Self-healing Grid Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2017 - 2025
- Transparency Market Research
The usage of electric power distribution systems has been rising due to the increase in demand for electric vehicles and distributed energy resources such as stored energy and renewable sources. The self-healing grid is a system includes automated controls, advanced software, and sensors that utilizes real-time distribution data to isolate and detect faults and to reconfigure the distribution network. It assure grid stability and improve reliability. These grid employ real-time communication technologies and digital components to monitor electrical characteristics. They can also provide numerous benefits that support an efficient and stable system. Self-healing grid provides reaction and real-time monitoring, which lets the system to continuously adjust itself to an optimum state. Self-healing grid enables the system for more fast restoration and to avoid the spread of interruption.
Cyber-attack security of electric utilities, adoption of legislative mandates and government policies for smart grid technologies, and mitigation of difficulty in distributed energy generation are key factors propelling the self-healing grid market. However, low acceptance and high initial installation cost of self-healing grid technologies in developing nations are hampering the market. Nevertheless, innovation in communication technologies and upgrading of aging grid infrastructure can resolve these issues. Various technologies must be arrayed and integrated in order to transform existing infrastructure into a self-healing smart grid. The smart grid system contains micro grids, which are mostly self-sufficient power systems. Self-healing grid is a system that encompasses automated controls, advanced software, and sensors that can employ real-time distribution data to identify, reconfigure the distribution network, and isolate errors.
The self-healing grid market can be segmented based on application, component, end-use, and region. Based on application, the market can be divided into transmission lines and distribution lines. Based on component, the market can be bifurcated into software & services and hardware. Hardware was a rapidly growing segment in 2016 due to the increase in installation of several hardware components to make self-healing smart grids. North America and Europe are anticipated to drive the market during the forecast period due to the increasing deployment of hardware components in these regions. Based on end-use, the market can be segregated into private utility and public utility. The public utility segment is expected to account for key share of the market in the near future as most public utilities in countries such as India and the U.S. are likely to invest in self-healing grid technologies.
North America is the leading region of the self-healing grid market due to the increase in emphasis on grid modernization. The U.S. is estimated to be the major country of the self-healing grid market in North America owing to the rise in investment in upgrade of the gridding technology. The market in Canada has been expanding owing to the increase in smart grid projects in the country. Implementation of stringent government regulatory framework is likely to further drive the market in North America. Asia Pacific also presents key opportunities for the market, led by government regulators to indorse grid upgrade. India and China are prominent countries in terms of demand for self-healing grid technologies in Asia Pacific. Investment in faulty detection systems and innovative grid infrastructure is anticipated to augment the self-healing grid market in Asia Pacific. North America is projected to be the major region of the market during the forecast period. It is likely to be followed by Europe and Asia Pacific.
Key players operating in the global self-healing grid market include ABB Group, Eaton Corporation Plc., Siemens AG, General Electric, G&W Electric, Inc., S&C Electric Company, Schneider Electric SE, Landis+Gyr Corporation, Cisco Systems, Inc., Infosys Limited, Oracle Corporation, and Sentient Energy.
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