CHICAGO,
June 20,
2024 /PRNewswire/ -- Smart Grid Market in
terms of revenue was estimated to be worth $71.8 billion in 2024 and is poised to reach
$185.0 billion by 2029, growing at a
CAGR of 20.8% from 2024 to 2029 according to a new report by
MarketsandMarkets™.
The demand for smart grid is on the rise due to various factors.
Expansion in industries like manufacturing, automotive, and
construction contributes to increased adoption of smart grid
because of their variable energy needs. Additionally, population
growth leads to higher levels of energy requirement from increased
energy consumption, thereby driving the need for smart grid.
Financial uncertainties are also a driving factor, as companies
seek protection against potential losses arising from unforeseen
events
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Browse in-depth TOC on "Smart Grid
Market"
200 - Tables
150 -
Figures
350 - Pages
Smart Grid Market Scope:
Report
Coverage
|
Details
|
Market Revenue in
2024
|
$71.8
billion
|
Estimated Value by
2029
|
$185.0
billion
|
Growth Rate
|
Poised to grow at a
CAGR of 20.8%
|
Market Size Available
for
|
2022–2029
|
Forecast
Period
|
2024–2029
|
Forecast
Units
|
Value (USD
Million/Billion)
|
Report
Coverage
|
Revenue Forecast,
Competitive Landscape, Growth Factors, and Trends
|
Segments
Covered
|
Component, application,
communication technology and Region
|
Geographies
Covered
|
Asia Pacific, North
America, Europe, Middle East & Africa, and South
America
|
Report
Highlights
|
Updated financial
information / product portfolio of players
|
Key Market
Opportunities
|
Ongoing smart city
projects in developing countries
|
Key Market
Drivers
|
Improved grid
reliability and efficient outage response
|
Wireless, by Communication technology, is
expected to be the second largest segment during the forecast
period.
The wireless segment is growing in the Smart Grid
Market owing to increasing variable energy requirement due to
expansion in industries such as manufacturing, automotive,
construction, power generation, and chemical production. The
variable energy requirement and demand response can be fulfilled
only by adapting smart grid solutions. Wireless technology offers
integral support to the utilities by offering high bandwidth,
covering a large area, and optimizing complex logistics and
production processes. These technologies are used in several
applications, such as distribution automation, substation
automation, transmission lines, and power plants. Wireless
communication technology enables to automate substations.
Consequently, driving the demand for wireless communication.
Advance Metering Infrastructure, by software,
is expected to be the largest segment during the forecast
period.
Advance Metering Infrastructure (AMI) segment is
expected to grow driven by the integration of advanced software
solutions that facilitate two-way communication between customers
and utilities. These software solutions empower both parties with
real-time data on energy consumption and electricity pricing,
enabling more efficient energy management. The software not only
supports personalized tariff plans but also offers enhanced
services such as remote meter reading, which ensures error-free
data collection, and network congestion identification.
Furthermore, it aids in load profiling, conducting energy audits,
and implementing partial load curbing during load shedding
scenarios.
The software's ability to provide cost-effective
solutions for reducing carbon footprints further underscores its
growing importance. Consequently, AMI software is positioned to
lead the market, reflecting its critical role in modernizing energy
management and distribution systems.
Consulting Services, is expected to be the
largest segment during the forecast period.
Consulting Services are projected to be the
largest segment during the forecast period as these services are
offered by experts from companies like Oracle, ABB, and Schneider
Electric and are essential for managing solution for grid
infrastructure, reducing risks, and ensuring regulatory compliance.
They deliver customized, effective strategies to maximize ROI and
streamline complex infrastructure projects. Consequently, fuelling
the demand for these services.
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Asia Pacific is expected to
be the fastest-growing region during the forecast
period.
The Asia-Pacific region is
poised to lead the Smart Grid Market due to rapid industrialization
and construction activities, particularly in countries like
India and China. This growth is driven by stringent
environmental regulations, increasing awareness about energy
optimization, and rising energy requirements. As these nations
strive for sustainable development, the demand for smart grid
escalates, making Asia Pacific the
fastest-growing market for such solutions.
Key Players
Some of the major players in the Smart Grid
Market are General Electric Company (US), ABB
(Switzerland), Siemens
(Germany), Schneider Electric
(France), Wipro (India),Globema (Poland), Trilliant Holdings (US), Kamstrup
(Denmark), Tech Mahindra
(India), Oracle (US), Cisco (US),
Eaton (Ireland), ENEL X
(Italy), Grid4C (US), Mitsubishi
Electric (Japan), and Itron (US)
among others. The major strategies adopted by these players include
new product launches, acquisitions, contracts, agreements,
partnerships, joint ventures, collaborations, investments, and
expansions.
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Get access to the latest updates on Smart Grid Companies and
Smart Grid Industry Growth
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