Smart Grid Market Research Analysis Including Growth Factors, Types And Application By Regions by 2029

pranit savgave

Nov 16, 2022 • 3 min read

Smart Grid Market

Smart Grid Market Overview:

This Smart Grid market study's purpose is to give an overview of the Smart Grid market as well as extensive market segmentation based on connection type, end-use, and geography. The report includes vital information on the market positions of the major Smart Grid companies, as well as notable industry trends and prospects.

The Global Smart Grid market was valued at US $ 43.10 Bn. in 2021, and it is expected to reach US $123.02 Bn. by 2029 with a CAGR of 19.1% during the forecast period. A smart grid is an electric grid that consists of a network of substations, transmission lines, and transformers. Smart grid includes a variety of energy measures, like smart appliances, smart grids, renewable energy resources, and energy-efficient resources.

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Smart Grid Market Scope:

One of the major factors responsible for the growth of the smart grid market is growing the global electricity demand is urbanization, coupled with an increase in investments in digital electricity organization. Furthermore, with rising awareness about “smart everything”, the smart-cities concept has also been gathering rising attention, mainly in developing economies such as China and India, which is a result of all the intermediate technologies. For example, in Sept 2019, the 10,000-acre AURIC (Aurangabad Industrial City) in Aurangabad, Maharashtra was installed as the main Greenfield industrial smart city of India.

Smart Grid Market Segmentation:

The software sector is further broken down into the following sub-segments: Advanced Metering Infrastructure, Smart Grid Distribution Management, Smart Grid Network Management, Grid Asset Management, Substation Automation, Smart Grid Security, and Billing and Customer Information System. By 2029, smart grid distribution management, which had a CAGR of 22.1 %, was the market leader in this subsegment. The end users are being encouraged to choose smart grid distribution management due to the growing emphasis on energy optimization and cost-effectiveness of the electricity bill. During the forecast period of 2021–2029, these are the major factors influencing the growth of both of these market segments worldwide.

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Smart Grid Market Key Players:

Cisco
OSI
IBM
Wipro
Oracle
Honeywell
S&C Electric Company
Eaton
Kamstrup
Trilliant Holdings
Globema
Tech Mahindra
Enel X North America

Smart Grid Market Regional Analysis:

The study also offers a complete PESTLE analysis for each of the five regions, namely North America, Europe, Asia Pacific, the Middle East and Africa, and South America, after considering the political, economic, social, and technical elements impacting the Smart Grid market in these regions.

COVID-19 Impact Analysis on Smart Grid Market:

Customer behaviour has changed as a result of the COVID-19 epidemic in all areas of society. Industries, on the other hand, will need to revise their strategy to account for changing market supply. This report provides an overview of the COVID-19's influence on the Smart Grid market and will assist you in developing your business in accordance with the new industry standards.

Key Questions answered in the Smart Grid Market Report are:

Which product segment had the largest share in the Smart Grid market in 2020?
How is the competitive landscape of the Smart Grid market?
Which are the key factors aiding the Smart Grid market growth?
Which region holds the maximum share in the Smart Grid market?
What will be the CAGR of the Smart Grid market during the forecast period (2021-2027)?

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