Smart Meters Market: Strong Need for Efficient Grid Operations to Propel Market Growth

According to the new market research report "Smart Meters Market by Type (Electric, Gas, Water), Communication Type (RF, PLC, Cellular), Component (Hardware, Software), Technology (AMR, AMI), End user (Residential, Commercial, Industrial), and Region - Global Forecast to 2026", published by MarketsandMarkets™, The Smart Meters Market size will grow to  USD 30.2 billion by 2026 from USD 19.6 billion in 2021, at a CAGR of 9.0% during the forecast period.

Governments worldwide are undertaking several initiatives to meet the future electricity demands and are focusing on reducing carbon footprint by promoting the use of renewable energy sources to produce energy. Smart meters will play a crucial role in achieving these initiatives. The increase in the adoption of electric vehicles, development of microgrids, distributed energy storage, and the need for net-metering are a few of the major drivers for the smart meter market growth. With advancements in smart meters and sensors, utility systems and their dynamic prices can be monitored in real-time. The real-time data generated by smart meters helps energy network operators understand patterns in demand and accordingly ensure the right level of energy generation and ensure effective grid management. Grid operators can plan to integrate renewable energy by applying analytics on the demand data produced by smart meters. Smart meter sensors and communication systems can effectively and quickly monitor and resolve blackout issues and are also used for mapping outage events to help prevent future outages. In addition, data from smart meter communication systems can help utilities visualize, analyze, and efficiently manage repairs, reducing outage times and costs while quickly restoring and resuming the services.

Download PDF Brochure: https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=366

The smart electric meter is expected to be the largest segment of the smart meters market

The smart electric segment accounted for the largest market share of 73.8% of smart meters market, by type in 2020, driven by the growing emphasis on dynamic pricing of utilities and the increased need to monitor energy consumption to achieve carbon neutrality. The future growth of the segment can be attributed to increasing demand for the need to monitor utility systems in real-time for consumers across end-users such as residential, commercial, and industrial sectors.

Asia Pacific is expected to remain as the largest smart meters market

In this report, the smart meters market has been analyzed for five regions, namely, North America, South America, Europe, Asia Pacific, and Middle East & Africa. Asia Pacific region is expected to dominate the global smart meters market during 2021–2026. Asia Pacific region is the largest smart meters market in the world, predominantly due to China, and the trend is expected to be the same during the forecast period. The market in the region is driven by the growing emphasis on efficient management of power distribution, power outages, and demand response (DR), and reduced operation cost.

Request Sample Pages: https://www.marketsandmarkets.com/requestsampleNew.asp?id=366

To enable an in-depth understanding of the competitive landscape, the report includes the profiles of some of the top players in the smart meters market.

The major players in the global Smart Meters Market are Schneider Electric (France), Landis+Gyr (Switzerland), Itron (US), Siemens (Germany), Wasion Group (China), Badger Meter (US), and Sensus (Xylem) (US). The major strategies adopted by these players include new product launches, sales contracts, agreements, expansions, partnerships, and collaborations.

Gas Turbine Market: Increased Trend of Distributed Power Generation Offer Lucrative Opportunities

 According to the new market research report "Gas Turbine Market by Technology (Open Cycle and Combined Cycle), Design Type (Heavy Duty and Aeroderivative), End User (Power Generation, Oil & Gas), Rated Capacity (1–40 MW, 40–120 MW, 120–300 MW, Above 300 MW) and Region - Global Forecast to 2026", published by MarketsandMarkets™, The global Gas Turbine Market is projected to reach USD 22.5 billion by 2026. The Gas Turbine Market was valued at USD 18.9 Billion in 2021 and is projected to reach USD 22.5 Billion by 2026, at a CAGR of 3.6% during the forecast period, owing to an increase in demand for gas turbines in power generation.

The power generation segment is expected to lead the gas turbine market 

The increase in electricity demand is expected to drive the power generation market for the gas turbines market. In the industrial sector, gas turbines deliver a consistent power supply to the production floor. Gas turbines are preferred in small and medium industries, as their initial installation cost is less than that of steam and diesel power plants.

