According to the Smart Grid T&D Equipment market report, need for flexible power systems is one of the major driving factor in the market. Climate change policies and improvements in technologies have resulted in power generation from low carbon or no carbon technologies such as solar, wind, and hydro. Their intermittent power generation has resulted in utilities and energy companies making efforts to transition and accommodate these fuels by changing the functioning of the grid from a rigid structure to a system that is focused on flexibility and reliability.
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The global Smart Grid T&D Equipment market analyst said Imposition of stringent emission norms to curb environment pollution will lead to production of substantial amount of clean energy. The deployment of smart grid enables new power resources such as distributed generation, integration with renewable power systems, and electric vehicles that have low carbon footprint. They are integrated with the smart grid to meet the power demand. This integration will require utilities to install sophisticated control technologies to balance the power demand and supply, make the grid flexible, and maintain the stability of the grid.
The analysts forecast global smart grid T&D equipment market to grow at a CAGR of 16.23% during the period 2016-2020. Globally the power T&D network is undergoing a transformation with the introduction of digital technologies into the grid; it is largely driven by the need for efficiency, improved reliability and the integration of diverse power generation sources. The traditional grid was designed to manage continuous power from sources such as coal, oil, and other resources. However, countries are focusing on newer alternate sources of technology, which serve as intermittent sources of power generation. To harness the full potential of renewable power and provide a continuous power supply, utilities require flexible power supply system. This implies using a combination of these alternate energy sources along with power backup options such as generators, energy storage, and smart devices that provide complete transparency to the network. Smart T&D equipment transfers electricity from the transmission system to the consumer delivery point. Such equipment improves the overall efficiency of the smart grid, minimizes technical losses, improves O&M, and improves the longevity of the T&D equipment, deferring the investment and allowing grid operators to monitor and control the functions of the grid from a remote location. Smart T&D equipment includes reclosers, fault current indicators, automated switches, Volt-VAR control equipment, synchrophasor, and HVDC, among others.
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This report covers the present scenario and the growth prospects of the global smart grid T&D equipment market for 2016-2020.
The market is divided into the following segments based on geography: Americas, APAC and EMEA
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Global Smart Grid T&D Equipment Market 2016-2020, has been prepared based on an in-depth market analysis with inputs from industry experts. This report covers the market landscape and its growth prospects over the coming years. The report also includes a discussion of the key vendors operating in this market.
Key players in the Global Smart Grid T&D Equipment Market: ABB Ltd., GE-Alstom Grid, Prymsia Group, Schneider Electric SE, and Siemen AG.
Other Prominent Vendors in the market are: Abengoa, EATON, First Subsea, Fujikura, General Cable, Honeywell, Nexans, Schweitzer Engineering Laboratories, and Xian Electric Engineering.
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