The self-healing grid market is estimated to grow at a CAGR of 9.07%, from 2017 to 2022, to reach a projected value of USD 2.66 billion by 2022. A self-healing grid is a combination of sensors, automated controls, and advanced software that helps in reducing the occurrence of power outages by identifying faults and taking necessary action. A self-healing grid also utilizes real-time distribution data to identify the fault and isolate the fault area, thus, increasing grid reliability. Modernization of aging grid infrastructure is one of the major opportunities for the self-healing grid market.
The self-healing grid market comprises both global and regional players. The key players operating in the market include ABB (Switzerland), Siemens (Germany), GE (US), Schneider Electric (France), and Eaton (Ireland). New product developments, contracts & agreements, investments and expansions, and mergers & acquisitions are the major strategies adopted by the players in the self-healing grid market. New product development was the most commonly adopted strategy from 2014 to 2017. Industry players also adopted the strategy of contracts & agreements, which was the second-most widely followed strategy from 2014 to 2017.
Market Dynamics Self-Healing Grid Market
Drivers
- Protection of Electric Utilities From Cyber Attack
- Government Policies and Legislative Mandates Regarding Smart Grid Technologies
- Complexity in Distributed Energy Generation
Restraints
- High Initial Cost for Deploying Self-Healing Grid Technologies
Opportunities
- Advancement in Communication Technologies
- Modernization of Aging Grid Infrastructure
Challenges
- Low Acceptance Level of Self-Healing Grid in Developing Nations
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Asia Pacific is expected to be the fastest-growing market for self-healing grid from 2017 to 2022. The growing focus on modernizing the grid, mostly in China and Japan, along with increasing government initiatives in the deployment of new communication technologies in the grid, has led to a growth in the demand for self-healing grid. China and Japan are expected to be the two largest markets for self-healing grid in the region in 2017. Government support for reliable power supply through minimizing the power outage in both countries will drive the self-healing grid market. Moreover, the market is also expected to grow significantly in countries such as India and South Korea during the forecast period. Factors such as enhancing the ability to optimize the energy allocation in the distribution network and integration of new power generation capacity from renewable energy resources are driving the self-healing grid market in India and South Korea.
The report’s target audience includes the following:
- Utility authorities (public and private)
- Software and hardware solutions providers
- Distribution system operators
- Transmission system operators
- Government agencies
Public utility is expected to be the fastest-growing segment of the self-healing grid market from 2017 to 2022, owing to the significant efforts being made by the government to extend the services of public utilities. The grants by the governments will help in modernizing the grid. This will boost the market for self-healing grid. North America and Asia Pacific are the fastest-growing markets for public utility and offer various business opportunities for self-healing grid solution providers in the public utilities segment. Major European companies such as ABB (Switzerland) and Eaton (Ireland) are involved in providing complete self-healing grid solutions. In Asia Pacific, governments are focusing on increasing the contribution of renewable energy sources to meet the domestic electricity demand. This will increase the grid complexity, thereby driving the market of self-healing grid, which helps to minimize the grid complexity.
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The hardware sub-segment is expected to be the fastest-growing market, by component, from 2017 to 2022. These hardware devices include both sensing as well as communication devices, which are an integral part of the distribution network helping to mitigate the losses occurring from power outage. The increasing deployment of hardware component in self-healing grid will drive the hardware segment.
