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Smart Grid Market Research Report 2019, Upcoming Trends, Demand, Regional Analysis and Forecast 2024

Smart Grid Market Research Report 2019, Upcoming Trends, Demand, Regional Analysis and Forecast 2024
"Global Smart Grid Market to Reach US$ 58.6 Billion by 2024, Stimulated by Development of Smart Cities - IMARC Group"
The global smart grid market is driven by the rising demand for energy, aging electric grid infrastructure and the increasing requirement for digitalization of the power sector.

According to the latest report by IMARC Group, titled “Smart Grid Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024”, the global smart grid market size reached US$ 23.7 Billion in 2018. Smart grids are electricity networks, based on digital technology, that are utilized for supplying electricity to consumers through two-way digital communication. They assist in overcoming the flaws of the traditional electrical grids by using smart net meters. They also aid in monitoring, analyzing, controlling and communicating within the supply chain to enhance efficiency, minimize energy consumption and cost, and maximize the transparency and reliability of the energy supply chain. Smart grids can repair themselves, ensuring consistent power supply and promoting consumer engagement in grid operations.

Browse full report with detailed TOC and list of figures and tables:

Global Smart Grid Market Trends:

Owing to rapid urbanization, increasing demand for energy, aging electric grid infrastructure and the growing requirement for digitalization of the power sector, there is a rise in the need for smart grids around the world. They are widely being used for introducing the software-based architecture, especially in emerging economies. Apart from this, the proliferation of distributed energy sources, such as geothermal, photovoltaic (PV) and hydroelectric power, is also strengthening the market growth. These energy sources enable on-site generation and storage of electricity via microgrids and several connected devices. Additionally, owing to increasing concerns about environmental protection, there is a rise in the adoption of smart grid technology for improving energy conservation. Furthermore, governments in numerous countries are focusing on the development of smart cities. As smart grids represent an integral component of their infrastructure, these projects are expected to significantly boost their demand in the upcoming years. Looking forward, the market value is projected to reach US$ 58.6 Billion by 2024, expanding at a CAGR of 16.0% during 2019-2024.

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Market Segmentation:

Market Breakup by Component

1. Software
2. Hardware
3. Services

Market Breakup by End-User

1. Residential
2. Commercial
3. Industrial

Market Breakup by Region

1. Asia Pacific
2. Europe
3. North America
4. Middle East and Africa
5. Latin America

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About Us

IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.

IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.

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