Global Smart Grid Market 2016-2024: Industry to Grow At A CAGR Of 13.15% And Expected To Reach USD 86.6 Billion By 2024

A smart grid is able to reduce greenhouse gas mitigation by up to 200 million metric tons and is much more dependable than a conventional grid technology, which has significantly pushed the investors to pour their money in this innovative technology.

Global smart grid market is expected to expand at a compound annual growth rate (CAGR) of 13.15% over the forecast period i.e. 2016-2024.

Market Landscape

The rapid emergence of innovative technologies is considered as a major growth engine for smart grid market. Smart grids are extensively capturing telecommunication and energy sector and witnessing significant investment by technology companies in smart grid technologies and solutions. Past couple of years has seen a major revolution in all segments of the power and energy sector, from power generation to supply and distribution. Regulatory frameworks, technological advancements and market structure development have been spurred by the adoption by the various governments of determined policy objectives directed at improving the effectiveness, security and sustainability of the energy system.

The global market for transmission and distribution (T&D) equipment has shown stable growth over the past few years even after global electricity demand has increased ay significant rate amid sluggish global economic growth. In coming years, average demand for electricity around the world is anticipated to escalate by more than 2 fold from 1.4% in 2016 to 2.8% by 2021. This is projected to propel about USD trillion in investment over T&D infrastructure over the forecast period. Moreover, developing countries such as Mexico, Saudi Arabia, India, China and Canada among others are the most opportunistic regions for the market growth.

Global Smart Grid Market Outlook, 2016-2024” covers the present ground scenario and future opportunity prospects for the market players to analyze the target markets across the globe. Moreover, the competitive analysis includes the in-depth analysis of the major players and leaders in smart grid industry. The market study conducted on the basis of primary as well as secondary research where the analysts fragment the data from various databases such as Bloomberg, Factiva, Owler and others. Our primary research team conducted various interviews, surveys and group discussions of industry professionals, electric vehicle manufacturers, aftermarket vendors and component suppliers to analyze the future prospects of the overall smart grid industry.

Global Smart Grid Market Growth Factors, also the Segmentation can be classified on the basis of:-

By Hardware

  • Sensors
  • PLC (Programmable Logic Controller)
  • Smart Meter
  • Networking Hardware

Based on Software

  • Advanced Metering Infrastructure Software
  • Grid IT and Asset Management System Software
  • Smart Grid Communication Software
  • Cybersecurity Software
  • Distribution Automation Software

By Services

  • Consulting Services
  • Integration and Installation Services
  • Maintenance Services

Based on Geography

  • North America (U.S. & Canada) {Market Share (%), Market Size (USD Million) and Adoption Rate (%)}
  • Latin America (Brazil, Mexico & Rest of Latin America) {Market Share (%), Market Size (USD Million) and Adoption Rate (%)}
  • Europe (The U.K., Germany, France, Italy, Spain, Poland, Sweden & RoE) {Market Share (%), Market Size (USD Million) and Adoption Rate (%)}
  • Asia-Pacific (China, India, Japan, Singapore, South Korea, Australia, New Zealand, Rest of Asia) {Market Share (%), Market Size (USD Million) and Adoption Rate (%)}
  • Middle East & Africa (GCC, South Africa, North Africa, RoMEA) {Market Share (%), Market Size (USD Million) and Adoption Rate (%)}

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Market Trends, Drivers and Challenges

According to Goldstein Research, there are three key factors that are impacting the growth of future smart grid market across the globe: government policies, customer efficiency needs and development of smart computer hardware and software technologies. Additionally, with growing adoption of various renewable energy sources and growing demand for electricity owing to the growing electrification of transport, as well as constantly increasing shares of energy produced by consumers, the traditional supplies for energy networks are significantly changing, especially for electricity. For instance, Europe has invested approximately USD 2.0 billion in smart network management and smart homes in 2015. Germany is the leading country in developing smart grid projects followed by France and Denmark.

Global Smart Grid Market Report” has been prepared based on an in-depth market analysis from industry experts. The report covers the competitive landscape and current position of major players in the market space. The report also includes Porter’s five force model, SWOT analysis, company profiling, business strategies of market players and their business models. Global smart grid market report also recognizes value chain analysis to understand the cost differentiation to provide a competitive advantage to the existing and new entry players.

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