At CAGR of 20.5%, Smart Grid Market Size to Witness Robust Growth by 2027
Market Trends – Increasing investments in the research & development of the advanced metering infrastructure
— Emerging Research
VANCOUVER, BC, UNITED STATES, June 20, 2022 /EINPresswire.com/ —
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 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 smart grid technology is expected to generate more accurate electricity bills compared to traditional power systems. Besides, automatic self-healing and easy fault detections are some of the factors driving the demand of the system.
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Some 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 research study sheds light on the key growth opportunities and market trends along with other vital market dynamics, including the drivers and restraints on the industry growth. With this report, the prospective buyers can be sure to become capable of adapting to the changes in the Smart Grid industry.
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The study has been conducted on the basis of inputs from the industry leaders. Thus, a conscious effort to dive deep and unearth hard to find information pertaining to the growing market landscape and growth prospects over the next few years is clearly visible in the study. The market intelligence report further comprises of discussions about the major vendors operating in the Smart Grid space
Technology Outlook (Revenue, USD Billion; 2017-2027)
Smart Grid Distribution Management
Advanced Metering Infrastructure
Smart Grid Network Management
Smart Grid Security
Services Outlook (Revenue, USD Billion; 2017-2027)
Deployment and Integration
Support and maintenance
End User Outlook (Revenue, USD Billion; 2017-2027)
Global Smart Grid Market Geographical Landscape – Synopsis:
The report closely studies the growth trajectory of the global Smart Grid Market . It brings to light the global dominance of the leading regional segments, including North America, Asia Pacific, Europe, Latin America, and the Middle East & Africa.
Overview of the Smart Grid Market Report:
Introduction, Product Scope, Market Overview, and Opportunities
Analysis of the Manufacturers with sales, revenue, and price analysis
Comprehensive analysis of the competitive landscape
Extensive profiling of the key competitors along with their business strategies and market size
Regional analysis of the market along with sales, revenue, market share, and global position
Country-wise analysis of the market along with types, applications, and manufacturing
Strategic recommendations to established players as well as new entrants
The study elaborates on the crucial information pertaining to the regional Smart Grid share. It simultaneously focuses on the significant details about the growth patterns of each regional market.
Moreover, the report encases an exhaustive geographical study of the market, emphasizing the business growth prospects and market barriers for each of the key market regions.
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Smart Grid Market Size Worth USD 122.97 Billion by 2027