Self-Healing Grid Market Analysis
Self-Healing Grid Market, By Component (Hardware and Software) and By Region - Global Industry Insights, Trends, Outlook, and Opportunity Analysis, 2018-2026
Self-healing grids are a part of the overall electrical power distribution that comprises of sensors, automated switchgears and controls, and advanced software. These systems are also known as smart grids, as it utilizes real-time information from the distribution networks for detection and isolation of faults, and then reconfigure the flow of energy to minimize number of consumers impacted, as a result of electrical faults. In conjunction with this, another factor fueling the self-healing grid market growth is enhanced durability of electrical supply systems.
Power outages can be significantly reduced by utilization of these smart and autonomous electricity delivery networks
According to Coherent Market Insights, around 50,000 electricity consumers were dealing with power outages daily for around or over two hours in 2015 in the U.S. alone. Moreover, around two-thirds of the power outages in the country are due to bad weather conditions, impacting over 170 million consumers (meters). This was owing to conventional infrastructure in the region. Requirement to upgrade the existing infrastructure and provide reliable power distribution is expected to be among the prominent factors driving growth of the self-healing grid market over the forecast period.
Self-Healing Grid Market Taxonomy:
On the basis of component, the global self-healing grid market is classified into:
On the basis of application, the global self-healing grid market is classified into:
On the basis of end user, the global self-healing grid market is classified into:
Proliferation of IoT and increasing implementation of smart cities initiatives are factors expected to fuel demand for self-healing grid over the forecast period
Upgrade of distribution network infrastructure requires replacement of conventional analog systems with digital components, processors, software, and power electronic technologies. Major benefit of integration of this technology is the low time requirement for reconfiguration of solutions to outages and faults, ranging from 1 to 5 minutes. Moreover, increasing integration of IoT and rampant development of smart cities characterized by enhanced connectivity of electrical supply systems, tracking and monitoring consumption by consumers and service providers, and integration of distributed renewable energy systems. This in turn is expected propel demand for self-healing grids over the forecast period.
High initial cost of replacement and upgradation of existing systems is expected to be among the major growth challenges for self-healing grids market. Moreover, providing and monitoring communication protocols and breaches are expected to be among the major concerns of the consumers adopting these technologies.
North America dominated the global self-healing grid market in 2016, and is expected to continue its dominance over the forecast period. Government initiatives to support the installation of AMI meters and smart solutions in electrical infrastructure, and funding approvals for the upgradation of the existing infrastructure is expected to drive the regional market growth. For instance, in June 2017, Lubbock Power & Light, Municipal Electric Utility in Texas allocated US$ 120 million for upgrade of the existing infrastructure. Moreover, according to CIA World Factbook, China and India together account for over the 33% of the global electricity consumption. High electricity consumption in Asia Pacific and high potential applications of this technology in Asia Pacific is expected to present as a strong growth opportunity.
Some of the key players in the global self-healing grid market include General Electric Company, ABB Ltd., Siemens AG, Schneider Electric, Itron, Inc., Aclara Technologies LLC, Cisco Systems, Inc., Open Systems International, Inc., International Business Machines Corporation, Wipro Limited, and Oracle Corporation.
Joining thousands of companies around the world committed to making the Excellent Business Solutions.