Overview of the global grid optimization solutions market

Research analysis on the global grid optimization solutions market identifies that the transition to smart grids will be one of the major factors that will have a positive impact on the growth of the market. Technavio’s market research analysts predict that this market will grow at a CAGR of more than 11% by 2021. The transition from rigid structures to smart grids is driven by factors such as climate change policies, urbanization, and technological advancements. Smart grids offer advantages such as optimization to all grid functions by installing sensors, communication systems, and information technology. This makes the grid smarter and enables utilities to achieve the balance between cost, reliability, and efficiency. Moreover, this transition also assists utilities to obtain real-time control and improved data exchange that in turn will permit them to manage risks, maximize asset utilization, carry out systematic maintenance to increase the network performance and efficiency. This will subsequently drive the need for grid optimization solutions, fueling market growth.

The rising need for energy efficiency is one of the latest trends that will gain traction in the grid optimization solutions market in the forthcoming years. Energy efficiency is one of the most effectual ways to lower energy consumption rates as it is much more profitable than procuring extra power from reserve plants or investing in building newer power sources. Grid efficiency can be improved by optimizing system performance and increasing asset utilization. Improving energy efficiency in grids leads to lesser burden on energy systems and reduced line losses. This increases the need for energy efficiency in grids. Additionally, investments in energy efficiency will also pave the way for utilities to adopt grid optimization technologies in the future.

Competitive landscape and key vendors  

The grid optimization solutions market comprises of established vendors. In many regions, local or regional vendors hold the maximum share of the market which increases the competition. The grid optimization solutions vendors have a wide portfolio of power plant-related equipment and services that can be customized based on the customer requirements. Also, these vendors have dedicated R&D funds and increased capital resources for coming up with innovative sensor technologies that is a challenge for medium and small vendors.

The leading vendors in the market are -

• ABB
• Aclara Technologies
• Eaton
• General Electric

The other prominent vendors in the market are Advanced Control Systems, Advanced Electronics Company, Arbiter Systems, Arteche, BEIJING SIFANG AUTOMATION, CGI Group, Doble Engineering Company, EKM Metering, Electric Power Group, Elster Group (owned by Honeywell), ERLPhase Power Technologies, FirstEnergy, Green Mountain Power, Hexagon, Holley Metering, Intel, Itron, Jiaxing Eastron Electronic Instruments, Kaihen, Kamstrup, Landis+Gyr, LINYANG Energy, Metrycom Communication, Milsoft Utility Solutions, Mitsubishi Electric, mPower Innovations, Murata Power Solutions, National Information Solutions, Open Systems International, Operation Technology, Oracle, Powel, Power Sensors, Power System Engineering, PowerWorld, QinetiQ, Quanta Technology, Ripley Power & Light Company, Schneider Electric, Schweitzer Engineering Laboratories, SEDC, Sensus, Sentient Technologies Holdings, Siemens, Silver Spring Networks, Simpson Electric, Survalent Technology, and Westinghouse Electric. 

Segmentation by products and analysis of the grid optimization solutions market

• Hardware components
• Software components

During 2016, the hardware components segment accounted for the major shares of the grid optimization solutions market. Factors such as the growth in the shift to smart grids by installing devices to make them efficient and reliable by many countries across the world, will contribute to the growth of this industry segment in the coming years.

Geographical segmentation and analysis of the grid optimization solutions market

• Americas
• APAC
• EMEA

This market study estimates that in terms of geographic regions, the Americas will be the major revenue contributor to the grid optimization solutions market throughout the forecast period. The increased deployments in smart grid and the rise in government funding, will drive the growth of the market in the region.

Key questions answered in the report include

• What will the grid optimization solutions market size and the growth rate be in 2021?
• What are the key factors driving the global grid optimization solutions market?
• What are the key grid optimization solutions market trends impacting the growth of the market?
• What are the challenges to market growth?
• Who are the key vendors in the global grid optimization solutions market?
• What are the market opportunities and threats faced by the vendors in the global grid optimization solutions market?
• Trending factors influencing the market shares of the Americas, APAC, and EMEA.
• What are the key outcomes of the five forces analysis of the global grid optimization solutions market?

Technavio also offers customization on reports based on specific client requirement.