Market Research Report
Global Smart Grid Market Forecast 2021-2028
|Published by||Inkwood Research||Product code||991402|
|Published||Content info||189 Pages
Delivery time: 2-3 business days
|Global Smart Grid Market Forecast 2021-2028|
|Published: March 1, 2021||Content info: 189 Pages||
The global smart grid market is estimated to project a CAGR of 9.83% during the forecast period, 2021-2028. The rising investment in smart grid projects, rapid digitization of electricity infrastructure, stable installation costs, government regulations & policies, shifting trend to renewable energy use, and need for efficient energy use, drive the market growth.
A smart grid is an electrical grid that includes varied operations and energy measures like advanced metering infrastructure. There is a growing dependence on electronic devices, along with the constant electricity needs in the commercial sector, and households, propelling smart grid technology demand. This is because it delivers electricity as per their requirements. Factories, cities, offices, and households need an efficient and reliable power source that can minimize the frequency and duration of blackouts, thereby completely eliminating power disturbances. The smart grid entails technologies that improve fault detection, enabling automatic network self-healing. Moreover, the smart grid's integrated information and communication system allows utilities to consolidate data, and enhance system reliability. However, standardization challenges and security concerns are hindering the market growth.
The growth evaluation of the global smart grid market includes the analysis of the Asia-Pacific, Europe, North America, and rest of world. North America is estimated to dominate the global market by 2028. The increasing investment, the aging transmission & distribution systems, and the presence of major market players, are contributing to the region's market prospects.
The emerging new startups offer a vast range of innovative solutions, which cater to diverse industry requirements. This intensifies the competitive rivalry. Honeywell International, Amdocs Corporation, ABB Ltd, Autogrid Systems Inc, General Electric Company, etc., are among the key players in the market.