Grid Control System Market Size, Share, Opportunities, COVID-19 Impact, And Trends By Grid Type (Browse Grid, Update Grid), By Energy Type (Solar, Wind), By End-User (Power Supply, Municipalities & Utilities, Data Transmission & Distribution, Others), BY Column Type (Database Column, Data Dictionary Column), And By Geography - Forecasts From 2023 To 2028
- Published : Feb 2023
- Report Code : KSI061614341
- Pages : 124
A grid control system is an electrical grid with automation, communication, and information technology systems that can monitor power flows from points of generation to points of consumption (even down to the level of individual appliances), and control the power flow or curtail the load to match generation in real-time or nearly real-time. High-voltage transmission lines are used to transport electricity over great distances. Local substations then "step down" the electricity to a lower voltage and distribute it to surrounding residences and businesses.
The implementation of effective transmission and distribution systems, system operations, consumer integration, and renewable integration can lead to the creation of a power grid control system. PowerGrid solutions assist in real-time monitoring, measurement, and control of power flows, which can help identify losses and enable the application of the proper technical and administrative measures to stop the losses.
The market for power control grid systems will rise as a result of rising demand for quality, secure, and reliable power supply.
The increased need for a safe, dependable, and high-quality power supply is predicted to propel market expansion. The worldwide grid control system industry is being shaped by growing concerns about carbon footprint reduction and the need to replace old infrastructure. And also, to manage the supply of energy in a controlled manner. A centralized grid distribution management and control system is also required.
The market will also expand as a result of the numerous economies' strong need for grid control systems and the rise in ICT investment. Also, according to the Statistical Review of World Energy, 2022 report by BP the renewable power generation at the global level in 2021 has been 3657.2 TWT which has increased from the previous year by 14.9%, thus this ensures that due to the increase in the power generation, the power grid control systems market to manage the grid lines will increase at a rapid pace and also with the increase in the consumption globally.
Government initiatives for the generation of offshore solar and wind power production will boost market growth.
The supportive government policies that promote the production of offshore solar and wind power, most notably wind electricity, as well as the growing urgency to reduce carbon dioxide emissions, are some of the most significant factors influencing the growth and advancement of the global grid control system market. Another important reason fuelling the expansion of the global market for power grid control systems is the rising requirement to improve the effectiveness and dependability and also reduce the theft which takes place in the power grids by the power grid control systems throughout the globe.
The Government of India formed the National Smart power grid control mission in a mop office memorandum dated March 27, 2015, to hasten the adoption of grid control technology in India with smartness. With a committed workforce, NSGM has been active since January 2016. The National Smart Grid Management Organization (NSGM) has the resources, power, and functional and financial autonomy to develop and oversee the country's Smart grid control system-related policies and projects. The vision is simple with the active involvement of all stakeholders, transforming the Indian power industry into a safe, flexible, sustainable, and digitally enabled ecosystem that offers dependable and high-quality electricity for everyone. This will certainly boost the growth of this particular market in the period upcoming.
During the forecast period, an increase is anticipated in North America throughout the prediction period.
Due to a greater focus on grid modernization, North America is the market leader for grid control systems globally. Due to increased investment in grid technology improvements, the United States is anticipated to hold the top spot in the North American grid control system market. As the number of power grid control system projects in Canada has risen, the market has expanded. For instance, Emerson will pay $1.6 billion to acquire OSI Inc., elevating it to the position of one of the nation's major suppliers of HVAC and industrial, commercial, and residential automation systems, this will lead to the production of advanced grid control systems and hence will increase the market growth for power grid control system.
Another leader the GridWise Alliance announced major investments in the transmission and distribution networks of the United States in July 2021, This project will invest USD 8.5 billion in technologies such as improved metering infrastructure and energy management systems to improve grid integration and USD 5 billion in technologies such as controls, sensors, and storage to develop grid flexibility. This has certainly brought the power grid control system into a market that will grow this market globally.
Market Key Developments.
- In June 2021 a USD 212 million financing package for a new project in Ukraine was approved by the World Bank's Board of Executive Directors in June 2021. This package included a USD 177 million loan from the International Bank for Reconstruction and Development (IBRD). The project will assist in decarbonizing the power control sector and synchronizing the Ukrainian power system with the European electricity grid.
Grid Control System Market Scope:
|Growth Rate||CAGR during the forecast period|
|Forecast Unit (Value)||USD Billion|
|Segments Covered||Grid Type, Energy Type, Application, Column Type, And Geography|
|Regions Covered||North America, South America, Europe, Middle East and Africa, Asia Pacific|
|Companies Covered||Siemens, Elia Group, Axpo, Gestoenergy|
|Customization Scope||Free report customization with purchase|
The grid control system market has been analyzed through the following segments:
- By GRID TYPE
- Browse Grid
- Update Grid
- By Energy type
- BY APPLICATION
- Power Supply
- Municipalities & Utilities
- Data Transmission & Distribution
- BY COLUMN TYPE
- Database Column
- Data Dictionary Column
- By Geography
- North America
- South America
- Middle East and Africa
- Suadi Arabia
- Asia Pacific
- South Korea
- North America
1.1. Market Overview
1.2. Market Definition
1.3. Scope of the Study
1.4. Market Segmentation
1.7. Base, and Forecast Years Timeline
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. Market Opportunities
4.4. Porter’s Five Force Analysis
4.4.1. Bargaining Power of Suppliers
4.4.2. Bargaining Power of Buyers
4.4.3. Threat of New Entrants
4.4.4. Threat of Substitutes
4.4.5. Competitive Rivalry in the Industry
4.5. Industry Value Chain Analysis
5. GRID CONTROL SYSTEM MARKET ANALYSIS, BY GRID TYPE
5.2. Browse Grid
5.3. Update Grid
6. GRID CONTROL SYSTEM MARKET ANALYSIS, BY APPLICATION
6.2. Power Supply
6.3. Municipalities & Utilities
6.4. Data Transmission & Distribution
7. GRID CONTROL SYSTEM MARKET ANALYSIS, BY COLUMN TYPE
7.2. Database Column
7.3. Data Dictionary Column
8. GRID CONTROL SYSTEM MARKET ANALYSIS, BY GEOGRAPHY
8.2. North America
8.3. South America
8.5. Middle East and Africa
8.5.1. Suadi Arabia
8.6. Asia Pacific
8.6.3. South Korea
9. COMPETITIVE ENVIRONMENT AND ANALYSIS
9.1. Major Players and Strategy Analysis
9.2. Emerging Players and Market Lucrativeness
9.3. Mergers, Acquisitions, Agreements, and Collaborations
9.4. Vendor Competitiveness Matrix
10. COMPANY PROFILES
10.2. Elia Group
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