New York, June 12, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Smart Grid Technology Global Market Report 2023" - https://www.reportlinker.com/p06466668/?utm_source=GNW
, Eaton Corporation plc, Tech Mahindra Limited, Wipro Limited, Trilliant Holdings Inc., Globema, Kamstrup, Enel X S.r.l., C3.Ai Inc., General Electric Company, Tantalus Systems Holding Inc., Mitsubishi Electric Corporation, SAP SE, Xylem Inc., e-Smart Systems Ltd., Esyasoft Technologies Pvt. Ltd., Grid4C Ltd., Networked Energy Services (NES) Corporation, Landis+Gyr, Aclara Power-Line Systems Inc., OSI Systems Inc. and Intuitive Surgical Inc.
The global smart grid technology market is expected to grow from $39.38 billion in 2022 to $46.65 billion in 2023 at a compound annual growth rate (CAGR) of 18.46%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The smart grid technology market is expected to reach $91.96 billion in 2027 at a CAGR of 18.49%.
The smart grid technology market includes revenues earned by entities by providing services such as more dependable power, producing renewable energy with greater efficiency, utilizing a variety of energy sources, lowering carbon footprint, laying the groundwork for electric vehicles, and producing intelligent job possibilities.The smart grid technology market consists of sales of electric power generators, smart meters (SMs), Collector nodes, Controllers, cables, circuit breakers, and power substations, which are used in providing smart grid technology services.
Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
Smart grid technology refers to an electrical network that manages and monitors the conveyance of power from all generation sources to satisfy the various electricity needs of end customers. This network uses digital and other sophisticated technology.
North America was the largest region in the smart grid technology market in 2022.Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main components of smart grid technology are hardware, software, and services.Hardware is the collective term for the internal and external hardware that enables carrying out key operations, including input, output, storage, communication, processing, and more, these upgrades are required if the globe is to utilize the grid’s power more effectively.
By using outage management systems, demand management systems, geographical management systems network operations, and wired and wired-less technologies it is used for electricity generation, transmission, distribution, and consumption applications by residential, commercial, and industrial, government end-users.
The increasing demand for electricity generation is expected to propel the growth of the smart grid technology market going forward.Electricity refers to a type of energy that can be produced in various ways and powers machinery responsible for producing heat, light, and other effects.
The smart grid provides households and businesses around the country with electricity from power plants.It can operate in the modern world thanks to its extensive network of electricity generation, transmission, and delivery.
For instance, in October 2022, a report released by ExxonMobil Corporation, a US-based natural gas company, global electricity demand is increasing at a rate of 1.8% annually, reaching nearly 50% of this sector by 2050. Therefore, the increasing demand for electricity generation is driving the growth of the smart grid technology market.
Technological advancements are a key trend gaining popularity in the smart grid technology market.Companies operating in the smart grid technology market are adopting new technologies to sustain their position in the market.
For instance, in March 2023, International Energy Agency, a France-based autonomous intergovernmental organization launched grid Integration tool technology.This technology was created as an add-on to the guidebook for policymakers on grid integration of EVs to evaluate the effect of EV charging on the electricity system.
Users of the program can enter characteristics such as an EV fleet, driving habits, charging chances, and the type of electricity used.
In January 2023, TE Connectivity, a Switzerland-based consumer electronics company acquired Kries Energietechnik GmbH & Co.KG for an undisclosed amount.
By making this tactical acquisition, TE’s energy business unit strengthens its position as a top supplier of grid stability solutions to utilities, owners of power networks, and developers of renewable energy infrastructure across the globe.Kries Energietechnik GmbH & Co.
KG is a Germany-based pioneer in smart grid systems. It offers remedies for extremely accessible distribution networks.
The countries covered in the smart grid technology market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The smart grid technology market research report is one of a series of new reports that provides smart grid technology market statistics, including the smart grid technology industry’s global market size, regional shares, competitors with a smart grid technology market share, detailed smart grid technology market segments, market trends, and opportunities, and any further data you may need to thrive in the smart grid technology industry. This smart grid technology market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
Read the full report: https://www.reportlinker.com/p06466668/?utm_source=GNW
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