Just like Technology, Electricity has become a very important part of our daily life because it is used to operate many electronics devices from our homes to offices and hospitals and manufacturing industries. Due to its usage, it is very important to keep its availability as high as possible and it should be used in the most efficient way because its resources are limited.
The Smart Grid, also known as the next generation of the power grid, is considered as an electrical infrastructure with advanced information and communication technology (ICT), which will increase the efficiency and reliability of the power systems. For the essential benefits that come with the Smart Grid, there are security risks due to the complexity of the advanced ICT used in smart grid architecture to connect large number of devices and sub systems. Cybersecurity is one of the major hazards for the smart grid, which should be considered as an increase in the surface of the attack. In order to prevent cyber attacks, new techniques and methods should be evaluated in real-world environments or in testing. However, the cost of installing smart grid testing is widespread.
The major key players offering smart grids are GE , ABB , Siemens, Schneider Electric, Itron, Landis+Gyr, Aclara, Cisco, OSI, IBM , Wipro , Honeywell, Oracle, S&C Electric Company, Eaton , Kamstrup, Trilliant Holdings, Globema, Tech Mahindra, Enel X North America ,eSmart Systems, Tanatalus, EsyaSoft, Grid4C, and C3 Energy.
By adopting a smart grid that uses digital and IT systems to efficiently and effectively manage power flows, it increases grid flexibility, protects against cybersecurity, and provides greater flexibility for rapid changes in supply and demand conditions. Switching to the direction of using digital sensing field devices and communication and control technologies has pushed utilities for system modernization. This can increase the growth prospects of the Smart Grid IT Systems Market.
The Smart Grid IT Systems Market is expected to grow from $ 24 billion in 2019 to $ 61.7 billion in 2023,and CAGR is expected to be +21%
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Major Findings in the Report:
A modern Smart Grid system has the following capabilities:
- It can repair itself and It can be operated more efficiently.
- This grid encourages consumer participation in operating
- This ensures a consistent and premium quality power supply which prevents the power leak.
- It allows electricity markets to grow and trade.
The key features of the smart grid include:
- Load handling: The power grid load / total sum is not stable and it varies with time. In the case of heavy load, a smart grid system can advise consumers to temporarily reduce energy consumption.
- Demand Response Support: Provides an automatic way for users to reduce their electricity bills.
- Decentralization of power generation: A distributed or decentralized grid system allows the user to generate onsite power by applying any suitable method.
Also, the high cost of smart grid upgrades is expected to have a significant impact on the growth of the Smart Grid data management market during the forecast period.
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Global Smart Grid IT Systems Market Segmentation:
Market – By Software
- Advance Metering Infrastructure (AMI)
- Smart Grid Distribution Management
- Smart Grid Communication
- Grid Asset Management
- Substation Automation
- Billing and Customer Information System
Market – By Hardware
- AMI meter
- Networking hardware
- Programmable Logic Controller (PLC)
Market By Service
- Deployment and integration
- Support and maintenance
Market By Region
- North America
- Rest of North America
- The UK
- Rest of Europe
- Asia Pacific
- Southeast Asia
- Rest of Asia Pacific
- Middle East and Africa
- GCC Countries
- Southern Africa
- Rest of Middle East and Africa
- Latin America
- Rest of Latin America
- North America
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