Driven by the development of renewable and sustainable energy sources and growing efforts to reduce carbon emissions. Furthermore, the adoption of hybrid and electric vehicles has increased quickly around the world, which has led to an increase in energy demandergy, the Global Smart Grid Market is Forecasted to Reach US$ 100 Bn by 2028 says Ken Research Study.
A smart grid is an electrical system that uses cutting-edge digital and other technology to track and control the flow of electricity from all sources of generation to satisfy the various needs of end consumers. The needs and capabilities of all generators, grid operators, end users, and electricity market participants are coordinated by smart grids to operate every component of the system as effectively as possible, minimizing costs and environmental impacts while maximizing system dependability, resilience, flexibility, and stability.
Ken Research shares 3 key insights on this high-opportunity market from its latest research study.
1. Rising Inclination Towards Sustainability to Propel the Market’s Growth Rate
According to Research estimates, the Global Smart Grid Market – which was valued from around US$ 30 Bn in 2017 to nearly US$ 50 Bn by 2022 – is expected to grow further to more than US$ 100 Bn opportunities by 2028.
The market is anticipated to experience considerable expansion due to the growing demand for high-quality, secure, and dependable power supply. Global demand for smart grids is being shaped by growing worries about carbon footprint and the need to replace old infrastructure. A centralized grid distribution management and control system is also required. The market will expand as a result of the strong demand for smart grids from several economies and the rise in ICT spending.
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2. Global Market Acceleration Due to Growing Smart Grid Awareness
The awareness of the benefits of a smart grid including reduced carbon emissions, improved energy efficiency, stability of the current electrical supply, integration of more renewable energy sources into the current network, and new ways for customers to optimize their electricity use is pushing up the consumers spending into smart grids and other utility analytics equipment. Large-scale electrical blackouts are being brought on by the old conventional energy systems that were once established in developing countries. Therefore, there is an increasing need for every country to lowering the price of blackouts and power outages.
The freedom to monitor and safeguard the distribution network, conserve energy, and cut such exorbitant costs is provided by smart grid technology to suppliers and customers. Because conventional electrical grids cause governments in the majority of nations to suffer enormous losses, they are now concentrating on investing in smart grid technologies.
3. High Initial Investment to Limit the Market Growth
The automation process includes implementing smart grid solutions in factories. Adoption of automation equipment can be one of the most expensive processes and demands a significant investment of resources. In addition to the upfront fees, several unforeseen expenses could end up costing more than the company saves by automating.
Some of these expenses include the price of automating a process and the costs of maintenance, repairs, and research & development. The cost of training employees to operate a smart grid is another factor that limits market expansion. The majority of smart grid solutions also require more space, which presents a significant problem for small-scale businesses.
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Key Topics Covered in the Report
- Snapshot of the Global Smart Grid Market
- Industry Value Chain and Ecosystem Analysis
- Market size and Segmentation of the Global Smart Grid Market
- Historic Growth of the Overall Global Smart Grid Market and Segments
- Competition Scenario of the Market and Key Developments of Competitors
- Porter’s 5 Forces Analysis of the Global Smart Grid Market
- Overview, Product Offerings, and SWOT Analysis of Key Competitors
- COVID-19 Impact on the Overall Global Smart Grid Market
- Future Market Forecast and Growth Rates of the Total Global Smart Grid Market and by Segments
- Market Size of Component / Technology Segments with Historical CAGR and Future Forecasts
- Analysis of the Smart Grid Market in Major Regions
- Major Production / Consumption Hubs in the Major Regions
- Major Country-wise Historic and Future Market Growth Rates of the Total Market and Segments
- Overview of Notable Emerging Competitor Companies within Each Major Country
Major Players Mentioned in the report
- General Electric
- Schneider Electric
- ABB Ltd
- Siemens
- Itron, Inc.
- Cisco Technology Company
- Aclara Software Inc
- OSI Systems
- Oracle
- Wipro
- IBM
Notable Emerging Companies Mentioned in the Report
- Iberdrola
- Saudi Electricity
- Eurogrid
- Städtische Werke Magdeburg
- Parabel
- Ningbo Sanxing Medical Electric Co., Ltd.
Key Target Audience – Organizations and Entities Who Can Benefit by Subscribing This Report
- Electricity Smart Grid Manufacturers
- Water Smart Grid Manufacturers
- Component Suppliers for
- Electronic Equipment Manufacturers
- Steel and Iron Manufacturers
- Government Ministries and Departments of Energy
- Electricity Smart Grid Investors
- Artificial Intelligence Companies
- Energy & Power Regulatory Authorities
Time Period Captured in the Report
- Historical Period: 2017-2021
- Forecast Period: 2022E-2028F
For more insights on the market intelligence, refer to the link below: –
Global Smart Grid Market: Ken Research
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