Smart Grid Market: Creating Opportunities for Existing Utility Vendors and Emerging Players

 According to the new market research report "Smart Grid Market by Component (Software, Hardware, Services), Application (Generation, Transmission, Distribution, Consumption/End Use), Communication Technology (Wireline, Wireless), and Region - Global Forecast to 2026", published by MarketsandMarkets™, the smart grid market size will grow to USD 103.4 billion by 2026 (forecast year) from USD 43.1 billion in 2021 (estimated year), at a CAGR of 19.1% during the forecast period. Smart grid technology enables the transition from a traditional energy distribution network to an intelligent electricity grid that allows two-way communication between the utility and its customers. The smart electric grid uses digital communication technologies, information systems, and automation for monitoring the energy flow and adjusting the changes in energy demand and supply. It also helps in real-time monitoring power consumption by coupling it with smart metering systems, providing consumers and suppliers with information on real-time power consumption. Thus, the smart grid helps improve system operating efficiency, thereby reducing the operational cost. Increasing demand for smart infrastructure in industrial, commercial, and residential environment to offer lucrative opportunities for the smart grid market during the forecast period.

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The software segment is the largest contributor in the smart grid market.

The software segment accounted for the largest share of the smart grid market, by component, in 2020. The software segment of smart grid market are further classified into seven types—Advanced Metering Infrastructure (AMI), Smart Grid Distribution Management, Smart Grid Network Management, Grid Asset Management, Substation Automation, Smart Grid Security, and Billing and Customer Information System.

The distribution segment is expected to dominate the smart grid market.

The distribution segment accounted for the largest share of the smart grid market, by application, in 2020. Efficient distribution application helps in quicker restoration of electricity after power disturbances, reduces operations and management costs for utilities, and ultimately lowers the power costs for consumers.

North America is expected to lead the smart grid market

North America includes countries such as the US, Canada, and Mexico. The US and Canada, which contribute heavily to the growth of the regional market. The region is estimated to account for the largest share of the global smart grid market, and a similar trend is expected to continue until 2026. One of the key reasons for the large market size is the early adoption of smart grid projects. The strong financial position of the US and Canada enables them to invest heavily in smart infrastructure platforms of the smart grid market.

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The smart grid market in US is expected to grow mainly because it is the most mature market in terms of smart grid deployment, advanced IT infrastructure, the presence of several enterprises, and the availability of technical expertise in the country. Smart grid technology in the US is undergoing a considerable transformation as digital technologies are being applied to distributed energy resources. All these factors are expected to drive the growth of the market in North America.

The key players in the Smart Grid Market include GE (US), ABB (Switzerland), Siemens (Germany), Schneider Electric (France), and Itron (US).

Power SCADA Market: Rising use of SCADA in Oil & Gas Sector

 According to the new market research report "Power SCADA Market by Architecture (Hardware, Software, Services), Component (Remote Terminal Unit, Programmable Logic Controller, Human Machine Interface, Communication System Protection relays), End User and Region- Global Forecast to 2026", published by MarketsandMarkets™, the Power SCADA Market size will grow to USD 2.5 billion by 2026 from USD 1.7 billion in 2021, at a CAGR of 7.6% during the forecast period. Need for monitoring and controlling data from remote location, is one of the key factors driving the growth of the Power SCADA Market.  Increasing use of big data analytics and 5G technology in industrial environment to offer lucrative opportunities for the Power SCADA Market during the forecast period.

The concept of 4th generation industrial revolution (Industry 4.0) started in Germany and evolved in Europe and the Americas. The wide adoption of Industry 4.0 principles by various sectors is likely to be a key factor encouraging the growth of the market. Most of the processes and systems in the power industry are being automated, which allows power plants to operate 24/7 with zero human errors, high efficiency, and full accuracy. It has well-shaped the future of the power sector by reducing errors associated with the involvement of humans in processes, as automated systems work with greater efficiency. Power SCADA systems are key enablers of automation of industrial processes. Various machines can be controlled and operated using automation solutions such as Power SCADA solutions.

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The oil and gas industry is the largest contributor in the power SCADA market

The oil and gas industry, by end-user industry, is projected to hold the highest market share during the forecast period. Oil and gas manufacturers use power SCADA systems to monitor and control the processing of oil from oil wellsprings through a network of pipelines to refinery plants and end users. Power SCADA systems provide a powerful and proactive method of diagnosing problems, along with real-time data, to make on-spot decisions to optimize profits. Using power SCADA systems, oil and gas operators can easily monitor and collect data from remote areas to maximize facility control, optimize oil well production, increase accuracy, improve security and environmental safeguards, reduce energy consumption, and ensure compliance with policies and procedures at workplaces.

Asia Pacific is expected to lead the power SCADA market

In this report, the Power SCADA Market has been analyzed with respect to 5 regions, namely, Asia Pacific, North America, Europe, South America, and the Middle East & Africa. Asia Pacific is expected to lead the Power SCADA Market, by region, during the forecast period. Asia Pacific consists of developing countries such as India and China. The growing manufacturing sectors in these countries is expected to be the main driver. Also, the growth of the oil & gas and pharmaceutical sectors in China, India, Australia and South Korea has played a significant role in the growth of the Power SCADA Market in Asia Pacific. Nearly all the countries in the region are augmenting their oil & production capacity. China and India are investing heavily in their offshore projects. This has led to a rise in deploying power SCADA systems in the substations in the oil & gas sector which is expected to drive the growth of the Asia Pacific Power SCADA Market.

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The leading players in the Power SCADA Market include ABB (Switzerland), Siemens (Germany), Schneider Electric (France), Emerson (US), and Rockwell Automation (US).