Global Smart Grid Market Size to exceed $70bn by 2024
Published Date: August 13, 2019 Authors: Ankit Gupta, Aditya Singh Bais
Smart Grid Market size is set to exceed USD 70 billion by 2024, as reported in the latest study by Global Market Insights, Inc.
Growing electricity demand along with rising concerns relating to environment protection and unplanned power outages is anticipated to positively influence the smart grid market revenue. Burgeoning number of advanced systems including thermostats & home appliances coupled with swift shift from electrical to smart grids owing to better efficiency and accuracy will stimulate the business scenario. Ongoing research and development activities accompanied by technological advancements including enhanced software packages is projected to encourage the product adoption.
Numerous pilot projects and incentive programs aiming at carbon emission reduction coupled with influx of advanced technologies comprising electric cars & solutions including SaaS will stimulate the industry scenario. Growing involvement of consumers in electricity production and management along with digitization in the power industry are the key factors stimulating the product penetration. In Addition, Rapid large-scale transformation of the grid infrastructure leading to efficient utilization on account of software-based architecture will strengthen the smart grid market landscape.
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Consumer interface is projected to exceed over 2 billion by 2024. Rising investment in utilities leading to the upgradation of smart systems coupled with increasing government initiatives for meter rollouts is set to complement the business landscape. Turnkey projects aiming at system reliability including testing, commissioning and training for mechanical & electrical equipment will drive the product installation. Moreover, requirement for IoT, energy demand management and customer services across the power utilities is anticipated to encourage the industry scenario.
Browse key industry insights spread across 238 pages with 284 market data tables & 32 figures & charts from the report, “Smart Grid Market Size By Technology (Smart T&D Equipment, Distribution & Network Automation, AMI, Consumer Interface, Communication & Wireless Infrastructure), By Deployment (Generation, Transmission, Distribution, End-use), By Service (Consulting, Deployment & Integration, Support & Maintenance), Industry Analysis Report, Regional Outlook, Competitive Market Share & Forecast, 2018 – 2024” in detail along with the table of contents:
Distribution is projected to observe substantial gains owing to increasing distributed generation resources, along with rising demand for smart or transactive energy. Constant grid modernization efforts with the objective of transformation of power sector to an adaptive, secure and digitally abled ecosystem will stimulate the smart grid market penetration. For instance, the collaboration of Ministry of Power (MoP) with India Smart Grid Forum and India Smart Grid Task Force aims at substation modernization, enhanced EV charging infrastructure and reduction of losses by 2022.
Germany smart grid market will witness growth owing to economic growth, environmental protection along with increasing import demand for T&D equipment are the major drivers for smart system development. Growing demand for improved DC grids, solid state transformers, electric vehicles and V2G technology is set to complement the industry landscape. In addition, shift from conventional to integrated grids for multi energy integration will foster the product penetration.
China smart grid market is projected to value over USD 40 billion by 2024. Rising funding in distribution systems along with supportive regulatory frameworks pertaining to sustainability and energy conservation is set to fuel the business growth. For instance, the accumulated investment in smart grid will amount to USD 560 billion by 2020. Opportunities in areas including smart distribution network and energy internet owing to greater electricity infrastructure development will foster the product penetration in small and medium size enterprises.
Key industry manufacturers include Schneider Electric, Hubbell, General Electric, ABB, Fujitsu General, Oracle, Belden, Itron, Cisco, Landis+Gyr, IBM, Honeywell Elster, Wipro and Siemens among others.
The smart grid market research report includes in-depth coverage of the industry with estimates & forecast in terms of USD from 2013 to 2024, for the following segments:
- By Technology
- Smart T&D Equipment
- Distribution & Network Automation
- Advanced Metering Infrastructure
- Consumer Interface
- Communication & Wireless Infrastructure
- By Deployment
- End Use
- By Service
- Deployment & Integration
- Support & Maintenance
The above information is provided on regional and country basis for the following:
- North America
- Asia Pacific
- South Korea
- Middle East & Africa
- Saudi Arabia
- South Africa
- Latin America