Global Self-Healing Grid Market Overview:
The self-healing grid market is expected to grow from an estimated value of USD 1.72 Billion in 2017 to USD 2.66 Billion by 2022, at a CAGR of 9.07% from 2017 to 2022. The global market is set to witness significant growth due to government policies and legislative mandates regarding T&D utilities, complexity in distributed energy generation, and the need for protection of electric utilities from cyber attack. Advancement in communication technologies presents a significant opportunity for the self-healing grid market.
The ecosystem of the global self-healing grid market starts with the hardware suppliers, which marks as the first stage in the ecosystem. The second stage is the assimilation of all hardware components and synchronizing the same with the software solution. This is majorly provided by self-healing grid solution providers. These solutions are installed in applications such as distribution and transmission and distribution line. Once the self-healing grid system is installed the service and maintenance activity is provided by solution providers. This maps the whole ecosystem for market.
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Public Utility: The larger segment, by end-user, during the forecast period.
The public utility segment is expected to hold the majority share of the self-healing grid market during the forecast period. In North America and Asia Pacific, the majority of the utilities are public or nationalized. The public utilities such as Duke Energy, NextEra Energy, and PG&E are involved in the implementation of self-healing grid. These factors have resulted in the higher market share of the public utility segment in the self-healing grid market.
The hardware segment accounts for the larger share of the self-healing grid market, by component, during the forecast period.
The hardware segment is expected to be the larger market, by component, from 2017 to 2022. The factors driving the market for hardware include the increasing deployment of additional sensing as well as communication devices as a part of self-healing grid solutions.
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Scope of the Report:
- By Application
- Distribution lines
- Transmission lines
- By Component
- Software & Services
- By End-user
- Public Utility
- Private Utility
- By Region
- North America
- Asia Pacific
- Rest of the World
Asia Pacific: The fastest-growing market for self-healing grid
In this report, the self-healing grid market has been analyzed with respect to four regions, namely, North America, Europe, Asia Pacific, and the rest of the World. In Asia Pacific, governments are focusing on increasing grid modernization. The Chinese market is expected to dominate the market in Asia Pacific. The self-healing grid market is expected to grow at a significant rate in countries such as India, Japan, and South-East Asian countries. The market in North America is expected to dominate the global self-healing grid market due to increasing investments in the energy sector and stringent regulatory frameworks related to the implementation of self-healing grid solutions.
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Key market players:
Key players in the self-healing grid market include ABB (Switzerland), Siemens (Germany), GE (US), Eaton (Ireland), and Schneider Electric (France). The leading players are trying to establish themselves in the markets in developing economies and are adopting various strategies to increase their market shares.