The aging power distribution infrastructure and the increasing investments in the technological advancements of the smart grid systems are driving the demand of the market.
The emergence of smart cities increases the need for advanced smart grid technologies, which is most likely to propel the industry’s growth. The lower operating cost of the advanced metering technologies is a key contributing factor to the increasing demand of the system. The market players are investing in the research and development to produce more technologically advanced systems.
The global Smart Grid Market will be worth USD 122.97 Billion by 2027, according to a current analysis by Emergen Research. The growth of this market can be attributed to the increasing initiatives of the government to adopt renewable sources of energy and reduce the carbon dioxide emission levels. Besides, the increasing supportive policies and regulations of the government regarding the adoption of the smart grid technologies is expected to boost the market growth over the forecast period.
The Global Smart Grid Market report offers a detailed analysis of the global market size, regional and country-level analysis of the market, segment growth, competitive landscape, sales analysis, industrial chain analysis, opportunities, recent developments, regulatory framework, market growth analysis, and strategic market initiatives.
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Key Market Dynamics: The global Smart Grid market research report details on the ongoing market trends, development outlines, and several research methodologies. It illustrates the key factors that directly manipulate the market, for instance, production strategies, development platforms, and product portfolio. According to our researchers, even minor changes within the product profiles could result in huge disruptions to the above-mentioned factors. Each of these factors has been elaborately discussed in the initial segment of the study.
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Key Highlights From The Report
- The Smart Grid distribution Management segment held the largest market share of 41.0% in the year 2019 as it can optimize the renewal energy distribution while minimizing the electricity bills for the customers.
- The Deployment and Integration segment is forecasted to grow with the fastest CAGR of 20.6% over the forecast period due to the increasing requirement in the technological advancements of the traditional power systems.
- The Commercial segment accounted for the largest market share in 2019 due to the increasing adoption of the advanced metering infrastructure by the commercial segment.
- North America dominated the smart grid market in 2019 due to the increasing investment in the technological advancements of the smart grid system.
- The Asia Pacific region is expected to be the fastest-growing region over the forecast period due to the rising need for clean energy sources.
- Key participants include ABB, General Electric, Siemens, Itron, Aclara, Schneider Electric, Cisco, S & C Electric Company, Oracle, and IBM, among others.
The findings of the report explain various aspects of the market, such as market status, developmental prospects, key regional segments, renowned market players, product offerings, end-use industries.
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The Smart Grid market intelligence report talks about the market size, share, value, and production cost analysis over the forecast period 2019-2027.
- Technology Outlook (Revenue, USD Billion; 2017-2027)
- Smart Grid Distribution Management
- Advanced Metering Infrastructure
- Smart Grid Network Management
- Smart Grid Security
- Others
- Services Outlook (Revenue, USD Billion; 2017-2027)
- Deployment and Integration
- Consulting
- Support and maintenance
- End User Outlook (Revenue, USD Billion; 2017-2027)
- Commercial
- Industrial
- Residential
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