Global Smart Grid Market Soars to $149.2 Billion by 2028, Fueled by Rising Energy Demand and Urbanization
Wednesday, October 25, 2023
DUBLIN, Oct. 17, 2023 /PRNewswire/ -- The "Smart Grid Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028" report has been added to ResearchAndMarkets.com's offering.
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The global smart grid market, which reached US$ 53.2 billion in 2022, is set for substantial growth in the coming years. Industry experts project the market to reach US$ 149.2 billion by 2028, exhibiting a remarkable compound annual growth rate (CAGR) of 18.58% during the period of 2023-2028.
A smart grid is an advanced electronic network used to deliver power through a two-way digital communication system. It enables real-time data collection on electricity demand and supply during transmission and distribution. Smart grids employ devices like smart sensors, power meters, and superconducting cables to automate billing, detect device failures, and facilitate long-distance power transmission through wireless communication tools. They are designed to self-repair, maintain consistent power supply, reduce energy production costs, and engage consumers in grid operations, thereby improving overall efficiency.
Key Drivers of Market Growth
-- Rising Energy Demand and Urbanization: The increasing global energy
demand, coupled with rapid urbanization and the digitalization trend, is
a primary driver of market growth. Smart grids are being deployed to
modernize existing grid infrastructure and introduce software-based
architecture in emerging economies.
-- Proliferation of Distributed Energy Sources: The growth of distributed
energy sources such as photovoltaic, geothermal, and hydroelectric power
favors the market. These sources enable on-site generation and storage
of electricity through microgrids and connected devices.
-- Integration with Cloud Technology: The integration of smart grids with
cloud technology enables real-time energy usage analysis and pattern
monitoring, addressing environmental and energy conservation concerns.
-- Government Policies and Smart Cities: Favorable government policies, the
development of smart cities worldwide, and increasing R&D activities are
projected to drive market expansion.
Market Segmentation
The global smart grid market is segmented based on components, end-users, and regions:
Components:
-- Software
-- Advanced Metering Infrastructure
-- Smart Grid Distribution Management
-- Smart Grid Network Management
-- Substation Automation
-- Others
-- Hardware
-- Sensor
-- Programmable Logic Controller
-- AMI Meter
-- Networking Hardware
-- Others
-- Services
-- Consulting
-- Support and Maintenance
-- Deployment and Integration
End-Users:
-- Residential
-- Commercial
-- Industrial
Regions:
-- Asia Pacific
-- Europe
-- North America
-- Middle East and Africa
-- Latin America
Competitive Landscape
Key players in the global smart grid market include CISCO Systems, IBM Corporation, Siemens AG, Schneider Electric, Wipro, General Electric, Honeywell, Oracle Corporation, ABB, Itron, Fujitsu, Eaton, Tantalus, eSmart Systems, and more.
Key Questions Addressed in the Report
-- How has the global smart grid market performed and what are the growth
prospects?
-- What are the key regional markets in the global smart grid industry?
-- What has been the impact of COVID-19 on the global smart grid market?
-- How is the market segmented by component, software, hardware, services,
and end-user?
-- What are the key driving factors and challenges in the global smart grid
industry?
-- Who are the major players in the market?
For more information about this report visit https://www.researchandmarkets.com/r/p5l73s
About ResearchAndMarkets.com
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