Aging electricity distribution infrastructure and growing investment in technological advancements in smart grid systems
VANCOUVER, BC, CANADA, March 31, 2022 /EINPresswire.com/ — The Global Smart Grid Market research report details vital aspects of the Smart Grid market globally and regionally. The report offers a comprehensive assessment of recent technological developments, product advancements, current and emerging trends, key statistical data, forecast estimates, and major companies operating in the market. The report covers the impact of the pandemic on the Smart Grid industry with particular focus on the key affected segments of the industry.
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The global smart grid market will be worth $122.97 billion by 2027, according to current analysis by Emergen Research. The growth of this market can be attributed to the increasing government initiatives to adopt renewable energy sources and reduce carbon dioxide emission levels. Additionally, the growing supportive government policies and regulations regarding the adoption of smart grid technologies are expected to drive 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 growth of the industry. The low operating cost of advanced metering technologies is a key factor contributing to the growing system demand. Market players are investing in research and development to produce more technologically advanced systems. Smart grid technology is expected to generate more accurate electricity bills than traditional electrical systems. Also, automatic self-healing and easy fault detection are some of the factors that drive the system demand.
Purpose of the report:
The report offers a comprehensive analysis of the global Smart Grid Market with details about each market player including company profile, financial status, global position, revenue contribution, production and manufacturing capacity, business expansion plans and new product launches. The major players are strategizing for various plans such as M&A acquisition, partnerships, joint ventures, licensing agreements, and collaborations. ABB, General Electric, Siemens, Itron, Aclara, Schneider Electric, Cisco, S&C Electric Company, Oracle, and IBM, among others, are among the top companies profiled in the report.
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Emergen Research has segmented the global smart grid market based on technology, services, end-user, and region:
Technology Outlook (Revenue, USD Billion; 2017-2027)
Smart Grid Distribution Management
Advanced measurement infrastructure
Smart Grid Management
Smart Grid Security
Services Outlook (Revenue, USD Billion; 2017-2027)
Deployment and integration
Support and maintenance
End User Outlook (Revenue, USD Billion; 2017-2027)
In October 2019, ABB 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 major Chinese electric vehicle manufacturers and ABB.
The Smart Grid Distribution Management segment held the largest market share of 41.0% in 2019, as it can optimize renewable energy distribution while minimizing electricity bills for customers.
The Deployment and Integration segment is expected to grow with the fastest CAGR of 20.6% during the forecast period owing to the growing requirement for technological advancements in traditional power systems.
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The report analyzes the market based on different categories such as product types, end-user applications and major geographical regions. It offers key insights into the factors that are expected to influence the growth of the segments and sub-segments.
Major regions include North America, Latin America, Europe, Asia-Pacific, Middle East and Africa. The report studies the market in these regions on the basis of demand and trends, consumer behavior and preferences, government initiatives and regulatory framework, economic growth, technological developments, supply and price. demand, production and consumption patterns, imports/exports and the presence of players in each region.
Key Regions Analyzed in the report:
The rest of Europe
Rest of APAC
Rest of Latin America
Middle East and Africa
United Arab Emirates
Rest of the Middle East and Africa
Chapter 1. Methodology and sources
Chapter 2. Executive Summary
Chapter 3. Key Information
Chapter 4. Smart Grid Market Segmentation and Impact Analysis
Chapter 5. Smart Grid Market by Component Insights & Trends, Revenue (USD Million
Chapter 6. Smart Grid Market by Application Insights & Trends, Revenue (USD Million)
Chapter 7. Smart Grid Market by End-Use Insights and Trends, Revenue (Million USD)
Chapter 8. Regional Smart Grid Market Outlook
Chapter 9. Competitive Landscape
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