Smart Grid Market

General Electric (GE) and Siemens AG are leading players in Smart Grid Market

The smart grid market is expected to grow from USD 23.8 billion in 2018 to USD 61.3 billion by 2023, at a Compound Annual Growth Rate (CAGR) of 20.9% during the forecast period, owing to the ongoing smart cities and smart meter rollout projects, globally. Governments’ supportive policies and legislative mandates, improved grid reliability and efficient outage response, the awareness of carbon footprint management are some of the factors driving the growth of the global smart grid market.

The major players in the smart grid market include GE (US), ABB (Switzerland), Siemens (Germany), Schneider Electric (France), Itron (US), Landis+Gyr (Switzerland), Aclara (US), Cisco (US),  OSI (US),  IBM (US), Wipro (India), Honeywell (US), Oracle (US), S&C Electric Company (US), Eaton (Ireland), Kamstrup (Denmark), Trilliant Holdings (US), Globema (Poland), Tech Mahindra (India), Enel X North America (US), eSmart Systems (Norway), Tanatalus (US), EsyaSoft (India), Grid4C (US), and C3 Energy (US). These players have adopted various growth strategies, including new product launches, partnerships, agreements, mergers and acquisitions, and expansions. The strategy of product launch and acquisition were 2 major strategies adopted by these players to achieve a strong foothold in the smart grid market.

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General Electric (GE) is one of the prominent players in the smart grid market. The company provides smart grid technologies and operations management systems for electric utilities and renewable energy. It offers all types of products and services for energy and power industries. In the field of smart grids, it provides solutions that are reliable and optimize the efficiency of the end-to-end grid operations. Its Real Smart Solutions re-energize the need to improve grid performance. The company offers its solutions through its strong and dedicated support and maintenance team that provides 24/7 support services to its client. It has adopted various business strategies to enhance its offerings in the smart grid market. 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 High-Voltage Direct Current (HVDC) project in the US. The company’s business strategies have helped it become a market leader and strengthen its product portfolio in the smart grid market.

Siemens AG is another prominent player in the smart grid market. The company 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 clients. It 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 for meeting the challenges of energy distribution and management. It offers products for power quality measurement, substation automation, smart communication, grid control, cybersecurity, and smart metering infrastructure. It is a pioneer in driving the digitalization of smart grid solutions and services. It follows the inorganic strategy of partnerships and collaborations for expanding its presence in the smart grid market. For instance, in May 2017, Siemens AG 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, Grid Distribution, Grid Network, Grid Asset, Grid Security, Substation Automation, and Billing & CIS), Hardware (Smart Meter), Service (Consulting, Integration, and Support), and Region - Global Forecast to 2023

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