The smart grid market is poised to touch US$ 86.6 billion by 2024, according to a report published by Research Cosmos. The market, which was valued at US$32.4 billion in 2015, is expected to grow at a CAGR of 13.15% during the forecast period of 2016 to 2024, says the report. Research Cosmos is an aggregator of syndicated and bespoke market research, business intelligence and consulting services.
Growth drivers
The growing demand around the world for the preservation of energy has been at the forefront of the development of smart grids. The smart cities being built in many developed and developing nations will also propel the growth of smart grids.
The existing grid infrastructure in most electric networks around the world is traditional and need upgrade. The increasing need for renewable energy can fuel the market for smart grids. The Internet of Things (IoT) can also boost the demand for smart grids.
Prominent projects
Advanced Grid Intelligence and Security (AGIS) initiative - implemented by the Public Service of Colorado to make the electric distribution system more secure and efficient.
Salt River Project (SRP) - still in the implementation stage, the project does not have any distribution management system.
Entergy AMI - for the benefit of utility companies in Arkansas, Louisiana, Mississippi and Texas, Honeywell has initiated this with the aid of Entergy Services Inc.
gridSMART Phase 2 - after a successful phase 1, AEP Ohio wanted to implement phase 2, which includes the provision for advanced metering infrastructures.
FirstEnergy Distribution Platform Modernization - FirstENergy Ohio has petitioned for the acceptance of a grid modernization plan to decrease the frequency and time of power cuts across the region.
Geographical presence
Globally, North America has been the leading region in the implementation of smart grids because of rapid adoption of advanced technologies and investments by regional governments.
Key players
Some of the prominent players in the global smart grid market are Schneider Electric, Siemens, Wipro, Honeywell, Globerma, GE, Aclara, Kamstrup, eSmart Systems, Cisco, ABB, Oracle, Grid4c, Itron, S&C Electric Company, C3 Energy, Tech Mahindra and OSI.
