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At 19+% CAGR, Smart Grid Market Potentially Worth $50.65 Billion by 2022 Led by Smart Grid Software

The smart grid market is forecast to reach $50.65 billion by 2022 from $20.83 billion in 2017 at a CAGR of 19.4% during (2017-2022) driven by the government policies and legislative mandates, regional government initiatives for smart meter roll-outs, incr

PUNE, India, July 20, 2017 /PRNewswire-iReach/ -- North America is expected to hold the largest market share and dominate the smart grid market from 2017 to 2022. North America is expected to contribute to the largest market share during the forecast period. The region has been extremely responsive toward adopting the latest technological advancements such as Advanced Metering Infrastructure (AMI), smart grid distribution management, smart grid communication, and substation automation. The major growth drivers for this region are the large-scale investments in the smart grid and smart cities projects and the need for better smart grids and control mechanisms. Complete report on "Smart Grid Market" spread across 177 pages, profiling 12 companies and supported with 73 tables and 48 figures is now available at http://www.rnrmarketresearch.com/smart-grid-market-by-software-ami-smart-grid-distribution-management-smart-grid-communication-grid-asset-management-substation-automation-and-billing-and-customer-information-system-hardware-service-and-re-st-to-2022-market-report.html .

The Middle East and Africa (MEA) region is in the initial growth phase; however, it is the fastest-growing region in the global smart grid market. The region has huge reservoirs of conventional and renewable energy sources. High adoption of solutions to minimize outages and revenue losses, along with better smart grid and control, has led to a wider demand of smart grid solutions in the MEA region.

The smart grid communication software is expected to have the fastest growth rate during the forecast period. The software enables networking abilities in electricity distribution system for improving operations, maintenance, and planning by enabling two-way communication between different components of the utility grid involved in generation, transmission, and distribution. The networking hardware and software work together to form a mesh network, enabling a utility grid with intelligent features such as substation automation, distribution automation, energy management, real-time control, self-healing, and increased reliability and security.

The smart grid sensors are expected to gain the highest traction in the smart grid market during the forecast period. Smart grid sensors are small, lightweight nodes that serve as a detection station in the network. Smart grid sensors enable the remote monitoring of equipment such as transformers and power lines and the management of energy resources in the smart grid. Smart grid sensors determine, monitor, and measure the voltage supply and return them into a readable format signal. These sensors also detect electric current (AC or DC) in a wire, and generate a signal proportional to it in a digital output. Smart grid sensors offer several advantages to utilities. They provide valuable data for energy transmission, which is maintained and utilized by the departments of utilities.

This research study is obliging for following audience:

  1. Smart grid technology solution providers
  2. Utility platform and analytics vendors
  3. System integrators/migration service providers
  4. Consultants/consultancies/advisory firms
  5. Training and education service providers
  6. Support and maintenance service providers
  7. Network service providers
  8. Utilities
  9. Networking and Communication Service Providers (CSPs)
  10. Governments and urban planning agencies
  11. Smart cities stakeholders
  12. Investors and consultants

The major vendors providing smart grids are General Electric Company (New York, US), ABB Ltd. (Zurich, Switzerland), Siemens AG (Munich, Germany), Schneider Electric SA (Rueil-Malmaison, France), Itron, Inc. (Washington, US), Landis+Gyr (Zug, Switzerland), Aclara Technologies LLC (Missouri, US), Cisco  Systems, Inc. (California, US), Open Systems International, Inc. (Minnesota, US), IBM Corporation  (New York, US), Wipro Ltd. (Karnataka, India), Oracle Corporation (California, US), S&C Electric Company  (Illinois, US), Eaton Corporation Plc (Dublin, Ireland), Kamstrup A/S (Skanderborg, Denmark), Trilliant Holdings, Inc. (North Carolina, US), NexGrid, LLC. (Virginia, US), Globema (Warsaw, Poland), Tech Mahindra Ltd. (Maharashtra, India), EnerNOC, Inc. (Massachusetts, US), Fujitsu Ltd. (Tokyo, Japan), Infrax Systems Inc. (Texas, US), Esyasoft Technologies Pvt. Ltd. (Karnataka, India), e-Smart Systems Pvt. Ltd. (Delhi, India) and Grid4C (Texas, US).Download PDF Brochure "Smart Grid Market by Software (AMI, Smart Grid Distribution Management, Smart Grid Communication, Grid Asset Management, Substation Automation, and Billing and Customer Information System), Hardware, Service, and Region - Global Forecast to 2022" research report at http://www.rnrmarketresearch.com/contacts/request-sample?rname=1141895 .

In the process of determining and verifying, the market size for several segments and sub segments gathered through secondary research, extensive primary interviews were conducted with key people. In Tier 1 (41%), Tier 2 (35%) and Tier 3 (24%) companies were contacted for primary interviews. The interviews were conducted with various key people such as C-Level (73%), Director Level (19%) and others (8%) from various key organizations operating in the smart grid market. The primary interviews were conducted worldwide covering regions such as North America (42%), Europe (21%), Asia-Pacific (24%), and RoW (13%).

Research Coverage: The smart grid market has been segmented on the basis of software, hardware, services, and regions. A detailed analysis of the key industry players has been done to provide key insights into their business overviews; products and services; key strategies; new product launches; partnerships, agreements, and collaborations; business expansions; and competitive landscape associated with the smart grid market.

On a related note, another research titled Microgrid as a Service (MaaS) Market Global Forecast to 2022 says, the microgrid as a service (MaaS) market was valued at $774.9 million in 2015 and is expected to reach $2,241.6 million by 2022, at a CAGR of 15.86% during the forecast period. The software as a service segment is expected to grow at the highest CAGR during the forecast period. The market in APAC is expected to grow at the highest rate during the forecast period. Companies such as ABB Ltd. (Switzerland), General Electric (U.S.), Siemens AG (Germany), Eaton Corp. PLC (Ireland), Exelon Corp. (U.S.), NRG Energy, Inc. (U.S.), Anbaric Transmission (U.S.), Pareto Energy (U.S.), Spirae, Inc. (U.S.), Green Energy Corporation (U.S.), SolarCity Corporation (U.S.), Schneider Electric SE (France), Duke Energy Corporation (U.S.), Northern Power Systems Corp. (U.S.) have been profiled in this 150 pages research report available at http://www.rnrmarketresearch.com/microgrid-as-a-service-maas-market-by-grid-type-grid-connected-and-remote-or-islanded-service-type-engineering-design-saas-monitoring-control-and-operation-maintenance-vertical-and-geography-glo-st-to-2022-market-report.html .

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