Smart Grid market is anticipated to worth USD 62,917 million by 2025 | At a CAGR of 22.82%
Published Date | 2019 April 22
According to BlueWeave Consulting, the Global Smart Grid market is anticipated to worth USD 62,917 million by 2025, with a CAGR of 22.82% during 2019-2025. The Smart Grid Market represents an unprecedented opportunity to move the energy industry into a new era of reliability, availability, and efficiency that will contribute to our economic and environmental health. Due to a rise in government support and substantial investment by organizations towards smart grid technology implementation, the industry is projected to witness positive growth.
According to the International Energy Agency (IEA), global investment in digital electricity infrastructure was over USD 50 billion in 2017. A similar increase is expected from growing needs for cooling, with the number of home air conditioners in developing economies rising to 2.5 billion units, up from about 600 million today. Strengthening focus toward renewable energy integration along with the growing implementation of ICT technologies will push the distribution of smart grid market growth. In addition, raising awareness toward energy efficiency backed by increasing legislative funding to strengthen grid reliability will complement the business landscape. Growing energy demand accompanied by growing concerns relating to unplanned power outages and environment protection will boost the smart grid market growth.
End-Use Deployment segment holds the largest market share of the global smart grid market during the forecast period.
In 2017, End-Use systems accounted for over 30 % of the global smart grid market share. Transparent communication of consumption patterns, lower outage response duration, improved utilization of resources, and high energy efficiency will sustain the product penetration across customer side systems. These systems facilitate utilities to provide services and information to end-users proactively.
North America accounts for the lion’s share of the global smart grid market during the forecast period.
Geographically, North America dominated the overall global smart grid market and projected to lead the market over the forecast period owing to massive investment in the power supply sector. Rising demand for secure and reliable power supply forms the major factor in raising the market in Asia-Pacific. Rapid industrialization and urbanization in China, Japan, and India are also contributing to growth.
Global Smart Grid Market: Competitive Landscape
Companies such as General Electric, ABB, Siemens, Schneider Electric, Itron, Landis+Gyr, Aclara, Cisco, OSI, IBM, Wipro, Honeywell, Oracle, S&C Electric Company, Eaton, Trilliant Holdings, Globema, Tech Mahindra, Enel X, eSmart Systems, and Grid4C are the leading players of smart grid market across the globe.
Browse Detailed Analysis with TOC, “Global Smart Grid Market By Technology (Smart T&D Equipment, Distribution & Network Automation, Advanced Metering Infrastructure, Consumer Interface, And Communication & Wireless Infrastructure), By Deployment (Generation, Transmission, Distribution, And End-Use), By Service (Consulting, Deployment & Integration, And Support & Maintenance), By Region (North America, Europe, Asia Pacific, Middle East & Africa And Latin America), Trend Analysis, Competitive Market Share And Forecast, 2015-2025”