Authored By: Sarah
11 Jul 2024

 Smart Grid It Systems Market Size to grow by USD 35175.9 million between 2024-2028

According to a research report “ Smart Grid It Systems Market” by Application (Energy Management System, Distribution Management System, Outage management system, Data analytics) End-user (Residential, Commercial, Industrial) Geography (Europe, APAC, North America, South America, Middle East and Africa)- Global Forecast to 2028 published by Technavio, the market size is estimated to grow by USD 35175.9 million, at a CAGR of  22.07% during the forecast period. The global population surge, projected to reach approximately 9.6 billion by 2050, brings about an escalating demand for energy resources. Utility companies face the challenge of maintaining the balance between energy supply and demand without incurring excessive costs. To address this issue, they are increasingly adopting smart grid IT systems. These advanced technologies enable operational and overall cost efficiency, ensuring a sustainable energy infrastructure to meet the growing energy demands.

Browse market data tables, figures, and in-depth TOC on “Smart Grid It Systems Market” by Application (Energy Management System, Distribution Management System, Outage management system, Data analytics) End-user (Residential, Commercial, Industrial) Geography (Europe, APAC, North America, South America, Middle East and Africa) Global Forecast to 2028. Download Free Sample

 

By Application, the Energy Management System segment is projected to dominate the market size in 2024

In response to the escalating global population growth, urbanization, and rising employment levels, the standard of living is significantly improving, leading to a heightened demand for electricity worldwide. This trend necessitates the development and implementation of advanced power metering solutions, thereby propelling the smart grid IT systems market forward. Moreover, residential consumers are expediting the installation of smart meters to capitalize on government grants before their expiration, thereby fueling the demand for these systems among power utilities. Consequently, the expanding need for smart grids globally is concurrently driving the demand for smart grid IT systems among utility companies.

By End-user, Residential  segment is expected to hold the largest market size for the year 2024

In the realm of Smart Grid IT systems, Energy Management Systems (EMS) play a pivotal role in both residential and commercial sectors. These systems consist of advanced devices installed in buildings, enabling real-time monitoring and analysis of electricity consumption and appliance power data. EMS also facilitates pre-programmed functions, such as temperature control. Moreover, EMS provides demand-response prompts to utility service providers, enabling them to manage electricity load from microgrids more efficiently. The escalating electricity prices and the global push towards energy efficiency are major growth drivers for the EMS market. Users can access valuable insights into their energy consumption patterns, allowing them to make informed decisions and optimize their energy usage.

Europe is forecasted to hold the largest market size by region in 2024

The Smart Grid IT Systems Market refers to the advanced technology solutions that enable efficient and automated management of electricity grids. These systems utilize real-time data analysis and communication to optimize energy production and distribution. Companies in this sector offer solutions for grid monitoring, predictive maintenance, energy trading, and customer engagement. The market is driven by the need for reliable and sustainable energy infrastructure, as well as increasing energy demand and regulatory support for smart grid technologies.

The Smart Grid It Systems Market growth and forecasting report also includes detailed analyses of the competitive landscape of the market growth and forecasting and information about 20 market companies, including:

  • ABB Ltd.
  • Cisco Systems Inc.
  • Eaton Corp. Plc
  • ENEL X srl
  • General Electric Co.
  • Globema SP Z O O
  • Honeywell International Inc.
  • International Business Machines Corp.
  • Itron Inc.
  • Kamstrup AS
  • Mitsubishi Electric Corp.
  • Oracle Corp.
  • SAP SE
  • Schneider Electric SE
  • Siemens AG
  • TANTALUS SYSTEM HOLDING INC.
  • Tech Mahindra Ltd.
  • Trilliant Holdings Inc.
  • Wipro Ltd.
  • Xylem Inc.
.

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Research Analysis Overview

The Smart Grid IT market is witnessing significant growth as utility service providers and technology companies collaborate to modernize the electrical network and address the challenges of an aging grid infrastructure. The integration of digital communication technologies in the form of smart meters and smart grid systems is transforming the electrical power sector, enabling real-time monitoring, control, and optimization of power distribution. In the context of smart cities, the Smart Grid industry is crucial for managing the electrical power needs of growing populations and reducing carbon emissions. Critical solutions include smart meters, superconducting cables, smart substations, and intelligent appliances. Security concerns are a major focus, with protective management systems and integrated communications ensuring the reliable operation of the electrical network. Transmission networks are being enhanced with distributed sources such as solar power systems and wind turbines, which require advanced technologies for power quality and emergency situation management. The Smart Grid market encompasses a range of isolated technologies, from smart power meters to smart cities, all working together to create a more efficient, sustainable, and reliable electrical power system.

Market Research Overview

The Smart Grid IT Systems Market is witnessing significant growth as energy providers seek to modernize their electricity infrastructure to meet the demands of a growing population and reduce carbon emissions. This market includes various components such as energy storage systems, wireless communication, big data solutions, and analytical solutions. Energy storage systems play a crucial role in balancing power consumption and renewable energy sources. Wireless communication enables two-way communication between smart grid meters and utility service providers, allowing for real-time data exchange and optimization. Big data solutions and analytical tools help utilities manage and analyze data from the electrical network, improving energy efficiency and power quality. Data centers, utility service providers, technology companies, and consulting service providers are key players in the smart grid industry. Smart cities are also adopting smart grid systems to manage power consumption and distribute electricity from renewable energy sources. The aging grid infrastructure poses challenges, including blackouts and power outages. Smart grid systems offer critical solutions through optimization, renewable energy integration, and protective management. Security concerns, including smart grid security, substation automation, and smart grid communications, are also addressed through advanced technologies. The market for smart grid systems includes hardware for smart meters, distribution and transmission, generation, and advanced metering infrastructure. Distributed energy resources, such as electric vehicles and solar power systems, are also integrated into the electrical network. The volatile nature of the network requires intelligent appliances, superconducting cables, and smart substations to ensure reliable electrical supply. In summary, the smart grid IT systems market is essential for managing the electrical network in a sustainable and efficient manner. It includes various components, players, and applications, all working together to address the challenges of a growing population, aging infrastructure, and the integration of renewable energy sources.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/

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