This market study report presents a comprehensive analysis of the global smart grid transmission and distribution equipment market by product (HVDC, RTU, FACTS, Volt/VAR, Synchrophasor, and others) and by geography (Americas, APAC, and EMEA). Leading vendors in the market are ABB, GE-Alstom Grid, Prysmian, Schneider Electric, and Siemens.
Technavio’s market research analysts estimate the global smart grid T&D equipment market to grow at a CAGR of more than 16% between 2016 and 2020. One of the primary factors driving the growth of this market is the rapid modernization of grid. An aging power infrastructure, need for mitigation of cybersecurity risk, and the addition of new resources to the grid have resulted in the electricity and power sector to find ways to make the grid more reliable and flexible to suit the rapid changes in the supply and demand. The Americas dominate the smart grid T&D equipment market owing to the replacement of aging grid infrastructure, addition and connection of renewables to the grid, and modernization of the grid US, Canada, Brazil, and Mexico are the major revenue contributors in this region.
The new market research report from Technavio provides a breakdown and analysis of the smart grid T&D equipment segments by technology.
“Rising demand for electricity around the world has led to an increasing automation process in the grid and a growing need for awareness about the grid conditions at all times. Moreover, automation also helps reduce the overall costs as possibilities of a system failure due to negligence are avoided. Furthermore, remote terminal units (RTUs) are control devices that help in managing and monitoring substations from a remote location. These terminal units show real-time data of the grid, underlining concerned areas such as points of high T&D losses that help operators address the problems. Therefore, an augmented demand for RTUs will also aid in the growth of the market until the end of 2020,” says Vishu Rai, Lead Analyst, Energy, Technavio Research
The high-voltage direct current (HVDC) segment leads the smart grid T&D equipment market, accounting for nearly 79% of the overall market share. The growth in offshore wind farms in one of the critical factors driving the growth of this segment. The power generated from the offshore wind power plants will require connection to the grid, thereby propelling this market segment’s growth in the future.
The leading vendors in the global smart grid T&D equipment market are ABB, GE-Alstom Grid, Prysmian, Schneider Electric, and Siemens. The market is characterized by the presence of several well-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 T&D Equipment Market 2016-2020
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