Market Research Report
Europe Smart Grid Market Forecast 2021-2028
|Published by||Inkwood Research||Product code||991399|
|Published||Content info||130 Pages
Delivery time: 2-3 business days
|Europe Smart Grid Market Forecast 2021-2028|
|Published: March 1, 2021||Content info: 130 Pages||
The Europe smart grid market is expected to record a CAGR of 9.75%, over the forecast years of 2021 to 2028. The region's market growth is fueled by the increasing interest in smart grid systems by investors and operators, the rising electricity consumption, the growing initiatives and investments by the European Commission into smart grid technology, and the surging demand for renewable energy sources.
The Europe smart grid market growth assessment entails the analysis of Belgium, Russia, Italy, Poland, the United Kingdom, France, Germany, and the rest of Europe. The first smart grid activities in Germany were combined under the auspices of the government's initiative termed, 'E-energy - IT-based energy system of the future.' E-energy was declared as the landmark project for the country's government. In this regard, the government granted overall subsidies of nearly 140 million euros for six pilot projects, till 2013. In addition, the use of information technology within Germany's energy sector was also tested and explored.
In Belgium, the research institute IMEC, is principally active across areas such as nanoelectronics and digital technologies. The institute's expertise lies in the avenue of solar energy, while its smart grid research aims to enhance the storage, efficiency, and production of solar energy. As a result, the management, planning, and deployment of the country's smart grids are concentrated on the incorporation of storage systems into a smart network, linked with PV, and the automation of solar energy distribution. Therefore, these factors are set to facilitate the Europe smart grid market growth, during the forecast period.
Leading companies operating in the market are, ABB Ltd, Schneider Electric SE, Siemens AG, etc.