Grid Optimization Solution Market Revenue, Growth Factors, Trends, Key Companies, Forecast To 2030

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The Grid Optimization Solution Market size will grow at a rate of 11% during the forecast period.

Grid Optimization Solution Market Overview:

The Grid Optimization Solution Market size will grow at a rate of 11% during the forecast period.

Our Market Overview and Regional Analysis provide an understanding of the industries, companies and products within the market. Our Trends section provides an analysis of how the market is currently performing and looks set to perform in the future. Our Growth Forecast section gives you an idea about how our Market Analysis works, by giving us further details on how we can build our Market Forecast model for a particular domain within this report. Lastly, in our Metrics section we outline important data points relating to each of these sections as well as our current forecasted price range.

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Utilities worldwide are focusing on making power grids more efficient by integrating renewable energies and taking advantage of information and communication technologies. Increasing legislative measures toward the expansion of reliable grid infrastructures in developing complement the business landscape. Moreover, the growing uptake of these systems to improve the electricity grid network’s efficiency and flexibility create vast opportunities. 

The energy industry has evolved significantly over recent years, mainly due to the rising digital grid deployments. Augmenting demand from the energy sector is a key driving force. Increasing smart city projects and awareness for energy efficiency benefits boost the market value. Additionally, the rising emphasis on renewable energy is estimated to unlock value and contribute to electrification, automation, and digitalization.

COVID-19 Impact

The COVID-19 outbreak hit the grid optimization solution industry severely, causing huge revenue losses. Technology providers and device manufacturers confronted various problems, including difficulties in obtaining raw materials and components, attracting workers from quarantines required for the production, and delivering end products to markets.

Installation and replacements of these solutions were postponed due to strict lockdown regulations, which further impacted the grid optimization solution market share, bringing the market to a halt. Besides, the lockdown disruptions spiked product prices and subsequently lowered market demand, disrupting component device manufacturing and supply chains.

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The market analysis is segmented into types, applications, and regions. The type segment is sub-segmented into hardware, software, and services. Of these, the hardware segment holds the larger market share, playing a crucial role in the proper functioning of the solution.

The application segment is sub-segmented into government, educational institutes, small-scale enterprises, and others. Among these, the small-scale enterprises account for the largest market share requiring a continuous power supply. By region, the analysis is segmented into Asia Pacific, Americas, Europe, and the rest-of-the-world.

Regional Analysis

North America dominates the global grid optimization solution market. The largest market share attributes to the increase in investments in smart grid technology. Besides, rising advances in smart-grid technology and the demand in the electricity industry increase the grid optimization solution market growth in the region. 

With its rising spending in smart grid deployments, the US leads in the region in terms of grid optimization solution market value. Furthermore, increasing demand for connectivity and distribution monitoring control influences the grid optimization solution market size. 

Competitive Analysis

Key players active in the market are Hubbell, Hitachi ABB Power Grid, Eaton Corporation, FirstEnergy, GE, Green Mountain Power, Énergir Limited Partnership, Doble Engineering Company, EKM Metering, and CGI Group, among others.