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Smart Grid Market Size
- Report ID: GMI1365
- Published Date: Jun 2023
- Report Format: PDF
Smart Grid Market Size
Smart Grid Market size surpassed USD 60.2 billion in 2023 and is anticipated expand at 10.7% CAGR from 2024 to 2032. The industry will gain traction on account of the aging electric grid infrastructure and the growing need for digitization in the power sector. Governments are progressively prioritizing environmental sustainability and implementing strict regulations to reduce carbon emissions, which will drive the product adoption. Furthermore, investments in digital grid infrastructure are on the rise, driven by the desire to reduce restoration time and leverage advanced technologies such as the Internet of Things. These developments are expected to positively impact the business outlook.
The market landscape will be positively influenced by the increasing requirement of innovative communication technologies that provide real-time monitoring data and enable consumer load control. Leading manufacturers offer solutions, such as Software-as-a-Service (SaaS), that allow utilities to integrate various smart grid systems and manage them from a centralized location. Additionally, the liberalization of electricity generation will facilitate the incorporation of these systems, thereby promoting the espousal of these solutions.
| Report Attribute | Details |
|---|---|
| Base Year: | 2023 |
| Smart Grid Market Size in 2023: | USD 60.2 Billion |
| Forecast Period: | 2024 - 2032 |
| Forecast Period 2024 - 2032 CAGR: | 10.7% |
| 2032 Value Projection: | USD 149.2 Billion |
| Historical Data for: | 2019 - 2023 |
| No. of Pages: | 310 |
| Tables, Charts & Figures: | 388 |
| Segments covered: | Technology, Deployment, Service |
| Growth Drivers: |
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| Pitfalls & Challenges: |
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Frequently Asked Questions (FAQ) :
Smart Grid Market Scope
