Self-Healing Grid Market comprehensive analysis, industry revenue, forecast till 2018 – 2026

 Market Overview

According to Coherent Market Insights, around 50,000 electricity consumers were dealing with power outages daily for around or over two hours in 2015 in the U.S. alone. Moreover, around two-thirds of the power outages in the country are due to bad weather conditions, impacting over 170 million consumers (meters). This was owing to conventional infrastructure in the region. Requirement to upgrade the existing infrastructure and provide reliable power distribution is expected to be among the prominent factors driving growth of the self-healing grid market over the forecast period.

Upgrade of distribution network infrastructure requires replacement of conventional analog systems with digital components, processors, software, and power electronic technologies. Major benefit of integration of this technology is the low time requirement for reconfiguration of solutions to outages and faults, ranging from 1 to 5 minutes. Moreover, increasing integration of IoT and rampant development of smart cities characterized by enhanced connectivity of electrical supply systems, tracking and monitoring consumption by consumers and service providers, and integration of distributed renewable energy systems. This in turn is expected propel demand for self-healing grids over the forecast period.

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Market Dynamics

High initial cost of replacement and upgradation of existing systems is expected to be among the major growth challenges for self-healing grids market. Moreover, providing and monitoring communication protocols and breaches are expected to be among the major concerns of the consumers adopting these technologies.

North America dominated the global self-healing grid market in 2016, and is expected to continue its dominance over the forecast period. Government initiatives to support the installation of AMI meters and smart solutions in electrical infrastructure, and funding approvals for the upgradation of the existing infrastructure is expected to drive the regional market growth. For instance, in June 2017, Lubbock Power & Light, Municipal Electric Utility in Texas allocated US$ 120 million for upgrade of the existing infrastructure. Moreover, according to CIA World Factbook, China and India together account for over the 33% of the global electricity consumption. High electricity consumption in Asia Pacific and high potential applications of this technology in Asia Pacific is expected to present as a strong growth opportunity.

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Some of the key players in the global self-healing grid market include General Electric Company, ABB Ltd., Siemens AG, Schneider Electric, Itron, Inc., Aclara Technologies LLC, Cisco Systems, Inc., Open Systems International, Inc., International Business Machines Corporation, Wipro Limited, and Oracle Corporation.

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Coherent Market Insights is a prominent market research and consulting firm offering action-ready syndicated research reports, custom market analysis, consulting services, and competitive analysis through various recommendations related to emerging market trends, technologies, and potential absolute dollar opportunity.

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