Smart Grid Market Share Outstanding Growth, Research, Development Status, Price
Posted by Sakshi Mishra on May 16th, 2021
The smart grid market is growing at a rapid pace. The market growth attributes to increasing government initiatives to improve power generation. Besides, heavy investments by the smart grid’s key players, alongside the rising smart city projects and the need for controlled grid mechanisms, substantiate the market growth. Moreover, government initiatives for smart meter roll-outs escalate market demand.
According to a leading research firm Market Research Future (MRFR), the global smart grid market is expected to create a valuation of USD 52 BN by 2023, registering approximately 20% CAGR during the forecast period (2018 – 2023). Increasing demand for renewable energy sources and improved grid reliability positively impact the growth of the market. Moreover, the increasing integration of smart meters accelerates market demand, improving power distribution worldwide.
Additionally, technological advances in technologies smart grid sensors, devices, and connected utilities, alongside increasing numbers of advanced modular projects, boost the market growth. The increasing demand for efficient, economical, and clean power distribution influences the growth of the market. Substantial investments to shift utility infrastructure to the smart grid and increased sophistication of cyber-attacks substantiate market growth.
Global Smart Grid Market – Segmentations
The report is segmented into four dynamics;
By Components: Hardware (AMI meter, networking hardware, sensors, programmable logic controller (PLC), Software (advanced metering infrastructure (AMI), smart grid distribution management, smart grid communication, grid asset management, substation automation & billing, customer information system, supervisory control & data acquisition (SCADA), and Services (consulting, deployment, integration & support, maintenance, others).
By Technology: Wired and Wireless.
By End-User : Residential, Corporate, Government, and others.
By Regions : Americas, Europe, Asia Pacific, and the Rest-of-the-World.
Global Smart Grid Market – Regional Analysis
North America dominates the global smart grid market. The largest market share attributes to rapid advances in technology and the need for a more stable electricity network in the region. Besides, the presence of advanced utility infrastructures and upgrade activities drive the growth of the market. Moreover, the strong presence of notable players and planned and completed smart grid capacities in the region boost the market share.
Get Free Sample Copy Report @ https://www.marketresearchfuture.com/sample_request/1110
Increasing government initiatives to improve cybersecurity and utility-scale policy in the region support the growth of the market. The rising renewable energy generation systems in the residential sector and the growing power demand substantiate regional market growth. The North American smart grid market is estimated to retain its dominance throughout the forecast period.
Europe stands second in the global smart grid market. The market growth is driven by large-scale renewable technology deployment.
Additionally, sizable investments in grid and transmission infrastructures foster the development of the regional market. Moreover, the deployment of distributed energy technologies, ongoing initiatives such as FITs, tax rebates, and other promotional schemes provide favorable business expansion opportunities.
Renewable energy variability, including solar & wind power, and cross-border energy trading, boosts the regional market growth. Furthermore, technological advancements in the clean energy sector accelerate market growth in the region. The European smart grid market is projected to create a substantial revenue pocket during the estimated period.
The Asia Pacific smart grid market is growing at a rapid pace. Factors such as the shift of traditional grid structure to the smart grid by many countries in the region substantiate the market demand. Continually growing demand for energy due to the rapid increase in population, industrialization, and urbanization fuel the regional market growth. The APAC smart grid market is predicted to grow at an impressive CAGR during the anticipated period.
Smart Grid Market – Competitive Landscape
Highly competitive, the smart grid market appears to be fragmented due to the presence of several well-established industry players. These players initiate strategic approaches such as mergers & acquisitions, collaboration, expansion, and technology launch to gain a larger competitive advantage. Industry players make substantial investments in developing the technology and in upgrading their existing portfolio.
Players leading the global smart grid market are ABB Ltd. (Switzerland), General Electric Company (US), Siemens AG (Germany), Itron, Inc. (US), Schneider Electric SA (France), Landis+Gyr (Switzerland), Cisco Systems, Inc. (US), Aclara Technologies LLC (US), Open Systems International, Inc. (US), Wipro Ltd. (India), IBM Corporation (US), Oracle Corporation (US), and S&C Electric Company (US), among others.
October 21, 2020 —- New Brunswick Power (NB Power), a Canadian to modernize grids with 350k Itron smart meters. The company would deploy Itron’s multi-purpose solution, including an IoT network and more than 350,000 approved, distributed intelligence-enabled smart meters to modernize its electricity network.
The deployment is a part of the utility’s smart grid program designed to create an advanced grid network that is smarter, cleaner, more resilient, and efficient. NB Power has also received regulatory approval of the project. The advanced metering infrastructure will help the utility enhance customer service, reduce non-technical losses, and improve metering reading and billing.
Browse Full Report Details @ https://www.marketresearchfuture.com/reports/smart-grid-market-1110
About Market Research Future:
At Market Research Future (MRFR), we enable our customers to unravel the complexity of various industries through our Cooked Research Report (CRR), Half-Cooked Research Reports (HCRR), Raw Research Reports (3R), Continuous-Feed Research (CFR), and Market Research & Consulting Services.
MRFR team have supreme objective to provide the optimum quality market research and intelligence services to our clients. Our market research studies by products, services, technologies, applications, end users, and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help to answer all their most important questions.
Market Research Future
Contact: +1 646 845 9312
About the AuthorSakshi Mishra
Joined: September 30th, 2020
Articles Posted: 512
Share Your Internet Connection & Get Paid
HoneyGain is compatible for desktop computers, Android and iOS and pays you when you share your internet connection!
MXC | Bitcoin Trading Platform-Bitcoin_Litecoin Real-time Price Quotes | MXC Exchange
MXC Exchange is the world's leading digital asset platform. It provides real-time price quotations in multiple currencies such as BTC, LTC and ETH, and supports hundreds of digital assets trading and investment information. MXC Exchange is best choice
Claim 1 FREE Stock! No Purchase Necessary!
You have a 100% chance of receiving one free stock! Click to claim and have a chance to get one share of Facebook, Visa, Microsoft and others for free!
BitKong: Fairest and most thrilling Bitcoin casino on the market
Win serious funds fast when you stack the BitKong bonus combo, cash in on the referral program, or hit the massive jackpot then walk away with your life changed.
FREE App - Earn up to 25¢/gal cash back on gas!
Download this FREE app and earn cash-back when you buy gas, groceries and food! 100% FREE to join and FREE to earn cash back on your everyday purchases!
Quality Office Furniture USA Shipped Direct - Madison Liquidators
Nationwide vendor of quality office furnishings including Desks, Office Chairs, Conference Tables, Cubicles and more!