Self-healing grids are a part of power distribution assemblies, and are widely used for maintaining overall system reliability of power distribution facilities. These grids consist of advanced software’s, controls, sensors, and automated switchgears. They are also known as smart grids, owing to their ability to detect faults in power grids and automatically reconfigure electric flow in real time.
Rising demand for continuous power supply coupled with increasing adoption of advanced technologies in power grids are major factors boosting growth of the global self-healing grid market. Also, increasing government initiatives for development of power distribution networks in developed and developing economies is another major factor expected to fuel growth of the global market over the forecast period. But, high costs associated with procurement, use, and maintenance of self-healing power grids is a major factor expected to hamper growth of the global market over the forecast period.
The global self-healing grid market report has been segmented on the basis of application, component, end user, and region. On the basis of region, the global self-healing grid market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
The market in North America accounted for highest share in terms of revenue in the global market, and is anticipated to maintain its dominant revenue contribution over the forecast period. This can be attributed to increasing adoption of advanced technologies in power distribution grids and increasing government initiatives for development of power transport and distribution grids in the region.
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Revenue from the market in Europe is estimated to account for second-highest share in the global market in 2017, owing to increasing focus on grid modernization in the region. The market in Asia Pacific is projected to witness significant growth in the target market and is expected to register highest CAGR of XX.XX% over the forecast period. This is attributed to growing demand for advanced grid infrastructure and increasing government initiatives for development of power distribution network in emerging economies such as China, Japan, and India.
Prominent players in the global self-healing grid market include General Electric Company, ABB Ltd., Siemens AG, Schneider Electric, Itron, Inc., Aclara Technologies LLC, Cisco Systems, Inc., Open Systems International, Inc., International Business Machines Corporation, Wipro Limited, and Oracle Corporation.