Reliability Improvement Programs by Governments Drive Market Growth
The grid optimization solution market outlook appears extremely promising. Factors such as continually rising demand for energy and automation of grid distribution processes boost the market shares, improving grid efficiency. Moreover, global electricity demand and grid infrastructures worldwide boost the grid optimization solution market size.
With significant investments in the government’s reliability improvement programs, the market is projected to witness a significant revenue rise over the next few years. According to Market Research Future, the global grid optimization solution market size is expected to touch an exponential value by 2027, growing at an impressive CAGR during the review period (2020-2027).
Rapid Smart Grids Deployments to Meet Growing Regulatory Targets Increase Market Value
Substantial investments in aging grid infrastructure upgrades increase the market revenues. Rising numbers of deployments of smart grids and growing regulatory targets create substantial market demand, witnessing immense growth in electrical infrastructure modernization expenditures. Besides, vast technological advances and improvements in grid technology increase market sales.
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Utilities worldwide are focusing on making power grids more efficient by integrating renewable energies and taking advantage of information and communication technologies. Increasing legislative measures toward the expansion of reliable grid infrastructures in developing complement the business landscape. Moreover, the growing uptake of these systems to improve the electricity grid network’s efficiency and flexibility create vast opportunities.
The energy industry has evolved significantly over recent years, mainly due to the rising digital grid deployments. Augmenting demand from the energy sector is a key driving force. Increasing smart city projects and awareness for energy efficiency benefits boost the market value. Additionally, the rising emphasis on renewable energy is estimated to unlock value and contribute to electrification, automation, and digitalization.
COVID-19 Impact
The COVID-19 outbreak hit the grid optimization solution industry severely, causing huge revenue losses. Technology providers and device manufacturers confronted various problems, including difficulties in obtaining raw materials & and components, attracting workers from quarantines required for the production, and delivering end products to markets.
Installation and replacements of these solutions were postponed due to strict lockdown regulations, which further impacted the grid optimization solution market share, bringing the market to a halt. Besides, the lockdown disruptions spiked product prices and subsequently lowered market demand, disrupting component & device manufacturing and supply chains.
Segmentation
The market analysis is segmented into types, applications, and regions. The type segment is sub-segmented into hardware, software, and services. Of these, the hardware segment holds the larger market share, playing a crucial role in the proper functioning of the solution.
The application segment is sub-segmented into government, educational institutes, small-scale enterprises, and others. Among these, the small-scale enterprises account for the largest market share requiring a continuous power supply. By region, the analysis is segmented into Asia Pacific, Americas, Europe, and the rest-of-the-world.
Regional Analysis
North America dominates the global grid optimization solution market growth. The largest market share attributes to the increase in investments in smart grid technology. Besides, rising advances in smart-grid technology and the demand in the electricity industry increase the grid optimization solution market growth in the region.
With its rising spending in smart grid deployments, the US leads in the region in terms of grid optimization solution market value. Furthermore, increasing demand for connectivity and distribution monitoring & control influences the grid optimization solution market size.
Competitive Analysis
The grid optimization solution market is experiencing implementations of several strategies, such as collaboration, expansion, product launches, and mergers & acquisitions. Major industry players make large strategic investments in research and development activities and fostering their expansion plans.
For instance, recently, on Sep. 06, 2021, Networked Energy Services Corporation (NES), a global smart grid solution provider, announced that it has been selected by the San Jose Award Program for the Silicon Valley 2021 best smart energy software company.
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With its industry-leading Patagonia Energy Applications Platform (EAPTM), NES is a leader in the smart grid industry. Its proven, secure, open standard and multi-application platform enable NES to serve as the foundation for a diverse range of software applications across the smart grid, including low voltage grid optimization, grid security, and smart metering.
Key players active in the market are Hubbell, Hitachi ABB Power Grid, Eaton Corporation, FirstEnergy, GE, Green Mountain Power, Énergir Limited Partnership, Doble Engineering Company, EKM Metering, and CGI Group, among others.
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