According to the new market research report "Self-Healing
Grid Market by Component (Hardware and Software & Services),
Application (Transmission and Distribution Lines), End-User (Public and Private
Utility), and Region (NA, EU, APAC, Row) ", published by MarketsandMarkets™,
the self-healing grid market is estimated to grow at a CAGR of 9.07%, from 2017
to 2022, to reach a projected value of USD 2.66 billion by 2022.
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A self healing grid is a combination of sensors,
automated controls, and advanced software that helps in reducing the occurrence
of power outages by identifying faults and taking necessary action. A
self-healing grid also utilizes real-time distribution data to identify the
fault and isolate the fault area, thus, increasing grid reliability.
Modernization of aging grid infrastructure is one of the major opportunities
for the self-healing grid market.
Asia Pacific is expected to be the fastest-growing market
for self-healing grid from 2017 to 2022. The growing focus on modernizing the
grid, mostly in China and Japan, along with increasing government initiatives
in the deployment of new communication technologies in the grid, has led to a
growth in the demand for self-healing grid. China and Japan are expected to be
the two largest markets for self-healing grid in the region in 2017. Government
support for reliable power supply through minimizing the power outage in both
countries will drive the self-healing grid market. Moreover, the market is also
expected to grow significantly in countries such as India and South Korea
during the forecast period. Factors such as enhancing the ability to optimize
the energy allocation in the distribution network and integration of new power
generation capacity from renewable energy resources are driving the
self-healing grid market in India and South Korea.
Browse and in-depth TOC on " Self-Healing Grid
Market"
72 - Tables
31 - Figures
120 - Pages
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Public utility is expected to be the fastest-growing
segment of the self-healing grid market from 2017 to 2022, owing to the
significant efforts being made by the government to extend the services of
public utilities. The grants by the governments will help in modernizing the
grid. This will boost the market for self-healing grid. North America and Asia
Pacific are the fastest-growing markets for public utility and offer various
business opportunities for self-healing grid solution providers in the public
utilities segment. Major European companies such as ABB (Switzerland) and Eaton
(Ireland) are involved in providing complete self-healing grid solutions. In
Asia Pacific, governments are focusing on increasing the contribution of
renewable energy sources to meet the domestic electricity demand. This will
increase the grid complexity, thereby driving the market of self-healing grid,
which helps to minimize the grid complexity.
The hardware sub-segment is expected to be the
fastest-growing market, by component, from 2017 to 2022. These hardware devices
include both sensing as well as communication devices, which are an integral
part of the distribution network helping to mitigate the losses occurring from
power outage. The increasing deployment
of hardware component in self-healing grid will drive the hardware segment.
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To enable an in-depth understanding of the competitive
landscape, the report includes the profiles of some of the key players in the
self-healing grid market. These include ABB (Switzerland), Siemens (Germany),
GE (US), Eaton (Ireland), and Schneider Electric (France). The leading players
are trying to establish themselves in the markets in developing economies and
are adopting various strategies to increase their market shares.
Browse Adjacent Markets @ Energy and Power Market Research Reports & Consulting
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