The aging power distribution infrastructure and the increasing investments in the technological advancements of the smart grid systems are driving the demand of the market.
Market Size – USD 29.80 billion in 2019, Market Growth – CAGR of 20.5%, Market Trends – Increasing investments in the research & development of the advanced metering infrastructure
The global Smart Grid Market will be worth USD 122.97 Billion by 2027, according to a current analysis by Emergen Research. The growth of this market can be attributed to the increasing initiatives of the government to adopt renewable sources of energy and reduce the carbon dioxide emission levels. Besides, the increasing supportive policies and regulations of the government regarding the adoption of the smart grid technologies is expected to boost the market growth over the forecast period.
The emergence of smart cities increases the need for advanced smart grid technologies, which is most likely to propel the industry’s growth. The lower operating cost of the advanced metering technologies is a key contributing factor to the increasing demand of the system. The market players are investing in the research and development to produce more technologically advanced systems. The smart grid technology is expected to generate more accurate electricity bills compared to traditional power systems. Besides, automatic self-healing and easy fault detections are some of the factors driving the demand of the system.
The report is updated with the latest economic scenario and market scope with regard to the ongoing COVID-19 pandemic. The report covers growth prospects as well as current and futuristic revenue estimations in a post COVID scenario. The report also covers changing trends and market dynamics due to the pandemic and provides an accurate impact analysis of the crisis on the overall market.
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Key Highlights From The Report
- In October 2019, ABB completely acquired a majority stake in Chargedot Shanghai New Energy Technology Co., Ltd. The Shanghai-based company provides AC and DC charging stations. The acquisition strengthened the relationship between leading Chinese EV manufacturers and ABB.
- The Smart Grid distribution Management segment held the largest market share of 41.0% in the year 2019 as it can optimize the renewal energy distribution while minimizing the electricity bills for the customers.
- The Deployment and Integration segment is forecasted to grow with the fastest CAGR of 20.6% over the forecast period due to the increasing requirement in the technological advancements of the traditional power systems.
- The Commercial segment accounted for the largest market share in 2019 due to the increasing adoption of the advanced metering infrastructure by the commercial segment.
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Emergen Research has segmented the global Smart Grid Market on the basis of Technology, Services, End User, and region:
- Technology Outlook (Revenue, USD Billion; 2017-2027)
- Smart Grid Distribution Management
- Advanced Metering Infrastructure
- Smart Grid Network Management
- Smart Grid Security
- Others
- Services Outlook (Revenue, USD Billion; 2017-2027)
- Deployment and Integration
- Consulting
- Support and maintenance
- End User Outlook (Revenue, USD Billion; 2017-2027)
- Commercial
- Industrial
- Residential
Major Geographies Covered in the Report:
- North America (U.S., Canada)
- Europe (U.K., Italy, Germany, France, Rest of EU)
- Asia Pacific (India, Japan, China, South Korea, Australia, Rest of APAC)
- Latin America (Chile, Brazil, Argentina, Rest of Latin America)
- Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)
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