The Self Healing Grid Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Self Healing Grid Global Market Report 2024, The self-healing grid market size has grown strongly in recent years. It will grow from $2.12 billion in 2023 to $2.33 billion in 2024 at a compound annual growth rate (CAGR) of 10.0%. The growth in the historic period can be attributed to early adoption for pilot projects, grid modernization programs, government initiatives and regulations, utilities’ emphasis on system efficiency, demand for grid reliability, rising frequency of grid outages..
The self-healing grid market size is expected to see rapid growth in the next few years. It will grow to $3.43 billion in 2028 at a compound annual growth rate (CAGR) of 10.1%. The growth in the forecast period can be attributed to increasing investment in cybersecurity solutions, development of advanced control algorithms, focus on grid modernization initiatives, expansion of renewable energy integration.. Major trends in the forecast period include collaboration and standardization, advancements in grid automation, integration of ai and predictive analytics, development of distributed energy resources (ders), enhanced communication and control systems, advancements in edge computing and iot.
The increasing adoption of clean energy sources such as wind and solar is expected to propel the growth of the self-healing grid market going forward. Clean energy sources are energy sources that are created utilising energy that is renewable, clean, and emits no emissions while using. The increasing production and adoption of clean energy sources requires self-healing grids as they enable integrated systems for large-scale renewable energy use. For instance, in December 2021, according to a report published by the International Energy Agency, a France-based intergovernmental organization, nearly 95% of the anticipated growth in global power capacity until 2026 is projected to be driven by renewables, with solar photovoltaic (PV) contributing more than half of this expansion. The increase in renewable capacity during the 2021-2026 period is forecasted to be 50% greater than the growth observed from 2015 to 2020. Therefore, the increasing adoption of clean energy sources such as wind and solar drives the self-healing grid market.
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The self-healing grid market covered in this report is segmented –
1) By Component: Hardware, Software and Services
2) By Application: Transmission Lines, Distribution Lines
3) By End-User: Public Utility, Private Utility
Investments in smart grids are a key trend gaining popularity in the self-healing grids market. Major companies operating in the self-healing grids market are focusing on investing in the development of smart grids to sustain their position in the market. For instance, in November 2021, DTE Energy Co., a US-based company operating in self-healing grids invested USD 7 billion in a smarter and more reliable grid for Michiganders. This investment focuses on self-healing circuits, pole maintenance, increased automation, tree trimming, and modernizing the grid’s old infrastructure.
The self healing grid market report table of contents includes:
- Executive Summary
- Self-Healing Grid Market Characteristics
- Self-Healing Grid Market Trends And Strategies
- Self-Healing Grid Market – Macro Economic Scenario
- Global Self-Healing Grid Market Size and Growth
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- Global Self-Healing Grid Market Competitive Benchmarking
- Global Self-Healing Grid Market Competitive Dashboard
- Key Mergers And Acquisitions In The Self-Healing Grid Market
- Self-Healing Grid Market Future Outlook and Potential Analysis
- Appendix
Top 5 Major Key Players Are:
- Siemens AG
- General Electric Company
- S & C Electric Company
- Eaton Corporation PLC
- Schneider Electric SE
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