The global self-healing grid market is anticipated to expand its reach on the back of increasing use of electric power distribution systems as a result of rise in demand for distributed energy sources including renewable and stored energy, and electric vehicles. Self-healing grid improves reliability and assures grid stability. Self-sufficient power systems such as microgrids are incorporated in self-healing grid. Moreover, the grid includes advanced sensors and software and automated controls using real-time distribution data to isolate errors and reconfigure and identify distribution network. Here are some factors providing a solid foundation for the growth of the market.
Need to find solutions to overcome challenges in distributed energy generation to propel demand for self-healing grid
Adoption of government policies and legislative mandates for smart grid technologies to catapult market growth
Need for cybersecurity of electric utilities to increase the requirement of self-healing grid
Developing nations to witness slack in demand for self-healing grid owing to expensive installation cost and low adoption
Need to upgrade aging grid infrastructure and innovation in communication technologies to create lucrative prospects in the market
The public utility sector is predicted to create a whole lot of opportunities in the global self-healing grid market. In July 2018, Sault Ste. Marie PUC pulled the curtains off its Community Smart Grid project which is aimed at improving electrical efficiency in the city. The smart grid’s distributed automation ability allows the self-healing of electricity distributed system during power interruptions. The self-healing ability of the smart grid could also cut down customer costs, thus making total savings of up to a C$3.38 per bill.
Rise in Investment in Upgrade of Grid Technology to Rank North America Higher
If a geographical analysis of the international self-healing grid market is performed, North America could be found to take the leading position in terms of growth. The region could be trailed by two other key markets, viz. Asia Pacific and Europe.
Rise in focus on grid modernization is expected to set the tone for significant growth in North America.
The region could mark the lead secured by the U.S. with respect to market share.
The U.S. government heavily investing in the upgrade of grid technology could support market growth in the country.
Growing number of smart grid projects in Canada is foreseen to push the country’s market growth.
Tight government regulatory framework in North America could be another positive working in the favor of the regional market.
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Asia Pacific could also augment the demand in the international self-healing grid market as governments and organizations invest in novel grid infrastructure and fault detection systems. Among prominent nations of the region, China and India are projected to make their presence known in the market. Government regulators endorsing grid upgrade could help the regional market to up its growth in the coming years.