Grid Optimization Solution Market Overview:
Global industry is expected to grow faster than ever before due to new technologies and various key industry players choosing multiple business tactics to expand globally by 2030.
Government policies and various regulations are playing vital role in this industry. Regional market growth is outstanding post pandemic. Some drivers and trends are helping the industry to grow at a high CAGR during forecast period 2023-2030.
The Grid Optimization Solution Market size will grow at a rate of 11% during the forecast period.
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Utilities worldwide are focusing on making power grids more efficient by integrating renewable energies and taking advantage of information and communication technologies. Increasing legislative measures toward the expansion of reliable grid infrastructures in developing complement the business landscape. Moreover, the growing uptake of these systems to improve the electricity grid network’s efficiency and flexibility create vast opportunities.
The energy industry has evolved significantly over recent years, mainly due to the rising digital grid deployments. Augmenting demand from the energy sector is a key driving force. Increasing smart city projects and awareness for energy efficiency benefits boost the market value. Additionally, the rising emphasis on renewable energy is estimated to unlock value and contribute to electrification, automation, and digitalization.
Segmentation
The market analysis is segmented into types, applications, and regions. The type segment is sub-segmented into hardware, software, and services. Of these, the hardware segment holds the larger market share, playing a crucial role in the proper functioning of the solution.
The application segment is sub-segmented into government, educational institutes, small-scale enterprises, and others. Among these, the small-scale enterprises account for the largest market share requiring a continuous power supply. By region, the analysis is segmented into Asia Pacific, Americas, Europe, and the rest-of-the-world.
Regional Analysis
North America dominates the global grid optimization solution market. The largest market share attributes to the increase in investments in smart grid technology. Besides, rising advances in smart-grid technology and the demand in the electricity industry increase the grid optimization solution market growth in the region.
With its rising spending in smart grid deployments, the US leads in the region in terms of grid optimization solution market value. Furthermore, increasing demand for connectivity and distribution monitoring control influences the grid optimization solution market size.
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Competitive Analysis
The grid optimization solution market is experiencing implementations of several strategies, such as collaboration, expansion, product launches, and mergers acquisitions. Major industry players make large strategic investments in research and development activities and fostering their expansion plans.
For instance, recently, on Sep. 06, 2021, Networked Energy Services Corporation (NES), a global smart grid solution provider, announced that it has been selected by the San Jose Award Program for the Silicon Valley 2021 best smart energy software company.
With its industry-leading Patagonia Energy Applications Platform (EAPTM), NES is a leader in the smart grid industry. Its proven, secure, open standard and multi-application platform enable NES to serve as the foundation for a diverse range of software applications across the smart grid, including low voltage grid optimization, grid security, and smart metering.
Key players active in the market are Hubbell, Hitachi ABB Power Grid, Eaton Corporation, FirstEnergy, GE, Green Mountain Power, Énergir Limited Partnership, Doble Engineering Company, EKM Metering, and CGI Group, among others.
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