Download PDF Brochure: https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=94641697

Combined cycle segment is expected to grow at a faster rate during the forecast period

The combined cycle segment is expected to account for the largest share market during 2021 to 2026, driven by more power and low emission. In a combined cycle, the air is compressed in the compressor and heated in a heating chamber. The amount of the gas remains the same as an external source heats the air. In these plants, the waste heat from the gas turbine is used to make steam for producing additional electricity using a steam turbine.

Asia Pacific market accounted for the largest share in 2020 in the gas turbine market

In 2020, the Asia Pacific market accounted for the largest share of the global gas turbines market by region. Rapid economic growth, industrialization, and strict norms for carbon dioxide emission are expected to drive the Asia Pacific gas turbines market. Also, the gas turbines market is expected to grow in countries such as China and India due to infrastructural expansions, ongoing power generation projects, and technological innovations.

Request Sample Pages: https://www.marketsandmarkets.com/requestsampleNew.asp?id=94641697

To enable an in-depth understanding of the competitive landscape, the report includes the profiles of some of the top players in the Gas Turbine Market.

Some of the key players are Kawasaki Heavy Industries, Ltd. (Japan), Siemens Energy (Germany), Capstone Green Energy Corporation (US), General Electric (US), Ansaldo Energia (Italy), Mitsubishi Heavy Industries, Ltd. (Japan), United Engine Corporation (Russia), Rolls-Royce plc (England), Harbin Electric Machinery Company Limited  (China), OPRA Turbines (Netherlands), Solar Turbines Incorporated (US), Bharat Heavy Electricals Limited (India), Centrax Gas Turbine (England), MTU Aero Engines AG (Germany), IHI Corporation (Japan), Wartsila (Finland), Doosan Heavy Industries & Construction (South Korea), MAPNA Group (Iran), Vericor Power Systems (US), Zorya Mashproekt (Ukraine), MAN Energy Solutions (Germany). These players have adopted product launches, contracts, partnerships, agreements, collaborations, Memorandum of Understanding (MoU), and joint ventures as their growth strategies.

Electrical Digital Twin Market: Increase in efficiency and optimization of operations of power sector

According to the new market research report "Electrical Digital Twin Market by Twin Type (Gas & Steam Power Plant, Wind Farm, Digital Grid, Others), Usage Type (Product, Process, System), Deployment Type (Cloud, On-Premises), End User, Application, and Geography - Global Forecast to 2026", published by MarketsandMarkets™, The Electrical Digital Twin Market size will grow to  USD 1.3 billion by 2026 from USD 0.8 billion in 2021, at a CAGR of 12.2% during the forecast period.

The integration of variable renewable energy with the grid and increasing decentralization of distributed energy resources using electrical digital twins are the driving factors for the Electrical Digital Twin Market, globally. Utilities and grid infrastructure operators across regions are increasingly looking toward digital technologies, including electrical digital twins, to help streamline the integration of the growing share of renewable energy technologies into their operational mix. The emergence of Energy 4.0 and the increasing adoption of advanced technologies for implementation of digital twin applications creates ample opportunities for growth of the market.

Download PDF Brochure: https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=192874390

The utilities segment is expected to be the largest segment of the electrical digital twin market, by end user, during the forecast period.

The utilities segment held a larger share of the electrical digital twin market. Power utilities are rapidly investing in the deployment of electrical digital twins as they aid operators in achieving efficiency in terms of workforce optimization and enhance plant operations by reducing unplanned downtime. To clearly understand the impacts of distributed energy resources (DERs) on the grid, utilities need to streamline interconnection application processes and create digital network analysis models from the existing geographic information system (GIS) network data using electrical digital twins.

