Smart Grid market is anticipated to worth USD 62,917 million by 2025 | At a CAGR of 22.82%
Published | 22 April 2019
According to BlueWeave
Consulting, the Global Smart Grid market is anticipated to worth USD 62,917
million by 2025, with a CAGR of 22.82% during 2019-2025. The Smart Grid Market
represents an unprecedented opportunity to move the energy industry into a new
era of reliability, availability, and efficiency that will contribute to our
economic and environmental health. Due to a rise in government support and
substantial investment by organizations towards smart grid technology
implementation, the industry is projected to witness positive growth.
According to the
International Energy Agency (IEA), global investment in digital electricity
infrastructure was over USD 50 billion in 2017. A similar increase is expected
from growing needs for cooling, with the number of home air conditioners in
developing economies rising to 2.5 billion units, up from about 600 million
today. Strengthening focus toward renewable energy integration along with the
growing implementation of ICT technologies will push the distribution of smart
grid market growth. In addition, raising awareness toward energy efficiency
backed by increasing legislative funding to strengthen grid reliability will
complement the business landscape. Growing energy demand accompanied by growing
concerns relating to unplanned power outages and environment protection will
boost the smart grid market growth.
End-Use
Deployment segment holds the largest market share of the global smart grid
market during the forecast period.
In 2017, End-Use systems
accounted for over 30 % of the global smart grid market share. Transparent
communication of consumption patterns, lower outage response duration, improved
utilization of resources, and high energy efficiency will sustain the product
penetration across customer side systems. These systems facilitate utilities to
provide services and information to end-users proactively.
North
America accounts for the lion’s share of the global smart grid market during
the forecast period.
Geographically, North
America dominated the overall global smart grid market and projected to lead
the market over the forecast period owing to massive investment in the power
supply sector. Rising demand for secure and reliable power supply forms the
major factor in raising the market in Asia-Pacific. Rapid industrialization and
urbanization in China, Japan, and India are also contributing to growth.
Global
Smart Grid Market: Competitive Landscape
Companies such as General
Electric, ABB, Siemens, Schneider Electric, Itron, Landis+Gyr, Aclara, Cisco,
OSI, IBM, Wipro, Honeywell, Oracle, S&C Electric Company, Eaton, Trilliant
Holdings, Globema, Tech Mahindra, Enel X, eSmart Systems, and Grid4C are the
leading players of smart grid market across the globe.
Browse Detailed Analysis
with TOC, “Global Smart Grid Market By
Technology (Smart T&D Equipment, Distribution & Network Automation,
Advanced Metering Infrastructure, Consumer Interface, And Communication &
Wireless Infrastructure), By Deployment (Generation, Transmission,
Distribution, And End-Use), By Service (Consulting, Deployment &
Integration, And Support & Maintenance), By Region (North America, Europe,
Asia Pacific, Middle East & Africa And Latin America), Trend Analysis,
Competitive Market Share And Forecast, 2015-2025”
At https://www.blueweaveconsulting.com/global-smart-grid-market-bwc19158
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