Analysts forecast the Global Grid Optimization Solutions market will grow at a CAGR of 16.4 percent over the period 2013-2018. Grid optimization involves a wide array of prospective advances that gives utilities and grid operators digital control of the power delivery network. Although the concept of network optimization is simple, the practice is complex because it involves multiple variables and compensation. The factors that threaten the network instability include demands rise, the unpredictable generation from renewable sources, volatile energy costs, and the emergence of electric vehicles. Utilities have to predict and diagnose potential problems on the faster edge, and to make decisions of control located in a matter of seconds in order to provide a high-quality and reliable service. Grid optimization serves as an umbrella term that encompasses improvements in three main areas:
- System Reliability
- Operational Ef?ciency
- Asset Utilization and Protection
The Report recognizes the following companies as the key players in the Global Grid Optimization Solutions Market : ABB Ltd., GE Energy LLC, Schneider Electric SA , S&C Electric Co. Inc., Schweitzer Engineering Laboratories (SEL) Inc., Ambient Corp., BPL Global Ltd, Oracle Corp.
Countries across the globe have supported the implementation of smart grids. Funds are being raised to support the deployment of smart grid optimization solutions, resulting in an increased number of smart grid solutions being built by grid optimization vendors. A large-scale smart grid construction project was incorporated in China's 12th five-year development plan work which began in 2011
Covered in this Report
The Global Grid Optimization Solutions market can be segmented into three divisions based on application: Generation Optimization, Transmission Optimization, and Distribution Optimization.
Global Grid Optimization Solutions Market 2014-2018, has been prepared based on an in-depth market analysis with inputs from industry experts. The report covers the Grid Optimization Solutions market landscape and its growth prospects in the coming years. The report also includes a discussion of the key vendors operating in this market.
According to the report, an increased number of power outages has spurred the need for varied grid optimization solutions. The market was dominated by the Americas in 2013 followed by the EMEA and the APAC regions. The Global Grid Optimization Solutions market is expected to grow at a CAGR of 16.4 percent during the period 2013-2018.
Further, the report states that despite the presence of several drivers, the Global Grid Optimization Solutions market is curtailed by some serious challenges. Vulnerability to cyber-attacks is one of the major challenges in the market. There is an increased threat of cyber-attacks and viruses as the deployment of grid optimization solutions includes communication networks and the internet.