LONDON--(BUSINESS WIRE)--Technavio research analysts are forecasting positive growth for many segments of the global smart grid market over the next four years as several related markets, including smart grid transmission and distribution equipment, smart grid data management, and vehicle grid integration technologies, will likely witness an increase in revenues.
Extensive research carried out by the Technavio analysts show that the global smart grid transmission and distribution (T&D) equipment segment will grow at a CAGR of more than 16% over the forecast period. One of the primary factors driving the growth of this market is the rapid modernization of grid. Fueled by an aging power infrastructure, cybersecurity risk mitigation, and the addition of new resources to the grid have resulted in the electricity and power sector to find new ways to make the grid more reliable and flexible to suit rapid changes in supply and demand.
Analysts have also estimated factors such as rapid deployment of smart grids in many countries around the globe to spur growth prospects for the smart grid data management segment during the predicted period. Countries such as China, the US, India, Spain, Germany, and France are enforcing ambitious smart grid plans including grid applications like smart energy meters, SCADA systems, IT, and other communication networks. These devices enable utilities to have complete control and the ability to manage digital assets in the field. This recent shift to smart grid directly translates to an imminent need to manage complex smart devices to prevent grid failure and outages. This will bolster the demand for sophisticated control systems to manage data collected from the field and will therefore contribute to the growth of the smart grid data management market until the end of 2020.
“Rising need for reduction in GHG emissions and energy independence will likely augment the vehicle grid integration technologies market during the forecast period. Also, factors like optimization of intermittent renewable power generation will further aid the steady growth of this segment over the next four years. Factors like remote locations and intermittent nature of renewable energy sources act as constraints for power generation and distribution. However, vehicle-to-grid (V2G) technology will emerge as a viable option for solving these problems as it smoothens power fluctuations from these sources,” said Vishu Rai, one of Technavio’s lead analysts for energy research.
The Americas dominated the data management systems segment with more than 64% of the market share during 2015. The Americas will also likely hold its dominance over the smart grid T&D equipment segment and is envisaged to reach more than USD 7 billion by the end of 2020. However, APAC is expected to be the largest market for vehicle-grid integration (VGI) technologies during the forecast period. In this region, the demand for VGI technologies will be driven by the need to improve energy security in some of the fast-growing economies of APAC.
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Some of the key vendors for the global smart grid market include ABB, GE-Alstom Grid, and Prysmian for smart grid transmission and distribution equipment; EMC, Oracle, and SAP for smart grid data management; and AC Propulsion, Coritech, and Denso for vehicle grid integration technologies.
Browse related reports:
- Global Smart Grid Networking Market 2015-2019
- Smart Grid Equipment in the US - Market Research 2015-2019
- Global Advanced Distribution Management System Market 2015-2019
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