The global Smart Grid Market will be worth USD 122.97 Billion by 2027. The growth of this market can be attributed to the increasing initiatives of the government to adopt renewable sources of energy and reduce the carbon dioxide emission levels. Besides, the increasing supportive policies and regulations of the government regarding the adoption of the smart grid technologies is expected to boost the market growth over the forecast period.
The emergence of smart cities increases the need for advanced smart grid technologies, which is most likely to propel the industry's growth. The lower operating cost of the advanced metering technologies is a key contributing factor to the increasing demand of the system. The market players are investing in the research and development to produce more technologically advanced systems. The smart grid technology is expected to generate more accurate electricity bills compared to traditional power systems.
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The Global Smart Grid Market report assesses the historical and current data along with a thorough analysis of the market dynamics. The report also sheds light on the significant market growth driving and restraining factors that are anticipated to influence the market growth through the forecast period. The Global Smart Grid Market studies the market scenario to offer growth projections for the Smart Grid industry for the forecast period of 2020-2027. The report focuses on potential growth opportunities and limitations the prominent players of the industry might face during the entirety of the forecast timeline. The report pays special heed to the emerging business components, niche sectors, and product launches and brand promotions occurring in the market to help the readers make fruitful investment strategies.
Some players analyzed in the report are:
ABB,
General Electric,
Siemens,
Itron,
Aclara,
Schneider Electric,
Cisco,
S C Electric Company,
Oracle, and
IBM, among others.
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The report further divides the Smart Grid market into key segments such as types, applications, end-user industries, technologies, and key regions of the market. The report also sheds light on the segment and region exhibiting promising growth in the Smart Grid market.
Emergen Research has segmented the global Smart Grid Market on the basis of Technology, Services, End User, and region:
Technology Outlook (Revenue, USD Billion; 2017-2027)
Smart Grid Distribution Management
Advanced Metering Infrastructure
Smart Grid Network Management
Smart Grid Security
Others
Services Outlook (Revenue, USD Billion; 2017-2027)
Deployment and Integration
Consulting
Support and maintenance
End User Outlook (Revenue, USD Billion; 2017-2027)
Commercial
Industrial
Residential
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Key Highlights of Report
In October 2019, ABB completely acquired a majority stake in Chargedot Shanghai New Energy Technology Co., Ltd. The Shanghai-based company provides AC and DC charging stations. The acquisition strengthened the relationship between leading Chinese EV manufacturers and ABB.
The Smart Grid distribution Management segment held the largest market share of 41.0% in the year 2019 as it can optimize the renewal energy distribution while minimizing the electricity bills for the customers.
The Deployment and Integration segment is forecasted to grow with the fastest CAGR of 20.6% over the forecast period due to the increasing requirement in the technological advancements of the traditional power systems.
Regional Segmentation
North America (U.S., Canada)
Europe (U.K., Italy, Germany, France, Rest of EU)
Asia Pacific (India, Japan, China, South Korea, Australia, Rest of APAC)
Latin America (Chile, Brazil, Argentina, Rest of Latin America)
Middle East Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)
Key Questions Answered by the Report:
Which region is expected to dominate the market in the coming years?
What are the recent technological and product advancements occurring in the market?
What are the key strategies adopted by the prominent players in the Smart Grid market?
What are the key product types and applications of the Smart Grid industry?
What is the outcome of SWOT analysis and Porter’s Five Forces analysis?
How is the competitive landscape of the Smart Grid market?
Who are the key players in the industry?
What is the growth rate of the industry over the coming years?
What will be the valuation of the Smart Grid Market by 2028?
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