Self-healing Grid Market to Record Sturdy Growth by 2025
The
usage of electric power distribution systems has been rising due to
the increase in demand for electric vehicles and distributed energy
resources such as stored energy and renewable sources. The
self-healing grid is a system includes automated controls, advanced
software, and sensors that utilizes real-time distribution data to
isolate and detect faults and to reconfigure the distribution
network. It assure grid stability and improve reliability. These grid
employ real-time communication technologies and digital components to
monitor electrical characteristics. They can also provide numerous
benefits that support an efficient and stable system. Self-healing
grid provides reaction and real-time monitoring, which lets the
system to continuously adjust itself to an optimum state.
Self-healing grid enables the system for more fast restoration and to
avoid the spread of interruption.
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security of electric utilities, adoption of legislative mandates and
government policies for smart grid technologies, and mitigation of
difficulty in distributed energy generation are key factors
propelling the self-healing grid market. However, low acceptance and
high initial installation cost of self-healing grid technologies in
developing nations are hampering the market. Nevertheless, innovation
in communication technologies and upgrading of aging grid
infrastructure can resolve these issues. Various technologies must be
arrayed and integrated in order to transform existing infrastructure
into a self-healing smart grid. The smart grid system contains micro
grids, which are mostly self-sufficient power systems. Self-healing
grid is a system that encompasses automated controls, advanced
software, and sensors that can employ real-time distribution data to
identify, reconfigure the distribution network, and isolate errors.
The
self-healing grid market can be segmented based on application,
component, end-use, and region. Based on application, the market can
be divided into transmission lines and distribution lines. Based on
component, the market can be bifurcated into software & services
and hardware. Hardware was a rapidly growing segment in 2016 due to
the increase in installation of several hardware components to make
self-healing smart grids. North America and Europe are anticipated to
drive the market during the forecast period due to the increasing
deployment of hardware components in these regions. Based on end-use,
the market can be segregated into private utility and public utility.
The public utility segment is expected to account for key share of
the market in the near future as most public utilities in countries
such as India and the U.S. are likely to invest in self-healing grid
technologies.
North
America is the leading region of the self-healing grid market due to
the increase in emphasis on grid modernization. The U.S. is estimated
to be the major country of the self-healing grid market in North
America owing to the rise in investment in upgrade of the gridding
technology. The market in Canada has been expanding owing to the
increase in smart grid projects in the country. Implementation of
stringent government regulatory framework is likely to further drive
the market in North America. Asia Pacific also presents key
opportunities for the market, led by government regulators to indorse
grid upgrade. India and China are prominent countries in terms of
demand for self-healing grid technologies in Asia Pacific. Investment
in faulty detection systems and innovative grid infrastructure is
anticipated to augment the self-healing grid market in Asia Pacific.
North America is projected to be the major region of the market
during the forecast period. It is likely to be followed by Europe and
Asia Pacific.
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Key
players operating in the global self-healing grid market include ABB
Group, Eaton Corporation Plc., Siemens AG, General Electric, G&W
Electric, Inc., S&C Electric Company, Schneider Electric SE,
Landis+Gyr Corporation, Cisco Systems, Inc., Infosys Limited, Oracle
Corporation, and Sentient Energy.
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