Self-Healing Grid Market Overview:
Self-Healing Grid Market is expected to exceed USD 2.5 Billion by 2030, at a CAGR of 13% during the forecast period.
Continuous technological advancement in energy sector is expected to drive global Self-Healing Grid Market.
The self-healing grid market is garnering increasing traction globally. The market growth attributes to the growing government investments in smart energy infrastructure such as smart grids. The rising need to modernize and upgrade the outdated power distribution systems creates substantial market demand. Moreover, the increasing demand for advanced techniques to protect electrical utilities from cyber-attacks and the rising deployment of smart grids escalates the market demand.
Additionally, the rapid digitization and advances in grid technologies push the growth of the market. Besides, the spurring growth in energy industries substantiates market growth. On the flip side, high initial investments required to develop self-healing grid systems are significant factors projected to impede the market growth.
Nevertheless, increasing technological upgrades would support market growth throughout the forecast period, presenting cost-competitive manufacturing techniques that can reduce the overall cost of components & systems. Also, the increase in the number of banks, hotels, and other commercial properties would contribute to market growth in the years to come.
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Self-Healing Grid Market - Segmentation
The report is segmented into four dynamics;
By Application : Transmission Lines, Distribution Lines, and others.
By Component : Hardware, Software, and Services.
By End-User : Public Utility, Private Utility, and others.
By Regions : Asia Pacific, Europe, North America, and the Rest-of-the-World.
Self-Healing Grid Market - Regional Analysis
North America leads the global self-healing grid market. The largest market share attributes to the considerable growth in the power sector, population boom, and the rise in energy demand. Besides, increasing up-gradation activities of aging utility infrastructure and growing investments in distributed generation drive the growth of the market. Moreover, favorable government regulations to promote the adoption of smart grids escalate market growth.
The increasing demand for data centers and other commercial areas in the US, Canada, and Mexico substantiates the market growth. Also, the strong presence of notable players, technology development centers, and data centers in the region boost the growth of the market. Furthermore, substantial investments in self-healing grid sectors push the development of the regional market.
The Asia Pacific self-healing grid market is proliferating. The market growth is fostered by the rising population, tremendously increasing energy demand and phenomenal electrical infrastructure growth. Additionally, factors such as the continuous growth across end-user industries and the presence of industry players propel market growth. Simultaneously, the rising industrialization and urbanization in the region influence the regional market growth.
Similarly, increasing awareness of energy-efficient products that can reduce the overall energy cost substantiate the growth of the regional market. Emerging APAC countries, such as India, China, and Indonesia, hold considerable shares in the regional market, witnessing high power demand. The APAC self-healing grid market is expected to create a substantial revenue pocket during the assessment period.
Self-Healing Grid Market - Competitive Analysis
Highly competitive, the self-healing grid market appears fragmented due to the presence of several well-established players. To gain a larger competitive share, players incorporate strategic initiatives such as collaboration, acquisition, partnership, product & technology launch, and expansion. Players also focus on new product development initiatives and geographical expansion.
They make substantial R&D investments in developing a technology entirely on a different level compared to their competition. The market is predicted to witness relentless innovations and new products that will eventually result in intense competition among the climate control system manufacturers.
Industry/ Innovation/ Related News
September 16, 2020 ----- Hitachi ABB Power Grids Ltd. (Switzerland) announced the expansion of its Tropos portfolio with wireless strategy for industrial communications. The company introduced its new wireless communication solution with the launch of the next generation Tropos TRO600 portfolio. The new future-proof hybrid solution integrates cellular, self-healing broadband mesh technologies and partner sub-GHz technologies to enable many industrial applications.
The business entity would introduce a hybrid wireless architecture, seamlessly integrating 2G, 3G, and 4G LTE communication technologies, self-healing broadband mesh, and selecting sub-GHz technologies from its eco-system partners single device.
Major Players:
Players leading the global self-healing grid market include Siemens AG (Germany), ABB Ltd. (Switzerland), General Electric Company (U.S.), S & C Electric Company (U.S.), Eaton Corporation plc (Ireland), Landis+Gyr AG (Switzerland), Schneider Electric SE (France), Cisco Systems, Inc. (U.S.), Oracle Corporation (U.S.), Infosys Limited (India), and G&W Electric (U.S.), among others.