Email
Print
The
Smart Grid Technology Market deals with the development of smart grid technology which is used in various applications such as manufacturing and telecommunications. Smart grid is an electrical grid, which is useful in power grid modernization process. The various softwares that support smart grid technology are MDMS, SCADA, DRM, DMS and Others.
Smart grid technology is helpful in managing the demand and supply for electricity along with data exchange through networking, data storage, information analytics and data & information management. Also, it provides wide ranging opportunities for energy conservation and efficient operations. SCADA that is Supervisory control and data acquisition systems provides data in real-time situations for electric power alteration.
The Smart Grid Technology Market is expected to witness healthy growth due to increasing demand for energy across all the regions of the world, during the forecast period. Rising government support towards the development of smart grid technologies is one of the key growth factor of this market. Growing smart meters usage is also supporting for the development of smart grid technology and helping to create perfect smart grid platform.
However, high installation costs and high initial investments required coupled with the lack of standards are the major factors that restraints the growth of the Smart Grid Technology Market. But, increasing substantial investments by organizations towards smart grid technology implementation, the technology is estimated to witness positive growth during the forecast period.
Asia-Pacific is dominating the Smart Grid Technology Market by holding the maximum revenue share of the market. Europe and North America are estimated to experience significant growth in terms of massive investment in the power supply sector. Asia-Pacific is also expected to witness positive growth especially in the emerging economies like India and China due to rapid urbanization and industrialization.
Smart grid technology is helpful in managing the demand and supply for electricity along with data exchange through networking, data storage, information analytics and data & information management. Also, it provides wide ranging opportunities for energy conservation and efficient operations. SCADA that is Supervisory control and data acquisition systems provides data in real-time situations for electric power alteration.
The Smart Grid Technology Market is expected to witness healthy growth due to increasing demand for energy across all the regions of the world, during the forecast period. Rising government support towards the development of smart grid technologies is one of the key growth factor of this market. Growing smart meters usage is also supporting for the development of smart grid technology and helping to create perfect smart grid platform.
However, high installation costs and high initial investments required coupled with the lack of standards are the major factors that restraints the growth of the Smart Grid Technology Market. But, increasing substantial investments by organizations towards smart grid technology implementation, the technology is estimated to witness positive growth during the forecast period.
Asia-Pacific is dominating the Smart Grid Technology Market by holding the maximum revenue share of the market. Europe and North America are estimated to experience significant growth in terms of massive investment in the power supply sector. Asia-Pacific is also expected to witness positive growth especially in the emerging economies like India and China due to rapid urbanization and industrialization.
Browse Related Reports:
- Supercapacitor Market: By Material (Electrodes, Separators, EDLC, Pseudo, Hybrid, Others); By End-Use (Industrial Automation, Consumer electronics, Power & energy, Others); By Technology (OESC, AESC); By Region - (2014-2020)
- Night Vision Devices Market: By Type (Scopes, Goggles, Cameras, Others); By Components (Image Intensifier Tubes, Micro Channel Plates, Eyepiece, Others); By Application (Military, Security, Surveillance, Paranormal Research); By Geography - (2014-2020)
About IndustryARC:
IndustryARC
is a research and consulting firm that publishes more than 500 reports
annually in various industries, such as Agriculture, Automotive,
Automation & Instrumentation, Chemicals and Materials, Energy and
Power, Electronics, Food & Beverages, Information Technology, Life
sciences & Healthcare.
IndustryARC
primarily focuses on Cutting Edge Technologies and Newer Applications
of the Market. Our Custom Research Services are designed to provide
insights on the constant flux in the global demand-supply gap of
markets. Our strong analyst team enables us to meet the client research
needs at a very quick speed with a variety of options for your business.
We
look forward to support the client to be able to better address
customer needs; stay ahead in the market; become the top competitor and
get real-time recommendations on business strategies and deals. Contact
us to find out how we can help you today.
Contact Us:
Mr. Venkateshwar Reddy
Business Development Manager
Email: [email protected]
Contact Sales: 1-614-588-8538 (Ext-101)
Connect with us on LinkedIn - https://www.linkedin.com/company/industryarc