The global self-healing grid market is projected to grow at a CAGR of 24.91% to reach US$11.339 billion by 2027, from US$2.390 billion in 2020. The increasing requirement for automation and smart solutions and technologies is due to improving industry standards and the rising concerns among the industry players in order to reduce overall costs.
The industry standards are improving, and the product and solution requirements of the different industries are also rising, which is encouraging companies to provide automated solutions with recent technologies so as to deal with problems effectively. The power distribution grid, which is responsible for the management of power and controls the distribution and transmission of power, is also facing different challenges as the infrastructure is getting older.
Moreover, there are rising concerns among power grid companies and owners to adopt eco-friendly, energy-saving, and cost-saving automation solutions so as to minimize the burden of maintenance and labour costs. Also, as there are other power sources being integrated into the distribution and power grid systems, such as thermal power, and solar power among others, the end-users are struggling to adhere to the industry standards and regulations and adopt self-healing solutions. Therefore, these factors are causing the market’s growth to propel over the forecast period.
The lack of required infrastructure and supported technologies, as well as a skilled workforce required for maintenance and operations in low-income areas.
Self-healing grids are also one of the additional features and advancements that are used to improve the functionality of smart grid solutions that are being deployed in various countries around the world in order to make the related process more efficient. However, deploying self-healing technology or self-healing grids requires a significant initial investment as well as skilled labour to maintain the various features. This is not possible in many of the low-income counties and regions, as there is an unavailability of the required infrastructure and a lack of a skilled workforce in many of them. Hence, this factor poses a restraint on the self-healing market growth over the forecast period.
Product launches and product offerings by the Self-Healing Grid Market's Major Market Players
Market participants are very active in the market, offering and making available a wide range of smart grid and power distribution self-healing solutions with enhanced and advanced features in order to meet the rising demands of various end-users.
Here are some examples of product launches and offerings:
The North American region is expected to have a significant share over the forecast period due to faster adoption by power grid owners as transmission and distribution losses increase. On the other hand, the Asia Pacific region is poised to show modest growth due to efforts being made by the governments of countries such as India to adopt smart grids and self-healing grid solutions
The North American region is expected to hold a significant market share throughout the forecast period because the adoption of such systems is growing faster in different states of countries such as the United States. This is due to the fact that the power losses in the transmission and distribution of electricity via the power grid are estimated to be around 5%, according to the data and statistics provided by the U.S. Energy Information Administration. Furthermore, market participants are increasing their investments in order to provide advanced and enhanced solutions to make distribution grid management more automated and efficient.
On the other hand, the Asia-Pacific region shows the potential to grow at a notable pace over the forecast period. This is attributed to the fact that the government of countries such as India is increasingly involved in order to improve the distribution sector in the country by launching programmes such as the Ministry of Power's National Smart Grid Mission
Recent development and expansions
The COVID-19 pandemic has had a negative impact on the global self-healing grid market. Distribution system operators around the world experienced low demand for electricity, waived interest on bills, bans on disconnection during lockdowns, and an increase in distribution system operator costs (DSOs). As a result, DSOs delayed the majority of the initiated power infrastructure projects, and non-critical investments were halted. However, relief packages announced by various governments following lockdowns resulted in the self-healing grid market recovering quickly in the near future.
|Market Size Value in 2020||US$2.390 billion|
|Market Size Value in 2027||US$11.339 billion|
|Growth Rate||CAGR of 24.91% from 2020 to 2027|
|Forecast Unit (Value)||USD Billion|
|Segments Covered||Application, Grid Integration Source, And Geography|
|Regions Covered||North America, South America, Europe, Middle East and Africa, Asia Pacific|
|Companies Covered||ABB, Siemens, Cisco Systems, Inc., General Electric Company, Eaton, Schneider Electric, S&C Electric Company, Itron, IBM Corporation|
|Customization Scope||Free report customization with purchase|
Frequently Asked Questions (FAQs)
Q1. What will be the self-healing grid market size by 2027?
A1. The global self-healing grid market is projected to reach a market size of US$11.339 billion by 2027.
Q2. What is the size of the global self-healing grid market?
A2. Self Healing Grid Market was valued at US$2.390 billion in 2020.
Q3. What are the growth prospects for the self-healing grid market?
A3. The self-healing grid market is projected to grow at a CAGR of 24.91% over the forecast period.
Q4. Which region holds the largest market share in the self-healing grid market?
A4. The North American region is expected to have a significant share in the self-healing grid market due to faster adoption by power grid owners as transmission and distribution losses increase.
Q5. How is the global self-healing grid market segmented?
A5. The global self-healing grid market has been segmented by application, grid integration source, and geography.
1.1. Market Overview
1.2. Covid-19 Scenario
1.3. Market Definition
1.4. Market Segmentation
2. Research Methodology
2.1. Research Data
3. Executive Summary
3.1. Research Highlights
4. Market Dynamics
4.1. Market Drivers
4.2. Market Restraints
4.3. Porters Five Forces Analysis
4.3.1. Bargaining Power of Suppliers
4.3.2. Bargaining Power of Buyers
4.3.3. Threat of New Entrants
4.3.4. Threat of Substitutes
4.3.5. Competitive Rivalry in the Industry
4.4. Industry Value Chain Analysis
5. Global Self-Healing Grid Market, By Application
5.2. Power Transmission
5.3. Power Distribution
6. Global Self-Healing Grid Market, By Grid Integration Source
7. Global Self-Healing Grid Market, By Geography
7.2. North America
7.3. South America
7.5. Middle East and Africa
7.5.1. Saudi Arabia
7.6. Asia Pacific
7.6.4. South Korea
8. Competitive Environment and Analysis
8.1. Major Players and Strategy Analysis
8.2. Emerging Players and Market Lucrativeness
8.3. Mergers, Acquisitions, Agreements, and Collaborations
8.4. Vendor Competitiveness Matrix
9. Company Profile
9.3. Cisco Systems, Inc.
9.4. General Electric Company
9.6. Schneider Electric
9.7. S&C Electric Company
9.9. IBM Corporation
Cisco Systems, Inc.
General Electric Company
S&C Electric Company
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