COVID-19 Impact on Smart Grid Market

GE (US) and ABB (Switzerland) are Leading Players in the COVID-19 Impact on Smart Grid Market

The global smart grid market size is projected to grow from USD 26.9 billion in 2020 to USD 28.8 billion by 2021 at a CAGR of 7.1% from 2020 to 2021. Rising investments drive the growth of this market for modernization of aging grid infrastructure, and improved grid reliability and efficient outage response. Furthermore, the smart grid also helps during the period of uncertainties. Presently, the lockdown due to COVID-19 drives the requirement of smart systems to manage grid operations so that there is minimum human intervention.

Key smart grid market players include GE (US), ABB (Switzerland), Siemens (Germany), Schneider Electric (France), and Itron (US). However, with the outbreak of COVID-19, manufacturers are facing several issues related to project completion and operation of various business segments. For instance, ABB expects to have a decline in revenue across all its business segments compared to a year ago. Siemens witnessed a sharp fall in demand from China, Germany, and Italy, where the impact of COVID-19 is high. This demand loss eventually will impact the company’s overall revenue. GE, for the first quarter of 2020, anticipates a negative impact on GE Industrial free cash flow of approximately USD 300–500 million, as well as a negative impact on operating profit of approximately USD 200–300 million, due to COVID-19.

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GE is a globally diversified technology and financial services company. It operates through five business segments, namely, power, renewable energy, aviation, healthcare, and financial services segment, capital.  The company offers grid solutions equipment and services through its renewable energy business segment, which accounted for 17.6% of the total net sales in 2019.  The company provides smart grid technologies and operations management systems for water, gas, electric utilities, and renewable energy. GE offers all types of products and services for the energy, utility, and power industries. In the field of smart grids, GE provides solutions that are reliable and optimize the end-to-end grid operational efficiency. Its “Real Smart Solutions” re-energize the need to improve grid performance. The technology anticipates and prevents errors to minimize outages by analyzing the operations and damages in the past.

ABB is a leading provider of power and automation-related solutions. It operates through four business segments, namely, electrification, industrial automation, motion, and robotics & discrete automation. The electrification business segment, which accounted for 44.2% of the net sales in 2019, offers products and solutions for the smart grid. In the smart grid market, the company provides intelligent solutions for electricity grids, water transportation, buildings, and discrete heating and cooling. Its product portfolio for smart grid includes network management systems, utility communication systems, and substations and feeders. The network management systems provide a complete range of smart grid solutions with business intelligence.

Related Reports:

COVID-19 Impact on Smart Grid Market by Component (Hardware, Software and Services) and Region - Global Forecast to 2021

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Report Code
EP 7632
RI Published ON
4/29/2020
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