
- By Company (Hitachi Energy, Hubbell, General Electric, FirstEnergy, Green Mountain Power, Doble Engineering Company, Énergir Limited Partnership, EKM Metering, CGI Group, and Electric Power Group)
Key questions answered in the study:
- What are the current and future trends of the global grid optimization solution industry?
- How the industry has been evolving in terms of type and application?
- How the competition has been shaping across the countries followed by their comparative factorial indexing?
- What are the key growth drivers and challenges for the global grid optimization solution industry?
- What is the customer orientation, purchase behavior, and expectations from the global grid optimization solution suppliers across various region and countries?
