CHICAGO, April 30, 2020 /PRNewswire/ -- According to MarketsandMarkets analysis on the "COVID-19 Impact on Smart Grid Market by Component (Hardware, Software and Services) and Region - Global Forecast to 2021", the COVID-19 impact on the global Smart Grid Market size is estimated to be USD 26.9 billion in 2020 and projected to reach USD 28.8 billion by 2021, growing at a CAGR of 7.1% from 2020 to 2021. The major factors driving the growth of the smart grid industry include modernization of aging grid infrastructure, and improved grid reliability and efficient outage response.
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"Smart Grid Market for software to hold the highest market share during the forecast period."
The software segment is expected to hold the highest market share as it is likely to witness a low impact due to the outbreak of COVID-19. The software segment is further sub-segmented into advanced meter infrastructure (AMI), smart grid distribution management, smart grid network management, grid asset management, substation automation, smart grid security, and billing and customer information system. It is estimated that the grid asset management, smart grid security, and billing and customer information system segments are expected to have the least impact during the lockdown of COVID-19.
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"Smart Grid Market in North America is expected to hold the highest share during the forecast period"
The smart grid industry in North America is expected to be the largest during the forecast period. This growth is attributed to the rise in demand for smart grid infrastructure to improve service reliability and operating efficiency. The US and Canada are the major two economies in the region that focus on investing in grid modernization. For instance, the US government allocated funds for smart meter units and making installation of smart meters mandatory in several states, including California and Texas. Such initiatives are likely to drive the Smart Grid Market.
Some of the major players in the smart grid industry are GE (US), ABB (Switzerland), Siemens (Germany), Schneider Electric (France), Itron (US), Landis+Gyr (Switzerland), Aclara (US), Cisco (US), OSI (US), IBM (US), Wipro (India), Oracle (US), Honeywell (US), S&C Electric Company (US), Eaton (Ireland), Kamstrup (Denmark) and Trilliant Holdings (US), among others.
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