North America likely to emerge as the largest electrical digital twin market

In this report, the electrical digital twin market has been analyzed for six regions, namely, North America, South America, Europe, Asia Pacific, and Middle East & Africa. The growth of the North American market is driven by the increasing investments for the deployment of advance digital technology to upgrade to aging power generation and distribution infrastructure. Furthermore, the increasing need to deliver clean, reliable energy, and a strong focus on renewable energy generation are among a few major factors driving investments in digital technologies such as electrical digital twin. The increased R&D in the field of cloud, big data analytics, IoT and IIoT and increasing demand for efficient and cost-effective technologies to improve assets performance and optimize business operations are also supporting the regional market growth. The governments in US and Canada have also made several policy reforms to accelerate the decarbonization of the power sector. Thus, North America dominated the Electrical Digital Twin Market during the forecasted period.

Request Sample Pages: https://www.marketsandmarkets.com/requestsampleNew.asp?id=192874390  

To enable an in-depth understanding of the competitive landscape, the report includes the profiles of some of the top players in the Electrical Digital Twin Market. Some of the key players are General Electric (US), Siemens (Germany), ABB (Switzerland), Emerson (US), and AVEVA Group (UK). The leading players are adopting various strategies to increase their share in the electrical digital twin market.

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.

Download PDF Brochure:

https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=208777577  

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.

Request Sample Pages:

https://www.marketsandmarkets.com/requestsampleNew.asp?id=208777577  

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).

Transformer Oil Market: Increased Investment in HVDC Transmission Systems

According to the new market research report "Transformer Oil Market by Oil Type (Mineral (Naphthenic, Paraffinic), Silicone, Bio-based), Application (Transformer, Switchgear, Reactor), End User (Transmission & Distribution, Power Generation, Railways & Metros), and Region - Global Forecast to 2030 ", published by MarketsandMarkets™, the global Transformer Oil Market size is expected to grow from an estimated USD 1.9 billion in 2021 to USD 3.3 billion by 2030, at a CAGR of 6.5%. The expansion of electric grids in developing countries and the modernization of the electric grids in the developed economies are driving the Transformer Oil Market.

Mineral oil: The largest segment of the Transformer Oil Market.

The market has been segmented by oil type into mineral oil, silicone and bio-based. The mineral oil segment is expected to have the largest market share and is projected to grow at the highest rate during the forecast period. Mineral oil is mainly used for cooling and insulation purposes in transformers, reactors, and switchgears. It is also used for heat dispersion and to protect the transformer’s internal windings. Mineral oil is further segmented into naphthenic and paraffinic oil, and a majority of the existing and new transformers manufactured use mineral oil as the insulation fluid. The demand for mineral oil is expected to grow during the forecast period because of its low cost index and easy availability compared to other transformer oils.

Download PDF Brochure:

https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=967 

The transmission & distribution segment is expected to be the most significant Transformer Oil Market.

The market has been segmented by end user into transmission and distribution, power generation, and railways and metros. The transmission & distribution segment is projected to be the most significant Transformer Oil Market, by end-user, during the forecast period. It has the largest share of the Transformer Oil Market owing to the global growth in the production and consumption of electricity. Transmission & distribution utilities own and operate the transmission & distribution system. Thus, growing demand for power will necessitate the expansion of the transmission & distribution network, thereby enhancing the demand for electrical components, such as transformers, reactors, and switchgears, leading to an increase in the demand for transformer oil.

APAC is expected to dominate the global Transformer Oil Market

APAC was the largest market, for Transformer Oil Market in 2020, driven mainly by activities in China, India, Japan, South Korea and Australia. The rapid increase in the demand for electricity and an increase in the power generation capacity in developing countries such as India and China, along with the growth in industrial and commercial sectors, will lead to an increase in the number of substations. Growth in the number of substations will propel the demand for transformers, which will enhance the demand for transformer oil in APAC.

Request Sample Pages:

https://www.marketsandmarkets.com/requestsampleNew.asp?id=967  

To enable an in-depth understanding of the competitive landscape, the report includes the profiles of some of the top players in the Transformer Oil Market. These players include Nynas AB (Sweden), Ergon, Inc. (US), PetroChina Company Limited (China), APAR Industries (India), and Sinopec Lubricant Company (China).