A recent report published by Infinium Global Research on the smart grid market provides an in-depth analysis of segments and sub-segments in the global as well as regional smart grid market. The study also highlights the impact of drivers, restraints, and macro indicators on the global and regional smart grid market over the short term as well as long term. The report is a comprehensive presentation of trends, forecasts, and dollar values of the global smart grid market. According to the report, the global smart grid market is projected to grow at a CAGR more than 19% over the forecast period of 2022-2028.
The revenue generated by the market was over USD 43 billion in 2022 and is expected to reach over USD 125 billion in 2028 and is expected to grow with a CAGR of more than 19% over the forecast period 2022-2028. An electronic network that provides power via a two-way digital communication system is referred to as a "smart grid." It enables the real-time collection of data regarding electricity demand and supply during the transmission and distribution process. Smart grid majorly utilizes devices such as smart sensors and power meters to automate billing data collection and detect device failures, and superconducting cables to provide long-distance power transmission through wireless communication tools. These grids are equipped to repair themselves, ensure a consistent power supply without leakages and promote consumer engagement in grid operations, which aid in improving overall efficiency and reducing the costs of energy production.
Growing energy demand across the globe, along with rapid urbanization and the emerging trend of digitalization, is one of the key factors driving the market growth. In emerging nations, smart grids are being used to upgrade the current grid infrastructure and implement the software-based architecture. Additionally, the spread of dispersed energy sources including solar, geothermal, and hydroelectric electricity is promoting market expansion. These sources allow on-site generation and storage of electricity through microgrids and various connected devices. Additionally, the integration of smart grids with cloud technology has facilitated the analysis of current energy usage and pattern monitoring to address the concerns regarding environmental protection and energy conservation. Other elements, such as favorable governmental policies and the growth of smart cities everywhere. A smart grid's successful implementation also necessitates strict governance, great adaptability toward large changes in processes, and strong collaboration across conventional organizational boundaries. Smart grid rollout requires substantial investments, which could place an additional financial strain on the government. For utility providers, increased operational and maintenance expenses following the implementation of smart grid technology are another major concern. China, Brazil, and India are examples of developing nations with inadequate infrastructure that also require significant financial assistance to create and upgrade their systems. Opportunities should be created as more research and development (R&D) activities are conducted.
In the upcoming years, it is anticipated that the smart grid industry in APAC would expand significantly. Over the past few years, the market has quietly begun to develop. Power consumption has increased in nations like China, India, and Japan, which has prompted the introduction of new policies to produce, distribute, or consume electricity more effectively. China, India, Japan, Australia, South Korea, and other countries in the region use smart grid technology extensively. In the Asia Pacific, China holds the largest market share for smart grids. Other nations making advances in the smart grid sector include Japan and India. The market is anticipated to be driven by the need to lower transmission and distribution losses in developing countries throughout the Asia Pacific. Fossil fuels are the main source of electricity generation in Saudi Arabia as well. Through the development of alternative energy infrastructure, such as solar power sources, the nation has been concentrating on lowering its reliance on oil for the generation of electricity.
The report on the global smart grid market covers segments such as component, and application. On the basis of component, the sub-markets include software, hardware, and services. On the basis of application, the sub-markets include generation, transmission, distribution, and consumption/end use.
The report provides profiles of the companies in the market such as General Electric Company, Schneider Electric SE, Landis+Gyr AG, GridPoint Inc, Schweitzer Engineering Laboratories, Inc., Siemens AG, ABB Ltd, ALSTOM, Sensus, and Aclara Technologies LLC.
The report provides deep insights into demand forecasts, market trends, and micro and macro indicators. In addition, this report provides insights into the factors that are driving and restraining the growth in this market. Moreover, The IGR-Growth Matrix analysis given in the report brings insight into the investment areas that existing or new market players can consider. The report provides insights into the market using analytical tools such as Porter's five forces analysis and DRO analysis of the smart grid market. Moreover, the study highlights current market trends and provides forecasts from 2022-2028. We also have highlighted future trends in the market that will affect the demand during the forecast period. Moreover, the competitive analysis given in each regional market brings insight into the market share of the leading players.
Please Choose One of them.