The Latin America, Middle East and Africa Smart Grid Market would witness market growth of 19.2% CAGR during the forecast period (2022-2028).
Smart Grid technology will make it possible for the grid to more effectively adapt to the dynamics of distributed generation and renewable energy sources, making it easier for utilities and customers to utilise these resources and profit from them. It is difficult for the grid to take input from many dispersed energy resources since the present infrastructure was built to transport electricity from centralised supply sources to fixed, predictable demands.
Moreover, the grid will need integrated monitoring and control, in addition to integration with substation automation, to govern various energy flows and arrange for backup capacity to supplement intermittent generation because intermittent supplies like solar and wind power. Controlling bidirectional power flows as well as monitoring, managing, and supporting these remote resources will be made simpler by smart grid capabilities.
Customers are given the means to take advantage of real-time power pricing, emergency load reduction signals or incentive-based load reduction signals, via sophisticated communications capabilities. Moreover, a smart grid may enable distribution generation resources like domestic solar panels, which allow certain small participants like individual residences and small businesses to sell their conserved energy to neighbours or back to the grid. The same will apply to bigger commercial enterprises that have backup or renewable power systems that may provide electricity for a fee at times of peak demand, which usually occur in the summer when air conditioners put a burden on the grid.
Due to increased adoption of solutions to reduce outages and revenue losses and improve management with minimum interruptions, the Middle East & Africa is predicted to develop. With new developments to accommodate conventional and non-conventional energy resources, the area is expected to expand steadily. In February 2021, Amazonas Energia, a Brazilian energy distribution firm, chose Landis+Gyr for an advanced metering infrastructure project. SGP+M Mesh IP intelligent centralised metering from Landis+Gyr will serve 100,000 consumers for the utility.
DEWA launched its Smart Grid vision for 2035 in 2014. DEWA met Smart Grid Strategy 2014-2035 short-term targets. DEWA modified its Smart Grid Strategy to 2035 in 2021, shifting from a technology-led to a value-driven strategy and consolidating its 10 smart grid programmes into 6 themes with 19 global smart grid capabilities. Hence, LAMEA's Smart Grid Market will benefit from the government's smart city ambitions.
The Brazil market dominated the LAMEA Smart Grid Market by Country in 2021, and would continue to be a dominant market till 2028; thereby, achieving a market value of $2,734.5 million by 2028. The Argentina market is experiencing a CAGR of 19.9% during (2022 - 2028). Additionally, The UAE market would exhibit a CAGR of 18.9% during (2022 - 2028).
Based on Component, the market is segmented into Solution (Smart Grid Distribution Management, Substation Automation, Smart Grid Network Management, Smart Grid Metering Infrastructure, Smart Grid Security, Smart Grid Communications, and Others) and Services. Based on End User, the market is segmented into Commercial, Industrial, and Residential. Based on Application, the market is segmented into Distribution, Transmission, Consumption, and Generation. Based on countries, the market is segmented into Brazil, Argentina, UAE, Saudi Arabia, South Africa, Nigeria, and Rest of LAMEA.
Free Valuable Insights: The Global Smart Grid Market is Predict to reach $130.2 Billion by 2028, at a CAGR of 17.4%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include General Electric Company (GE Grid Solutions), Schneider Electric SE, Cisco Systems, Inc., IBM Corporation, Siemens AG, Wipro Limited, Honeywell International, Inc., Oracle Corporation, ABB Group, and Itron, Inc.
By Component
By End User
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