Global Grid Optimization Solution Market is Likely to Witness High Growth During the Forecast Period
CRI Report published a raw research report on the global grid optimization solution market that contains the information from 2020–2026. The global grid optimization solution market is expected to register a ~11% CAGR during the forecast period, 2021–2027.
Grid optimization as a part of smart grids optimizes all the grid functions, including installing sensors, information technology, and communication systems. The optimization of the grid makes the grid smarter and enables utilities to achieve a balance between cost, efficiency, and reliability. Grid optimization solutionsare generally deployed in low voltage networks and monitor the real-time status and accuracy of the picture of the low voltage networks. This helps the operators take corrective actions to increase grid performance and stability. Moreover, the grid optimization solution combines data from grid sensors, thereby alerting distribution network operators to potential grid issues that would once have remained undetected.
The global grid optimization solution market size is projected to reach a valuation of by 2027, with ~11% CAGR during the forecast period.
In 2020, the Hardware Segment Held the Larger Market Share
Based on type, the global grid optimization solution market has been divided into hardware and software & services. The hardware segment is anticipated to account for the larger share in the global market during the forecast period. The grid optimization solutions involve a combination of hardware and software; however, hardware is the essence of the entire solution as hardware plays a crucial role in the proper functioning of the solution. The hardware includes sensors that facilitate measurement, communication, and control. These hardware components are placed on both the low and medium voltage parts of the grid and allow for high sampling and accurate, time-synchronized measurements.
Based on region, the grid optimization solution market has been segmented into Asia-Pacific, North America, Europe, the Middle East&Africa, and South America. North America holds the largest share in the grid optimization solution market due to the increasing installation of DERs, especially in the US. For instance, the US power system has more than 50 GW of behind-the-meter flexible resources at its disposal, comprising distributed energy resources (DERs) already enrolled in demand response programs. These factors are likely to drive the demand for grid optimization solutions in the region as the grid complexity will lead to more installation of grid optimization solutions. Moreover, various major players are focusing on innovation in introducing new products, enhancing their portfolio related to grid optimization solutions.
The key players operating in the global grid optimization solution market are Hitachi ABB Power Grid, Hubbell, Eaton Corporation, GE, FirstEnergy, Green Mountain Power, Doble Engineering Company, Énergir Limited Partnership, EKM Metering, and CGI Group.
Global Off-Grid Solar Market Research Report—Forecast till 2026
This research report provides insights into various levels of analysis, such as industry analysis and market share analysis for the leading industry competitors, along with their profiles. It also helps in studying the target segments by providing views on the emerging and high-growth segments. The market data comprises the basic assessment of the competitive scenarios and strategies in the global grid optimization solution market, including high-growth regions and/or countries and political and economic environments. The project report further provides both – historical market values and pricing and cost analysis.