As per this study the Global Smart GridMarket was valued USD XX MN (by revenue) in 2021 and is anticipated to reach USD XX MN by 2027 with a CAGR of XX%.
The smart grid is an advanced electricity delivery system. It offer two-way communication of electricity data instead of the one-way flow. The smart grid enables real-time data collection of electricity supply and demand during the transmission and distribution process, which makes maintenance, generation, consumption, and monitoring process more efficient.
The rising government support in the form of funding and favorable policies are driving market growth. Modernization of existing grid infrastructure with improved grid reliability and efficient outage response is again accelerating the market growth. In addition to this, increasing awareness about carbon footprint management is further fuelling market growth. On the other hand, high initial costs for deployment and cybersecurity and vulnerabilities associated with the smart grid technology solutionmay hamper market growth. Whereas, upcoming smart cities projects in developing regions are expected to offer an opportunity over the forecast period.
This detailed market study is centered on the data obtained from multiple sources and is analyzed using numerous tools including porter’s five forces analysis, market attractiveness analysis and value chain analysis. These tools are employed to gain insights of the potential value of the market facilitating the business strategists with the latest growth opportunities. Additionally, these tools also provide a detailed analysis of each application/product segment in the global market of smart grid.
The broad smart gridmarket has been sub-grouped into technology and service. The report studies these subsets with respect to the geographical segmentation. The strategists can gain a detailed insight and devise appropriate strategies to target specific market. This detail will lead to a focused approach leading to identification of better opportunities.
- Advanced Metering Infrastructure
- Distribution Automation
- Software & Hardware
- Communication Service
- Cyber Security
- Transmission Upgrades
- Deployment & Integration
- Support & Maintenance
Furthermore, the report comprises of the geographical segmentation which mainly focuses on current and forecast demand for smart grid in North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. The report further focuses on demand for individual application segments in all the regions.
Global Smart Grid Market Size, Share Analysis Share by Region (Representative Graph)
The report also covers detailed competitive landscape including company profiles of key players operating in the global market. The key players in the smart grid market include ABB, Belden, Cisco, General Electric, Honeywell, Hubbell, Itron, Oracle, Schneider Electric and Siemens. An in-depth view of the competitive outlook includes future capacities, key mergers & acquisitions, financial overview, partnerships, collaborations, new product launches, new product developments and other developments with information in terms of H.Q.
A combination of primary and secondary research has been used to determine the market estimates and forecasts. Sources used for secondary research include (but not limited to) Paid Data Sources, Company Websites, Technical Journals, Annual Reports, SEC Filings and various other industry publications. Specific details on methodology used for this report can be provided on demand.