- Rise in adoption of smart meters globally is expected to result in expansion of the smart grid market, which is projected to reach US$ 845.6 Bn by 2031
ALBANY, N.Y., April 01, 2022 (GLOBE NEWSWIRE) -- The global smart grid market is projected to register growth at a CAGR of 17.8% during the forecast period, from 2021 to 2031, notes a study by Transparency Market Research (TMR).
The popularity of smart grids is increasing, owing to their ability to provide varied advantages such as dependability of present electrical supply, energy efficiency, and advanced solutions for consumers in order to optimize their electricity consumption. Moreover, these devices are gaining traction, as they help in reducing carbon emissions and integrating additional renewable energy into current network. Hence, rise in adoption of these devices is resulting in revenue-generation opportunities in the global smart grid market.
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Many developing countries across the globe are using traditional electricity grids, which are aging and resulting into frequent large-scale electrical power failures. Hence, these nations are growing focus on decreasing the cost of power outages and blackouts. These factors, in turn, are encouraging them to adopt the smart grid technology, which provides suppliers and consumers the ability to protect and manage the distribution network, reduce such excessive costs, and save energy. Hence, players in the smart grid market are expected to observe prominent business prospects during the forecast period.
Enterprises operating in the global smart grid market are using different strategies such as mergers and acquisitions in order to maintain their leading positions. Moreover, companies are growing efforts to strengthen their production capabilities in order to cater to the rising product demands. These factors are likely to support in the expansion of the global smart grid market in the upcoming years.
Smart Grid Market: Key Findings
- Regulatory authorities of several nations are supporting different smart grid projects by providing them funding. Furthermore, there has been a surge in the adoption of smart meters across the globe. These factors are resulting in profitable avenues in the smart grid market. Moreover, the rising focus of several developing nations on the development of smart cites is expected to favor the growth of the smart grid market.
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- Popularity of centralized grid distribution management and control is increasing. Besides, growing focus of nations on replacing old infrastructure and rising awareness on issues pertaining to the carbon footprints are generating sizable sales prospects in the global smart grid market.
Smart Grid Market: Growth Boosters
- Increasing inclination among individuals and businesses toward the use of secure and dependable power supply is creating profitable prospects for companies operating in the global smart grid market
- Rising awareness about the advantages of using smart grids is bolstering market growth
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Smart Grid Market: Regional Analysis
- The Asia Pacific smart grid market is estimated to expand in the upcoming years, owing to increased requirement for lessening distribution and transmission losses in several emerging economies of the region. In addition, rising electricity consumption in South Korea, China, New Zealand, Australia, Singapore, and India together with increasing need for reducing carbon emissions in the region is anticipated to boost the smart grid market in Asia Pacific.
- Growing investments by different universities from North America is likely to help the regional market growth in the years ahead. Moreover, the U.S. is expected to be a key contributor to the North America smart grid market growth during the forecast period.
Smart Grid Market: Key Players
Some of the key players profiled in the report are:
- Alstom
- Aclara
- eMeter
- Comverge
- Landis+Gyr
- GridPoint Inc
- Schweitzer Engineering Laboratories
- Schneider Electric
- Siemens
- Sensus
- Itron
- ABB Ltd
- General Electric
- Opower
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Smart Grid Market Segmentation
Technology
- Advanced Metering Infrastructure
- Distribution Automation
- Software and Hardware
- Communication Technologies
- Transmission Upgrades
- Cyber Security
Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
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