It is estimated that the smart grid technology space is expected to reach $830.56 billion by 2025.
The past few years have witnessed a stipulated growth in the demand for economical, sustainable, and reliable electricity. So, organizations are emphasizing on the need to implement robust operational measures such as smart grid technologies to efficiently control the production, distribution, and conditioning of electricity. The growth of the smart grid technology can be attributed to the emergence of cloud platforms, increasing adoption of IoT, and the need to conserve energy. Although the smart grid technology space is witnessing a promising growth owing to the increasing adoption of smart meters, regional government initiatives, and growing number of advanced infrastructure projects, several factors may influence the growth of the sector.
- Barriers in the adoption of technology: With the rising investments in transmission optimization and distribution automation, organizations are facing the need to comply with the clean power plan to further increase the emphasis on renewable resources.
- High costs of installation: Growing concerns pertaining to offering reliable and scalable services is compelling organizations to shift toward smart grid technology. With smart grid becoming increasingly multidimensional, deploying hardware and software components involves comparatively higher costs as compared to the traditional counterparts.
To address these challenges and assess the prominent competitors in the market, leading businesses are leveraging the use of competitive intelligence assessments. An effective competitive intelligence solution helps organizations to gather, analyze, and manage market information to make strategic informed business decision. Moreover, organizations can profile the prominent competitors and enhance their competitiveness in the market.
The Business Challenge
- The Client: Smart grid technology provider
The client, a prominent smart grid technology provider, wanted to identify the competitors and understand their strengths and weaknesses to develop effective business strategies. The client wanted to compile information of the competitors in terms of their history, key facts, products and services, and business objectives. With the help of a competitive intelligence solution, the client wanted to collect and compile data on the products and services and pricing models, and identify unique selling propositions. The primary concern of the client was to optimize their business process and strategies by comparing with that of the competitors.
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To gain detailed insights into the competitors’ value proposition, the competitive intelligence experts at Infiniti carried out an extensive research methodology comprising interviews and discussions with prominent stakeholders in the smart grid technology space. Moreover, to assess the performance of the competitors, the experts also compiled information from reliable sources such as trade shows, industry forums, and company presentations in the smart grid technology space.
The Solution Benefit and the Business Impact
The competitive intelligence solution offered by Infiniti helped the smart grid technology provider identify the top competitors and constantly monitor their activities. The engagement also helped the smart grid technology provider to analyze the key performance indicators and effectively analyze their marketing resources to meet the business requirements. Moreover, the competitive intelligence solution also sought ways for the client to formulate effective strategies to stay ahead of the competition. The solution also helped the client direct their development and marketing efforts to launch new products and services effectively.
The future of smart grid technologies will be marked by innovations, especially in terms of virtual power plants such as smart meters, solar panels, and demand response systems. Moreover, the smart grid technology space will also witness an upgrade in terms of transmission grids with communications and controls that can deliver 10% more efficiency as compared to the existing generation capacity.