According to IMARC Group’s latest report, titled “Smart Grid Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028”, The global smart grid market size reached US$ 53.2 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 149.2 Billion by 2028, exhibiting a growth rate (CAGR) of 18.58% during 2023-2028.
A smart grid is an electronic network that uses a two-way digital communication system to supply electricity. It allows real-time collection of data regarding the electricity demand and supply during transmission and distribution processes. Smart grid primarily includes smart sensors and power meters to automate billing data collection and detect system failures. The grid also integrates advanced superconducting cables to provide long-distance power transmission through wireless communication instruments. Furthermore, smart grid can automatically repair its components along with ensuring consistent power supply and promoting consumer engagement in grid operations. These properties of smart grid aid in improving the overall performance and reducing electricity generation costs.
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Smart Grid Market Trends:
The emerging trend of digitalization in the energy sector, along with the growing number of high-end infrastructures across the globe, is primarily augmenting the market growth. Furthermore, the rising upgradation of existing power infrastructures with software-based, smart solutions is also propelling the demand for smart grid. Additionally, the increasing penetration of numerous renewable energy sources, such as geothermal, photovoltaic (PV), hydroelectric power, etc., is further augmenting the demand for advanced grid infrastructures. Moreover, the rising environmental concerns towards increasing levels of carbon emissions from conventional power grids, are also catalyzing the need for sustainable alternatives. In the coming years, the emergence of smart grid infrastructures integrated with cloud-based, AI, and sensor technologies, will continue to bolster the market growth.
Competitive Landscape with Key Players:
The report has also analyzed the competitive landscape of the market with some of the key players.
- CISCO Systems
- IBM Corporation
- Siemens AG
- Schneider Electric
- Wipro
- General Electric
- Honeywell
- Oracle Corporation
- ABB
- Itron
- Fujitsu
- Eaton
- Tantalus
- eSmart Systems
Key Market Segmentation:
The report has categorized the market based on component, end-user and region.
Breakup by Component:
- Software
- Advanced Metering Infrastructure
- Smart Grid Distribution Management
- Smart Grid Network Management
- Substation Automation
- Others
- Hardware
- Sensor
- Programmable Logic Controller
- AMI Metre
- Networking Hardware
- Others
- Services
- Consulting
- Support and Maintenance
- Deployment and Integration
Breakup by End-User:
- Residential
- Commercial
- Industrial
Breakup by Region:
- Asia Pacific
- Europe
- North America
- Middle East and Africa
- Latin America
Key Highlights of The Report:
- Market Performance (2017-2022)
- Market Outlook (2023-2028)
- Market Trends
- Market Drivers and Success Factors
- SWOT Analysis
- Value Chain Analysis
- Comprehensive mapping of the competitive landscape
If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.
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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