Global Smart Grid Market Report to 2028: Funding for Smart Grid Projects Bolsters Growth

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Apr 06, 2023, 10:15 ET

DUBLIN, April 6, 2023 /PRNewswire/ -- The "Global Smart Grid Market Size, Segments, Outlook, and Revenue Forecast 2022-2028 by Component, Technology, Application, and Region" report has been added to ResearchAndMarkets.com's offering.

According to this analysis, the Global Smart Grid Market is expected to record a positive CAGR of ~12% during the forecast period (2022-2028) and is expected to reach approximately US$ 100 billion by 2028.

Key Players

General Electric
Schneider Electric
ABB Ltd
Siemens
Itron, Inc
Cisco Technology Company
Aclara Software Inc
OSI Systems
Oracle
Wipro
IBM

The market is anticipated to be driven by factors like the popularity of smart meters, regional government initiatives, and funding for smart grid projects.

The favorable regulatory frameworks of the governments of various countries that promote the implementation of smart grids are what largely drive the global smart grid market. By raising awareness of the advantages of smart grids, the legislative framework established by the government encourages and requires the implementation of such grids.

The network defect can be detected by smart grids, and the network problem can then be automatically self-healed. Thus, the economy and numerous businesses are anticipated to benefit significantly from the reliable and efficient power supply provided by smart grids in the years to come.

The high initial cost of automation becomes the market limitation

Smart grid implementation in industries is a step in the automation process. The process of adopting automation equipment can be one of the most expensive ones. The cost of automating a process as well as the price of upkeep, repairs, and research and development are some of these expenditures.

Scope of the Report

The smart grid market is segmented by component, technology, and application. In addition, the report also covers market size and forecasts for the four major regions' smart grid market The revenue used to size and forecast the market for each segment is US$ billion

By Component

Hardware
Software

By Technology

Advanced Metering Infrastructure
Distribution Management
Substation Automation
Communications
Security
Network Management

By Application

Generation
Transmission
Distribution
Consumption

By Geography

North America (USA, Canada, and Mexico)
Europe (Germany, UK, France, Spain, and Italy)
Asia Pacific (China, Japan, South Korea, India, Indonesia, and Australia)
LAMEA (Latin America, Middle East, and Africa)

Key Trends by Market Segment

By Component: The software segment held the largest share of the global smart grid market in 2021

Utilizing digital technologies, smart grid software solutions enable the two-way exchange of energy and data between suppliers and customers. Digitizing the power grid reduces carbon emissions, lowers operating and managerial costs, lessens outages, increases security, and facilitates integrations with both traditional and renewable energy sources. A smart-grid meter, for instance, can be remotely programmed by the software developer or the utility company to enable two-way communication between provider and consumer. This is transforming the utility environment. Additionally, some businesses offer smart meter systems that feature improved metering infrastructure, automatic meter reading, and meter data management

By Technology: The advanced metering infrastructure technology segment held the largest market share in the global smart grid market in 2021

The expanding use of smart meters around the world is linked to upgraded metering infrastructure technology. Smart meters guarantee a regular, efficient, and dependable power supply that promotes market expansion. The cutting-edge metering infrastructure lowers operational costs, guarantees data security, detects network errors, and does many other things The adoption of AMI is associated with a wide range of advantages, which is a major factor in this segment's growth

By Application: The transmission application segment held the largest share of the global smart grid market in 2021

This can be ascribed to the increased global demand for safe, high-quality, and dependable transmission. Additionally, a significant worry that encourages the expansion of the transmission segment globally is transmission and distribution losses.

Contrarily, it is anticipated that during the forecast period, the consumption category will expand the fastest. The primary drivers of this market category are the short reaction time for outages, better energy efficiency, and effective resource usage. Additionally, the segment's growth is accelerated by the growing use of ICT technology in smart grid systems.

By Geography: North America accounted for the largest market share in 2021 within the total global smart grid market.

The formation of adequate and supportive regulatory frameworks linked to the implementation of smart grids in the region has received growing attention from the government in nations like the USA and Canada. Due to the region's early adoption of the smart grid and the improved financial stability of its economy, North America has become the market leader in this sector.

The most opportunistic segment, on the other hand, is anticipated to be Asia Pacific during the projected period. Due to increased government initiatives and investments in the construction of smart grid systems across the nation for the effective delivery of power, countries like China, Thailand, and India are expected to offer attractive growth prospects in the years to come. For instance, to improve the operational effectiveness of Thailand's energy generation facilities, the Ministry of Energy collaborated with the New Energy and Industrial Technology Development Organization and the Marubeni Corporation.

Frequently Asked Questions

What is the Study Period of this Market Report?

The Global Smart Grid Market is covered from 2017-2028 in this report, which includes a forecast for the period 2022E-2028F

What is the Future Growth Rate of the Global Smart Grid Market?

The Global Smart Grid Market is expected to witness a CAGR of about 12% over the next six years

What are the Key Factors Driving the Global Smart Grid Market?

The market is anticipated to be driven by factors like the popularity of smart meters, regional government initiatives, and funding for smart grid projects

Which is the Largest Component Segment within the Global Smart Grid Market?

The software component segment held the largest share of the Global Smart Grid Market in 2021

Who are the Key Players in Global Smart Grid Market?

General Electric, Schneider Electric, ABB Ltd., Siemens, Itron, Inc., Cisco Technology Company, Aclara Software Inc., OSI Systems, Oracle, Wipro, and IBM, among others are the major companies operating in the Global Smart Grid Market

For more information about this report visit https://www.researchandmarkets.com/r/st5hj2

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