Smart grid managed service: Key market research findings
- Increased investment in smart grid technologies
- Rapid deployment of smart grids
Technavio has released a new market research report on the global smart grid managed services market, which is expected to surpass $26 billion between 2016 and 2020. This market is expected to witness a high growth rate during the forecast period primarily due to growth in the EMS and DMS markets. The concept of smart grid managed services refers to synchronizing the software and hardware used to manage smart grids. It also includes operational services using smart meters and integrating energy sources with smart grids. The Americas dominate the global smart grid managed services market, occupying around two-thirds of the overall market share. Much of this region’s growth comes from the adoption of smart meters and the upgradation of older systems.
The new industry research report from Technavio discusses in detail the key drivers and trends responsible for the growth of this market and its sub-segments.
“Of late, the governments from across the globe are focusing on the reduction of carbon emissions and are also striving to find cleaner sources of energy. Due to the advent of stringent government policies, the utilization of renewable energy has increased. Smart grid managed services play a major role in reducing waste and also to manage power requirements based on peak and non-peak times. The implementation of smart grid managed services will help to cut down on power outages, ensure a steady power supply, and bring down the total cost of power,” says Vishu Rai, Lead Analyst, Energy, Technavio Research
The deployment of smart grids is increasing rapidly across the globe, with countries such as China, the US, India, Spain, Germany, and France enforcing ambitious smart grid plans. Smart grids include grid applications such as smart energy meters, SCADA systems, IT, and other communication networks. These devices enable utilities to have complete control and manage the digital assets that are present in the field. The shift to smart grid means that utilities have to manage complex smart devices and reduce the risk of grid failure and outages. This is expecetd to drive the need for sophisticated control systems to manage the assets in the field.
The key vendors in the global smart grid managed services market include Accenture, Capgemini, GE-Alstom, IBM, and Siemens. The market has a number of established vendors. In quite a few regions, local and regional vendors dominate the market, and large vendors have to deal with competitors. Large vendors have advantages like access to extensive capital and R&D funds, which allows them to develop new technologies.
A more detailed analysis is available in the Technavio report, Global Smart Grid Managed Services Market 2016-2020.
We can customize reports by other regions and specific segments upon request.
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