The global smart grid market is expected to grow at a CAGR of around 16% during 2019-2024. A smart grid refers to an electronic network that is used to supply power through a two-way digital communication system. It enables the real-time collection of data regarding the electricity demand and supply during the transmission and distribution process. Smart grid majorly utilizes devices such as smart sensors and power meters to automate billing data collection and detect device failures, and superconducting cables to provide long-distance power transmission through wireless communication tools. These grids are equipped to repair themselves, ensure a consistent power supply without leakages and promote consumer engagement in grid operations, which aid in improving the overall efficiency and reducing the costs of energy production.
Growing energy demand across the globe, along with rapid urbanization and the emerging trend of digitalization, is one of the key factors driving the market growth. Smart grids are being utilized for renovating the existing grid infrastructure and introducing software-based architecture in emerging nations. Furthermore, the proliferation of distributed energy sources such as photovoltaic (PV), geothermal and hydroelectric power is favoring the market growth. These sources allow on-site generation and storage of electricity through microgrids and various connected devices. Additionally, the integration of smart grids with cloud technology has facilitated the analysis of current energy usage and pattern monitoring to address the concerns regarding environment protection and energy conservation. Other factors, including favorable government policies, the development of smart cities across the globe and an increasing number of research and development (R&D) activities, are projected to drive the market further.
IMARC Group’s latest report provides a deep insight into the global smart grid market covering all its essential aspects. This ranges from macro overview of the market to micro details of the industry performance, recent trends, key market drivers and challenges, SWOT analysis, Porter’s five forces analysis, value chain analysis, etc. This report is a must-read for industry players, investors, researchers, consultants, business strategists, and all those who have any kind of stake or are planning to foray into the smart grid market in any manner.
The report has also analyzed the competitive landscape of the market with some of the key players being CISCO Systems, IBM Corporation, Siemens AG, Schneider Electric, Wipro, General Electric, Honeywell, Oracle Corporation, ABB, Itron, Fujitsu, Eaton, Tantalus, eSmart Systems, etc.
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