Self-healing Grid Market: Overview
- The usage of electric power distribution systems has been rising across the globe due to the increase in demand for electric vehicles and distributed energy resources such as stored energy and renewable sources. Self-healing grid includes automated controls, advanced software, and sensors that utilize real-time distribution data to isolate and detect faults and reconfigure the distribution network. It assures grid stability and improve reliability.
- These grids 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 allows the system to continuously adjust itself to an optimum state.
Key Drivers and Restraints of Self-healing Grid market
- Cyber-attack security of electric utilities, adoption of legislative mandates and government policies for smart grid technologies, and mitigation of difficulties in distributed energy generation are key factors propelling the self-healing grid market. Innovation in communication technologies and upgrade 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.
- Low acceptance and high initial installation cost of self-healing grid technologies in developing countries are hampering the market
Global Self-healing Grid Market: Segmentation
- The global self-healing grid market can be segmented based on application, component, end-use, and region
- In terms of application, the global self-healing grid market can be divided into transmission lines and distribution lines. The transmission lines segment is expected to expand at a higher CAGR during the forecast period.
- Based on component, the market can be bifurcated into software & services and hardware. Hardware was a rapidly growing segment in 2020 due to the increase in installation of several hardware components to make self-healing smart grids.
- 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.
Global Self-healing Grid Market: Regional Segmentation
- In terms of region, the global self-healing grid market can be split into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa
- 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 endorsement of government regulators for grid upgrade. India and China are prominent countries in terms of demand for self-healing grid technologies in Asia Pacific. Investment in detection systems and innovative grid infrastructure is anticipated to augment the self-healing grid market in Asia Pacific.
- Europe is also a lucrative region of the global self-healing grid market. Currently, Europe is in the process of massive power grid modernization investments. For instance, TenneT, the transmission operator in the Netherlands and Germany, plans to invest up to € 6 Bn over the next three to five years. The company is developing new connections, as well as strengthening and expanding its grid and upgrading its system operations to meet the EU’s new target to minimize emissions by up to 55% by 2030. Thus, rise in investments and favorable EU regulations are anticipated to boost the market in the near future.
COVID-19 Impact on Global Self-healing Grid Market
- The COVID-19 pandemic has adversely affected the global self-healing grid market. Distribution system operators across the globe have suffered low demand for electricity, waiving of interest of bills, bans on disconnection during the lockdowns, and increase in cost of distribution system operators (DSOs). Hence, DSOs delayed most of the initiated projects for power infrastructure, and non-critical investments have been suspended. However, relief packages announced by various governments after lockdowns are likely to lead to quick recovery of the self-healing grid market in the near future.
Key Players in Market
The global self-healing grid market has a moderately competitive landscape. It is dominated by the presence of various prominent players across the globe. This poses a tough challenge for various new entrants to establish themselves in the market.
Prominent players operating in the 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
- Sentient Energy
Global Self-healing Grid Market: Research Scope
Global Self-healing Grid Market, by Application
- Distribution Lines
- Transmission Lines
Global Self-healing Grid Market, by Component
- Hardware
- Software & Services
Global Self-healing Grid Market, by End-use
- Public Utility
- Private Utility
Global Self-healing Grid Market, by Region
- North America
- Europe
- Germany
- France
- U.K.
- Italy
- Spain
- Russia & CIS
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- ASEAN
- Rest of Asia Pacific
- Latin America
- Brazil
- Mexico
- Rest of Latin America
- Middle East & Africa
- GCC
- South Africa
- Rest of Middle East & Africa
