Market Research Report
North America Smart Grid Market Forecast 2021-2028
|Published by||Inkwood Research||Product code||991400|
|Published||Content info||124 Pages
Delivery time: 2-3 business days
|North America Smart Grid Market Forecast 2021-2028|
|Published: March 1, 2021||Content info: 124 Pages||
The North America smart grid market is expected to progress with a CAGR of 9.30%, over the forecast period of 2021 to 2028. The increasing investments and spending on smart grids and smart metering systems, the aging transmission and distribution systems, and the augmenting presence of leading market players, are projected to fuel the region's market growth.
The North America smart grid market growth is analyzed through the assessment of Canada and the United States. Canada has been witnessing the large-scale incorporation of smart electricity meters, following the government mandate introduced with the chief motive of minimizing peak-time loads. In addition to smart meters, different peak and non-peak time rates were also added, thereby allowing real-time billing.
Canada is an active member of numerous International Energy Agency Technology's collaboration programs, especially within the end-users and renewable sectors. This includes the International Smart Grids Actions Network, as well. The country's researchers also partner on R&D tasks, in order to enhance the deployment of energy-efficient and renewable energy across power systems.
In 2019, Canada's government announced a $5 million investment for building Hydro Ottawa, for Phase 2 of a community housing complex's smart grid project. It is anticipated to provide users with the freedom to establish microgrids, thereby enabling them to generate their own power. Hence, these factors are expected to augment the smart grid market growth in Canada, during the forecast period.
Key companies operating in the market are, Cisco Systems Inc, Itron Inc, General Electric Company, Honeywell International, etc.