The digital technology that permits for two-way communication between the service and its customers, and the detecting along the transmission lines is what makes the grid smarter. The major profits associated with the Smart Grids are, more effective transmission of electricity, fast restoration of electricity after power disturbances and reduced operations and management costs for utilities, and ultimately lower power costs for consumers. It gives entrance to electrical data consumption, especially through high-energy usage peaks, which help energy users make better informed energy choices. Energy reliability: Digital and high advanced meters are allowing values to provide more reliable energy service which reduces the amount of electric outages.
Market size & trend
The global Smart Grid Market is expected to grow around USD 70 billion at a CAGR of 15.56% significant rate till period of 2018-2027. North America is expected to hold the largest share in global Smart Grid Market till the expected forecast period i.e. 2018-2027. Additionally, increased and early adoption for smart grid utility is expected to support the growth of market in significant rate. Middle East is also anticipated to exhibit marginal growth in Global Smart Grid Market backed by increase demand for electricity for perusing various industrial operations. Additionally, advantage of energy conserving technologies is also supporting for the growth of Smart Grid market in future.
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High investments from key players of US and support for conserving the energy for future utilization is driving the growth of global smart grid market. Additionally, the early adaptation for smart grids technologies is also driving the growth of market in expected forecast period of 2018-2027.
Utilization of natural energy resources without adding energy storage system is expected to drive the growth of smart grid market in future.
One of the challenging factor that is hampering the growth of smart grid market is awareness and basic education in consumers for taking the advantages of smart grid technologies.
“The Final Report will cover the impact analysis of COVID-19 on this industry (Global and Regional Market).”
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The report titled “Global Smart Grid market: Global Demand Analysis & Opportunity Outlook 2025” delivers detailed overview of the global Smart Grid Market in terms of market by region, by software and by service. Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter’s five force model. This report also provides the existing competitive scenario of some of the key players of the global Smart Grid Market which includes company profiling of ABB, IBM, CISCO, ITRON, SIEMENS, S&C GROUP, Schneider Electric, OPOWER, TENDRIL. Johnson Controls Inc., Silver Springs Networks. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of global Smart Grid Market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
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