Farmington, Jan. 31, 2023 (GLOBE NEWSWIRE) -- The global Smart Grid Optimization Solutions market size was valued at USD 43.1 Billion in 2022 and projected to reach USD 103.4 Billion by 2030, growing at a CAGR of 19.1% during the forecast period. This is mostly because more people are producing their own electricity, which has complicated the grid. This is expected to enhance the need for smart grid optimization solutions during the period covered by the projection. Smart Grid Optimization Solutions are small electrical devices used to locate and monitor various components of power system equipment.
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These devices monitor the electrical equipment within power plants and substations. This equipment includes transformers, arrestors, electricity cables, and more devices. In intelligent grids, they also monitor demand-side management. These items are utilised in homes and offices to conserve energy and improve the building's functionality.
Smart Grid Optimization Solutions Market Recent Developments:
- Hitachi ABB Power Grids signed a contract with the Gulf Cooperation Council Authority (GCCIA). Hitachi ABB Power Grids offered RelCare, a new reliability-based service solution, as part of this deal. GCCIA has been able to improve operational performance and network system dependability thanks to this approach. During the projected period, such advancements are expected to propel the worldwide Smart Grid Optimization Solutions market forward.
- The Los Angeles Department of Water and Power (LADWP) have inked a deal with Itron Inc. to improve grid awareness and lower operational expenses. LADWP may use Itron's Industrial IoT network and Distribution Automation (DA) solution to modernize its grid as a result of this agreement.
- September 2, 2021: Power management company Eaton today announced that it is working with Microsoft to identify ways for data centers to monetize existing assets and integrate more renewable energy sources to help create a more sustainable and stable grid. The findings of this collaboration were published today in the joint white paper, Grid-interactive data centers: enabling decarbonization and system stability.
Smart Grid Optimization Solutions Market Segmentation Analysis:
In addition, countries throughout the world are investing heavily in the construction of smart grids and the integration of optimization systems in order to obtain a number of benefits, such as a lower peak load, stable electricity, real-time monitoring, demand-side management, and reduced carbon emissions. Grid optimization approaches are frequently self-contained, and as a result, they aid in reducing grid disturbances in conventional grid networks. The US Department of Energy projects that by the conclusion of the forecast period, the yearly cost of smart grid infrastructure in the United States will exceed $13 billion.
Regional Outlook:
North America holds the greatest market share for smart grid optimization solutions worldwide. This is due to the increasing installation of distributed energy resources (DERs) across the region, particularly in the United States. In the United States, for instance, the power grid has access to flexible resources behind the metre that are worth more than 50 gigawatts (GW). This group contains distributed energy resources that have already been implemented in demand response initiatives.
North America is also a major market for smart grid optimization solutions. This is because the amount of energy from renewable sources has increased, and the government has taken steps to encourage the construction of these systems in order to facilitate the integration of renewable energy solutions into the grid infrastructure. Residential Renewable Energy Tax Credits, USDA - Rural Energy for America Program (REAP) Grants, and business tax incentives are a few of the policies and incentives put in place by the United States government to stimulate the installation of Smart Grid Optimization Solutions.
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Scope of Report:
| Report Attributes | Details |
| Growth Rate | 19.1% from 2023 to 2030 |
| Market Size in 2022 | USD 43.1 Billion |
| Revenue Forecast by 2030 | USD 103.4 Billion |
| By Type | Hardware, Software, Services |
| By Applications | Government, Educational institutes, Small-scale enterprises, Others |
| By Companies | Hitachi ABB Power Grids, Hubbell, Eaton Corporation, CGI Group, RelCare, GE, Itron Inc., FirstEnergy, Green Mountain Power, Doble Engineering Company, Énergir Limited Partnership, EKM Metering, and Others |
| Base Year | 2022 |
| Historical Year | 2017 to 2021 |
| Forecast Year | 2023 to 2030 |
Market Drivers:
Smart Grid Optimization Solutions Market Size, Smart Grid Optimization Solutions Industry Share, and Smart Grid Optimization Solutions Industry Growth are all increasing due to the increasing demand for energy efficiency and the shifting energy landscape. The networks constructed a few decades ago are still in operation, but they must be updated to satisfy the rising need for dependable electricity. Utilizing renewable energy sources and information and communication technologies, such as Smart Grid Optimization Solutions, utilities are working on improving the effectiveness of their power networks.
Market Restraints:
The market has not expanded as much as it should due to the high cost of smart grid technologies and the dearth of qualified specialists. Smart metering is most likely to fail because there is insufficient funding to cover its costs. Smart systems are more expensive than conventional metering equipment, which the majority of service providers and end customers are accustomed to and familiar with using. In addition, numerous types of smart metres have been developed, each with its unique set of capabilities based on the needs of the business and its customers. Due to this, they are difficult to deal with and may only be installed by qualified professionals.
Smart Grid Optimization Solutions Market Key Segments Covered:
Top Market Players:
Hitachi ABB Power Grids, Hubbell, Eaton Corporation, CGI Group, RelCare, GE, Itron Inc., FirstEnergy, Green Mountain Power, Doble Engineering Company, Énergir Limited Partnership, EKM Metering, and Others.
By Types:
- Hardware
- Software
- Services
By Applications:
- Government
- Educational institutes
- Small-scale enterprises
- Others
Regions and Countries Covered
- North America: (US, Canada, Mexico, Rest of North America)
- Europe: (Germany, France, Italy, Spain, UK, Nordic Countries, Benelux Union, Rest of Europe)
- Asia-Pacific: (Japan, China, India, Australia, South Korea, Southeast Asia, Rest of Asia-Pacific)
- The Middle East & Africa: (Saudi Arabia, UAE, Egypt, South Africa, Rest of the Middle East & Africa)
- Latin America: (Brazil, Argentina, Rest of Latin America)
- Rest Of the World
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