Market Research Future published a research report on “Global Self-Healing Grid Market – Global industry Forecast To 2023” – Market Analysis, Scope, Stake, Progress, Trends and Forecast to 2023.
Market Analysis
The self-healing grid market is growing at a faster pace with the introduction of new energy which is developing rapidly. The alluring advantages of self-healing smart grid give solutions such as less pollution, storage of energy and renewed energy to help the overall market grow and capture high position. The self-healing grid system includes automated controls, advanced software, and sensors. These detect faults by utilizing real-time distribution data to reconfigure the distributed network. Some of its essential functions are creating stability and improve reliability. Such smart grids employ real-time communication technologies and digital components to monitor electrical strength.
Factors Driving Self-Healing Grid Market
Increased focus on advanced control, big data, and artificial intelligence will help with raising the future development of self-healing technology. On account of the security of cyber-attack, adoption of legislative commands by Government bodies and moderation in electricity distribution are the key factors propelling the self-healing grid market. However, the availability of substitutes for self-healing grid technology, initial high costing may hamper the growth of the market over the assessment period. But, due to continuous innovation in communication technologies and upgradation of grid infrastructure can create more opportunities for the growth of the Self-Healing Grid Market in the forecast period.
The need for quick anticipation of problems with immediate response, proper monitoring system are some major upgradation of distributed network infrastructure, which benefits as lowering the time of solutions, ranging from 1 to 5 minutes. These factors are also helping as the growth drivers for this market. Moreover, wide development of smart cities and its enhanced connectivity of electrical supply systems drive the demand for self-healing grids in significant ways.
Key Players in Self-healing grid Market
The key players of global self-healing grid market are ABB Ltd. (Switzerland), Siemens AG (Germany), General Electric Company (U.S.), S & C Electric Company (U.S.), Sentient Energy, Inc. (U.S.), Eaton Corporation plc (Ireland), Schneider Electric SE (France), Landis+Gyr AG (Switzerland), Cisco Systems, Inc. (U.S.), Infosys Limited (India), Oracle Corporation (U.S.), and G&W Electric (U.S.).
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Segmental Analysis
In Market Research Future (MRFR) report, applications, components, end-users have segmented the global self-healing grid market.
Based on applications, the market is segmented into the transmission line and distribution lines. Of these, the transmission line is likely to drive the self-healing grid market until the year 2023. Due to high dependency for proper electric transmission boosts the transition lines through self-healing systems. This factor accurately fulfills the expected rise in self-healing grid market in the assessment period.
Next comes the segment based on components, the market is assessed with hardware, software, and services. In the year 2016, it was hardware segment which projected to be the fastest-growing component in the self-healing grid market due to high technological sensing and communication devices. The sensing devices include voltage regulator fault indicators and more, whereas communication devices include mesh radios, cellular network and more.
Based on End-users, the market is segmented as a public utility, and private utility. Out of these, public utility captured the market in 2016 and is estimated to be the fastest growing type in the foreseen five years. This will eventually raise the investments in the grid market concerning modernizing and need for more energy. Increasing investments in the self-healing grid market will also improve reliability in power supply.
Regional Outlook
Geographically, the global self-healing grid market is seen propelling in regions like North America, Asia Pacific, Europe, and the rest of the world. Among these, the Asia Pacific region is expected to grow at the highest CAGR from 2017-2022 where China was leading, followed by India and Japan. The factor of rising population with high energy demand has resulted in tremendous for electric infrastructure. This helped wisely in the growth of the self-healing grid market subsequently.
Table of Contents
- Report Overview
- Global Self-Healing Grid Market Assessment by Type
- Global Self-Healing Grid Market Assessment by Applications
- Competitive Analysis
- Competitive Landscape
- Global Self-Healing Grid Market Assessment by Regions
- Self-Healing Grid Regional Analysis
- Global Self-Healing Grid Consumption Assessment
- Global Self-Healing Grid Sales Assessment by Regions
- Technology and Cost
- Channel Analysis
- Self-Healing Grid Market Forecast 2017-2023
- Conclusion
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