CHICAGO, Sept. 5, 2023 /PRNewswire/ -- MarketsandMarkets has released 360 Quadrant for Top 21 Smart Grid Companies, Worldwide 2023 to help businesses make quicker and more informed decisions. Companies' market presence and product footprint are used to build quadrants, which will be revised annually.
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The global smart grid market size was valued at USD 43.1 billion in 2022 and it is expected that the smart grid industry will reach USD 103.4 billion by 2027, growing at a CAGR of 19.1% from 2022 to 2027. The market growth is attributed to the ongoing technological advancements, high demand for renewable energy sources in power generation, stringent government policies and rapidly changing trends in the smart grid market.
It was observed that the North American and European regions have been the early adopters of smart grid technology due to the presence of advanced technology and increased expenditure on IT infrastructure. Other regions like APAC, Latin America, and the Middle East are also experiencing significant growth in recent years. In 2022, the Asia Pacific region dominated the smart grid market with nearly 39.1%. While the other regions showed almost similar growth. However, the initial phase of the smart grid is capital-intensive and is one of the major factors that might hinder the growth of the smart grid market.
Unveiling the Market Leaders: Honoring Excellence in Smart Grids Markets
- Siemens was identified as one of the market leaders in the 360 Quadrant, owing to its diverse product portfolio and wide market presence. Siemens Smart Grid offerings encompass a comprehensive suite of solutions and services that leverage advanced technologies to enhance grid efficiency, reliability, and sustainability. Some of these offerings include Grid Application Software, Meter Data Management Solutions, Energy IP, Digital Substation, Substation Automation, and others.
- ABB is another prominent entity in the Smart Grids market that has established a robust presence and earned a reputation for excellence over the years. The company offers smart substation control and protection software, substation automation systems, and products, and power distribution systems. The company along with other entities is headed towards the adoption of virtualization in substations to meet future needs of utilities at the edge of the grid.
- General Electric (GE) registered a strong position in the global Smart Grids market and has been playing a significant role in reshaping the energy landscape. The company offers products ranging from generation to transmission and end use. These products optimize the efficiency, reliability, and security of the electrical grid. Some of the solutions include Grid diagnostics & visualization, Smart Meters, Substation digitization, Transformers & voltage management, Energy storage systems (Batteries), and Distribution Management Systems (DMS) among others.
- Schneider Electric is a comprehensive player in the digital transformation of the energy management and automation field. The company's smart grid portfolio consists of smart grid software and services. The company also offers products like feeder and distribution automation, and substation automation products among others. Schneider Electric's commitment to innovation and sustainability in the smart grid space positions it as a vital player in the global energy transition.
- Hitachi is another prominent entity in the Smart Grids market. The company's global reach and diverse product portfolio enable it to cater to a wide range of customers. The company's portfolio includes grid automation hardware, software, and services. It also offers a Grid Automation Shield Program that offers a package of services to map and track the installed asset base, providing up-to-date information about the product lifecycle and the associated services.
- IBM holds a significant position in the smart grid market. The company offers IBM Maximo Application Suite to manage the smart grid, which is an integrated AI-powered, cloud-based platform. It also offers other software solutions Enterprise Asset Management, Smart Metering, Remote Monitoring, and others.
Categorization Of Smart Grid Companies On 360 Quadrants
Smart Grid companies' evaluation was conducted for 35 companies, of which the top 21 were categorized and placed in a quadrant under Market Leaders, Contenders, Innovators, and Emerging Companies.
All the companies in the market leader segment demonstrated strong offerings and the ability to influence the market's direction with their deep expertise. These companies include Siemens, ABB, GE, Hitachi, Schneider Electric, and IBM. These companies dominate the market, together accounting for nearly one-third of the entire Smart Grids market.
Cisco, Oracle, Wipro, and Eaton have been recognized as contenders in the Smart Grid's quadrant. The contenders are companies with a strong market presence, excelling in specific niches. While not offering the full range of market leaders, they wield significant influence and impact. These companies focus on specific technologies and aim to establish leadership within their chosen segment.
In the quadrant, innovators are highly innovative companies with a strong product portfolio, but a smaller market presence compared to leaders. They push industry boundaries with forward-thinking approaches and have the potential to become major players despite lower corporate growth strategies. SAP, Mitsubishi Electric, Itron, Landis+Gyr, and Sagemcom have been identified as the innovators in the quadrant.
The 360 Quadrants effectively evaluates emerging companies in the Smart Grids industry. They focus on specific areas and offer specialized knowledge, targeted support, flexible terms, and competitive prices. While they may have limited capabilities, they are preferred for specific use cases. These companies employ strategies to expand sales and reach a broader client base. This segment of the quadrant has identified Honeywell, S&C Electric, Osaki Electric, Enel, Xylem, and Kamstrup as emerging companies.
Evaluation Criteria
The vendor evaluation was conducted on over 35 companies of which the top 21 were categorized and recognized as the quadrant leaders. Factors such as revenue, geographic presence, growth strategies, investments, and sales strategies for the market presence of the Smart Grid quadrant. While the top criteria for product footprint evaluation included Smart Grid Market by Component (Software, Hardware, Services), Application (Generation, Transmission, Distribution, Consumption/End Use), and Communication Technology (Wireline, Wireless).
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360 Quadrants Scoring Methodology
360 Quadrants employs a comprehensive and transparent scoring methodology to evaluate companies. It identifies relevant evaluation criteria, collects and validates data from multiple sources, and employs an algorithm that considers parameter weights to generate scores. Normalization ensures fair comparisons and the aggregated scores categorize solutions into quadrants such as Market Leaders, Contenders, Innovators, and Emerging Companies. This unbiased approach equips users with accurate information, empowering them to make well-informed decisions and select solutions that best suit their needs and objectives.
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About MarketsandMarkets 360Quadrants
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The B2B economy is witnessing the emergence of $25 trillion of new revenue streams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines - TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing.
Built on the 'GIVE Growth' principle, we work with several Forbes Global 2000 B2B companies - helping them stay relevant in a disruptive ecosystem. Our insights and strategies are molded by our industry experts, cutting-edge AI-powered Market Intelligence Cloud, and years of research. The KnowledgeStore (our Market Intelligence Cloud) integrates our research and facilitates analysis of interconnections through a set of applications, helping clients look at the entire ecosystem and understand the revenue shifts happening in their industry.
360 Quadrants will also be launching 100 quadrants in Chemicals and Materials, Packaging, Energy & Power, and Healthcare.
Visit https://www.360quadrants.com to access our interactive quadrants.
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