Sellbyville, Delaware, July 02, 2018 (GLOBE NEWSWIRE) --
Global Smart Grid Market is anticipated to cross USD 70 Billion by 2024, as reported in the latest study by Global Market Insights, Inc. Ambitious government led plans toward grid modernization will drive the smart grid market size. Major countries have enforced regulations and mandates to reinforce smart grid deployments and R&D activities as a part of their energy conservation initiatives. In 2016, global investments in digital electricity infrastructure reached over USD 45 billion to enhance the resiliency, reliability, and security of the grid. Increasing government focus toward grid restructuring to mitigate integration challenges, overutilization, and load mismatch will further boost the industry growth.
The U.S. smart grid market was estimated over USD 3 billion in 2017. Frequent blackouts and the incessant need for energy conservation will augment the industry landscape. Implementation of grid automation programs to reinforce communication flexibility and distributed intelligence of the national power infrastructure will further fuel the industry growth. For instance, the Public Service Electric and Gas Company (PSE&G) invested USD 69 million in 2017 to boost consumer energy efficiency through smart thermostat and residential data analytics programs.
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Communication and wireless infrastructure smart grid market is anticipated to expand over 20% by 2024. Increasing need for IoT intervention to improve grid efficiency, customer services and demand management across power utilities will boost the product demand. Digitalizing the grid using advanced cloud computing technology and sensors aids in monitoring consumption patterns and provides real time information on electricity usage. The use of control systems for several applications including substation automation, distribution automation, advanced outage management, and demand-side management is further strengthening the product demand.
UK smart grid market will witness growth on account of supportive regulatory frameworks pertaining to energy conservation and environmental sustainability. The mandated nationwide rollouts and legislative directives toward smart meters will further fuel the industry growth. The Energy Networks Association (ENA) plans to implement a local energy market as part of their smart grid plan that would allow business and households to trade electricity, thereby supporting energy conservation.
Browse key industry insights spread across 250 pages with 256 market data tables & 29 figures & charts from this 2018 report Smart Grid Market in detail along with the table of contents:
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China smart grid industry is set to expand over 11% by 2024. Introduction of government initiatives to increase the share of renewables in the existing generation mix and develop green infrastructure will fuel the business growth. The government aims at increasing the share of renewables in the existing generation mix to 15% by 2020 and 20% by 2030.
Growing investments toward grid digitalization through the implementation of advanced communication technologies will foster the market. Growing focus toward renewable grid integration coupled with intensifying need to upgrade ageing electricity infrastructure will further facilitate the large-scale deployment of these grids.
Key industry participants in the smart grid market include Hubbell, ABB, Schneider Electric, General Electric, Fujitsu General, Belden, Oracle Itron, Landis+Gyr, Cisco, Siemens, IBM, Honeywell Elster, Wipro.
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Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.