Global Self-Healing Grid Market Size, Share, Opportunities, COVID-19 Impact, And Trends By Application (Power Transmission, Power Distribution), By Grid Integration Source (Conventional, Non-Conventional), And By Geography - Forecasts From 2022 To 2027

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:

• Siemens, a global leader and market leader in the manufacture of high-end products such as mobility, automation, and software solutions, among others, offers self-healing technology solutions for smart grids and power grids. The Self Optimizing Grid is the product that they provide. This product is a solution that can provide automation and decentralised applications to help with grid monitoring and remote control. The company's solution is also capable of improving grid reliability and increasing grid efficiency. Furthermore, it can be used and applied at various levels of the grid system, such as central, semi-decentralized, and decentralised, to provide optimal performance.
• Eaton, a company that manufactures and sells products and services such as actuators and motion controllers, clutches and brakes, cylinders, engine solutions, hydraulic motors, and generators to various end-users such as aerospace, healthcare, oil and gas, government, and military. Its diverse portfolio also includes smart grid and power grid solutions and products. The "Yukon Feeder Automation" is one of the self-healing solutions it provides. This company's solution is software that can integrate real-time data to aid in the detection of distribution grid disturbances and automatically reconfigures the system It also has some key features, such as the ability to restore power in less than 2 minutes, reduce outage time, and provide voltage management, among others.

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

• Duke and TECO added more self-healing technology to prevent power outages in July 2022. Duke and TECO both intend to continue expanding their self-healing grids for the future. Currently, self-healing technology is assisting slightly more than half of Duke Energy's customers. They hope to reach 80% of their customers within the next ten years.
• Analog Devices announced a collaboration with Gridspertise in April 2022 to develop the technologies required for future smart grids. The two companies intend to develop self-healing and adaptive hardware and software as part of their collaboration.
• Schneider Electric, a leading digital transformation, energy management, and automation company, launched new intelligent equipment in September 2020 to achieve a self-healing grid and ensure efficient power use in Nigeria.

COVID-19 impact on Self-Healing Grid Market

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.           

Global Self-Healing Grid Market Scope:

Segmentation:

• By Application
  • Power Transmission
  • Power Distribution
• By Grid Integration Source
  • Conventional
  • Non-Conventional
• By Geography
  • North America
    • USA
    • Canada
    • Mexico
  • South America
    • Brazil
    • Argentina
    • Others
  • Europe
    • UK
    • Germany
    • France
    • Spain
    • Italy
    • Others
  • Middle East and Africa
    • Saudi Arabia
    • UAE
    • Israel
    • Others
  • Asia Pacific
    • Japan
    • China
    • India
    • South Korea
    • Indonesia
    • Thailand
    • Taiwan
    • Australia
    • Others

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.