PUNE, India --- According to a new market research report, "Smart Grid Market by Solution (Advanced Metering Infrastructure, Smart Grid Distribution, Smart Grid Communication, Grid Asset Management, Geographic Information System and Billing & Customer Information System), by Service - Global Forecast to 2021", published by MarketsandMarkets, the market size is expected to grow from USD 19.8 Million in 2016 to USD 65.4 Million by 2021, at a Compound Annual Growth Rate (CAGR) of 27.0% during 2016-2021.
The major drivers for upsurge in demand for smart grid technology solutions are the mandatory regulations and policies, increasing concern for reducing carbon footprints, need for replacing aging infrastructure, and need for centralized gird distribution management and control.
High demand in growing economies and increasing ICT spending for smart grid technology offer major opportunities for smart grid vendors and solution providers
The market size of smart grid has considerably grown over the past few years on the account of increasing adoption of smart meters, regional government initiatives and funding for smart grid projects, electric vehicles, and rising number of smart city projects across the globe. Moreover, the efficient way of managing distributed energy resources and increasing concern about reduction of carbon footprints are also pushing the market for smart grid to growth.
Integration and deployment services segment is expected to grow at the highest CAGR during the forecast period
The Smart Grid Market has been segmented into software, services, and regions. The integration and deployment service is projected to grow at a high growth rate; hence, will present good market opportunity during the forecast period. The increasing demand of system integrators for integration and implementation service, software development service, application technology integration, database design and modeling, and deployment service acts as a major driving factor for the growth of system integrators and deployment service providers in the Smart Grid Market.
North America is expected to hold the largest market share in the Smart Grid Market
North America is expected to hold the largest market share and dominate the Smart Grid Market from 2016 to 2021. The region is expected to see a slowdown in the Smart Grid Market by 2021, as most of the smart grid projects funded by American Recovery and Reinvestment Act (ARRA) 2009 for investor-owned larger utilities in the U.S. reached completion in 2015. However, smaller co-operative utilities are expected to inject funds for smart grid deployments in the U.S. Asia-Pacific is expected to offer potential growth opportunities due to the upcoming smart grid projects, new economic and political reforms of the regions, increasing energy prices, and growing employment opportunities.
The major vendors covered in the Smart Grid Market for this study include ABB Group (Switzerland), General Electric Company (U.S.), International Business Machine (U.S.), Itron Inc. (U.S.), Landis+Gyr AG (Switzerland), Oracle Corporation (U.S.), Schneider Electric SE (France), Siemens AG (Germany), Cisco Systems, Inc. (U.S.), and Open Systems International, Inc. (U.S.).
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