HOME Research Insight General Electric (GE) and Siemens AG (Munich, Germany) are the Prominent Playersin the Smart Grid Market

General Electric (GE) and Siemens AG (Munich, Germany) are the Prominent Playersin the Smart Grid Market

The smart grid market is expected to grow from USD 20.83 Billion in 2017 to USD 50.65 Billion by 2022, at a Compound Annual Growth Rate (CAGR) of 19.4%, owing to the various ongoing smart cities and smart meter rollout projects globally.

The major players in the smart grid market include General Electric Company (New York, US), ABB Ltd. (Zurich, Switzerland), Siemens AG (Munich, Germany), Schneider Electric SA (Rueil-Malmaison, France), Itron, Inc. (Washington, US), Landis+Gyr (Zug, Switzerland), Aclara Technologies LLC (Missouri, US), Cisco  Systems, Inc. (California, US), Open Systems International, Inc. (Minnesota, US), IBM Corporation  (New York, US), Wipro Ltd. (Karnataka, India), and Oracle Corporation (California, US). These players have adopted various growth strategies, such as new product launches, partnerships, agreements, mergers and acquisitions, and expansions. Product launches and acquisitions were the two major strategies adopted by these players to achieve a strong foothold in the smart grid market.

General Electric (GE) Company is one of the prominent players in the smart grid market. GE provides smart grid technologies and operations management systems for electric utilities and renewable energy. GE offers all types of products and services for the energy and power industries. In the field of smart grids, GE provides solutions that are reliable and optimize the end-to-end grid operation 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. GE has complemented its offerings with a strong and dedicated support and maintenance team that provides 24/7 support services to its client. GE has adopted various business strategies to enhance its offerings to its customers. For instance, in 2017, GE collaborated with TREDAS to launch the first integrated smart grid operation system in Turkey. In 2016, the company collaborated with Energy and Clean Line Energy to develop the first overhead HVDC project in the US. These strategies have helped the company to establish itself as a market leader and strengthen its product portfolio in the smart grid market.

Siemens AG is another prominent player catering to the smart grid market. Siemens specializes in electrical engineering and electronics-related products and services. It is a global technology powerhouse reputed for its engineering excellence, innovation, quality, and reliability. It has a wide breadth of offerings; it bundles various solutions into one and offers an integrated digital grid to its client. Siemens provides a complete end-to-end range of smart grid technologies, products, services, and solutions. The company works with energy producers, grid operators, industrial companies, and smart city operators to help meet the challenges of efficient energy distribution and management. The company offers products for power quality measurement, substation automation, smart communication, grid control, cybersecurity, and smart metering infrastructure. Siemens is a pioneer in driving the digitalization of smart grid solutions and services. The company follows the inorganic strategy of partnerships and collaborations for expanding its presence in the smart grid market. For instance, in May 2017, the company signed a Memorandum of Understanding (MoU) with Uganda and Sudan. As per the MoU, the company would develop solutions in the areas of power supply, transportation, industry, and healthcare for Uganda and Sudan.

Related Reports:

Smart Grid Market by Software (AMI, Smart Grid Distribution Management, Smart Grid Communication, Grid Asset Management, Substation Automation, and Billing and Customer Information System), Hardware, Service, and Region - Global Forecast to 2022

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