Science and Technology

Smart Grid Market Analysis by Trends, Size, Share, Growth Opportunities, and Emerging Technologies And Forecast

Smart Grid Market size was valued at US$ 61.13 Bn. in 2023 and the total revenue is expected to grow at a CAGR of 19.1% through 2024 to 2030, reaching nearly US$ 207.81 Bn.

By Nikhat 05 Jul 2024

Smart Grid Market Growth or Demand Increase or Decrease for what contain:

The rising need to alleviate climate change for renewable energy development is expected to fuel the smart grid initiatives globally. Furthermore, governments of various economies are progressively investing in smart grid technology as it is projected to help them in achieving their CO2 reduction targets and support long-term economic success. Many economies already have net energy metering equipment and protocols, and some economies are still exploring the technology and its mechanism which is estimated to offer significant opportunities for the global smart grid market. Such as, in 2017 under Advanced Metering Infrastructure (AMI), the U.S. installed nearly 76 smart meters and is expected to install approximately 95 million meters by the year 2021.

Smart Grid CAGR Estimation:

One of the major factors responsible for the growth of the smart grid market is growing the global electricity demand is urbanization, coupled with an increase in investments in digital electricity organization. Furthermore, with rising awareness about “smart everything”, the smart-cities concept has also been gathering rising attention, mainly in developing economies such as China and India, which is a result of all the intermediate technologies. For example, in Sept 2019, the 10,000-acre AURIC (Aurangabad Industrial City) in Aurangabad, Maharashtra was installed as the main Greenfield industrial smart city of India.

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Smart Grid Market Segmentation:

by Component

Software
Hardware
Services

Based on the End-User, the market is segmented into Residential, Commercial, and Industrial. The commercial segment is expected to grow rapidly at a CAGR of xx% during the forecast period 2024-2030. An increasing need for a continuous, well-organized, and reliable electricity source is the key factor that drives the growth of this segment in the Global market during the forecast period 2024-2030
by End User

Residential
Commercial
Industrial

Smart Grid Market Overview:

The report explores the market's segments (Type, Interferometer Type, Application, End-User, and Region). Data has been provided by market participants, and regions (North America, Asia Pacific, Europe, Middle East & Africa, and South America). This market report provides a thorough analysis of the rapid advances that are currently taking place across all industry sectors. Facts and figures, illustrations, and presentations are used to provide key data analysis for the historical period from 2022 to 2029. The report investigates the market's drivers, limitations, prospects, and barriers. This MMR report includes investor recommendations based on a thorough examination of the market's contemporary competitive scenario.

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Smart Grid Market Growth or Demand in which regions??

North America dominates the Global Smart Grid market during the forecast period 2024-2030. North America is expected to hold the largest market shares of xx% by 2030. This is due to the large-scale investments in smart grid & smart city projects. The USA has been extremely receptive toward adopting the latest technological developments, like smart grid distribution management, AMI, substation automation, and smart grid communication. As per the U.S. Smart Grid Investment Grant (SGIG) program, an overall of 99 projects received federal financial assistance for 50% of qualified project prices. These are the major drivers that boost the growth of this region in the global market during the forecast period 2024-2030

Smart Grid Market Scope and Methodology:

The scope of the Smart Grid Market includes an in-depth analysis of the market trends, growth drivers, challenges, and opportunities. It covers various types of Smart Grid s such as hydraulic, electric, and pneumatic, along with their applications in industries like construction, manufacturing, maintenance, and warehousing. The methodology employed for this market study involves a comprehensive approach that includes primary research through surveys and interviews with key industry players, and secondary research through the analysis of industry reports, company publications, and reputable databases. The data is then validated through triangulation methods to ensure accuracy and reliability in the market forecasts and insights provided.

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Smart Grid Market Key Players

1. ABB
2. Siemens
3. GE
4. Schneider Electric
5. Itron
6. Landis+Gyr
7. Aclara
8. Cisco
9. OSI
10. IBM
11. Wipro
12. Oracle
13. Honeywell
14. S&C Electric Company
15. Eaton
16. Kamstrup
17. Trilliant Holdings
18. Globema
19. Tech Mahindra
20. Enel X North America
21. Fujitsu
22. eSmart Systems
23. Tantalus
24. EsyaSoft Technologies
25. Grid4C
26. C3 Energy
27. Others

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Key questions answered in the Market are:

• What is Smart Grid Market ?
• What is the growth rate of the Smart Grid Market?
• Which are the factors expected to drive the Smart Grid market growth?
• What are the different segments of the Smart Grid Market?
• What growth strategies are the players considering to increase their presence in Smart Grid ?
• What are the upcoming industry applications and trends for the Smart Grid Market?
• What are the recent industry trends that can be implemented to generate additional revenue streams for the Smart Grid Market?
• What major challenges could the Smart Grid Market face in the future?
• What segments are covered in the Smart Grid Market?
• Who are the leading companies and what are their portfolios in Smart Grid Market?
• What segments are covered in the Smart Grid Market?
• Who are the key players in the Smart Grid market?

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