The global grid optimisation solutions market is forecast to grow by 11.36% between 2017 and 2021.
The report Grid Optimisation Solutions Market 2018 defines the solutions as devices used to detect and monitor power system equipment including transformers, arrestors, power cables, and substation and power plant equipment.
Driving growth of the grid optimisation solutions market is the transition to smart grids as utilities seek to optimise the efficiency of grid operations.
According to the report, energy distribution system operators are increasing investments in sensors, grid communications systems and information technology to make energy networks smarter. The investments will in turn help reduce utilities’ operational costs and improve reliability of grids and services to customers.
The latest market disruptors and trends include the changing energy landscape and increased demand for power supply.
Increases in global population, from 7.4 billion in 2016 to 8.7 billion by 2035, according to the World Bank, will drive higher demand for energy.
Utilities are expected to invest in grid optimisation to improve consumer energy efficiency in order to retire fossil fuelled energy generation and at the same time ensure the reliability of grid networks.
Cybersecurity issues are expected to continue hindering the growth of the market. Advances in IT and technologies used to control energy generation and distribution systems have left energy networks vulnerable to cyber attacks.