Global Grid Optimization Solutions Market Size, Share and Trends Analysis, By Type (Software Components and Hardware Components), By Application (Government Departments, Enterprise Sector, Financial Industry, School, and Others), Forecast (2022-2028)

The global grid optimization solutions market is expected to grow at a CAGR of 12.5% during the forecast period. The emergence of distributed energy generation has resulted in increased grid complexity, which in turn, is driving the market growth. The growing demand for energy efficiency and the changing energy landscape are the two major factors propelling the global grid optimization solution market. The grids that were installed a few decades ago are still in use and need to be transformed in order to meet the growing demand for reliable electricity. The grid optimization solution system is a crucial component of the entire power distribution system. Furthermore, due to changing usage patterns, there have been significant changes in the load. As a result, utilities face a difficult task in maintaining reliability and resiliency while dealing with such issues. As a result, the utilities have begun prioritizing corrective measures, such as scaling backfield operations and leveraging technology.

Smart grids use monitors, controllers, sensors, and analyzers to access electricity load in order to manage electricity demand and supply, reduce costs, and save energy. They entail the use of a variety of components as well as different solutions and energy measurement systems. These systems aid in the grid integration of renewable energy sources and improve the efficiency and flexibility of the electricity grid network. Furthermore, owing to various benefits such as reduced peak load, reliable power, real-time monitoring, demand-side management, and reduced carbon emissions, countries all over the world are focusing on the implementation of smart grids and the integration of optimization systems. Grid optimization, which is a component of smart grids, optimizes all of the grid’s functions, including sensor installation, information technology, and communication systems. The grid’s optimization makes it smarter, allowing utilities to strike a balance between cost, efficiency, and reliability. Grid optimization is most commonly used in a low voltage network, where it monitors the real-time status and accuracy of the low voltage network picture. This allows operators to take corrective action in order to improve grid performance and stability. Furthermore, the grid optimization solution integrates data from grid sensors, alerting distribution network operators to potential grid issues that would otherwise go unnoticed. The solution also includes a number of interfaces that can be used to integrate it with existing head-end systems, meter data management systems, and geographic information systems (GIS).

Market Coverage

• The market number available for – 2021-2028
• Base year- 2021
• Forecast period- 2022-2028
• Segment Covered-
  • By Type
  • By Аррlісаtіоn
• Regions Covered-
  • North America
  • Europe
  • Asia-Pacific
  • Rest of the World
• Competitive Landscape- ABB Ltd.,Eaton Corp., and Aclara Technologies, among others.

Key questions addressed by the report

• What is the market growth rate?
• Which segment and region dominate the market in the base year?
• Which segment and region will project the fastest growth in the market?
• How COVID-19 impacted the market?
  • Deviation from the pre-COVID-19 forecast
  • Most affected region and segment
• Who is the leader in the market?
• How players are addressing challenges to sustain growth?
• Where is the investment opportunity?

Global Grid Optimization Solutions Market Report by Segment

By Type

• Software Components
• Hardware Components

By Application

• Government Departments
• Enterprise Sector
• Financial Industry
• School
• Others

Global Grid Optimization Solutions Market Report by Region

North America

• US
• Canada

Europe

• UK
• Germany
• Italy
• Spain
• France
• Rest of Europe

Asia-Pacific

• China
• India
• Japan
• South Korea
• Rest of Asia-Pacific

Rest of the World

• Latin America
• Middle-East and Africa