Smart Grid Market 2019 | Global Industry Overview, Sales Revenue, Demand and Forecast by 2024

According to the global smart grid market report by IMARC Group, the market is expected to grow at a CAGR of around 16% during 2019-2024. A smart grid refers to an electricity network that is utilized for supplying electricity through a two-way digital communication system. It is secure, flexible, accessible, reliable, resilient, sustainable, economical and aids in enhancing grid operations, owing to which it is preferred over conventional electrical systems around the world.

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Global Smart Grid Market Trends

Due to rapid urbanization, growing population and the boosting overall sales of consumer electronics, there is a rise in the demand for energy across the globe. This represents one of the key factors propelling the global smart grid market growth. Moreover, these grids add resilience to the electric power system and are used as a backup during emergencies, such as earthquakes and storms. This, in turn, is catalyzing the demand for smart grids worldwide. Besides this, governments of several countries are investing in the development of smart cities and the upgradation of existing grid infrastructure, which is anticipated to create a positive outlook for the market.

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Market Segmentation

Market Breakup by Component

Software

Advanced Metering Infrastructure
Smart Grid Distribution Management
Smart Grid Network Management
Substation Automation
Others

Hardware

Sensor
Programmable Logic Controller
AMI Metre
Networking Hardware
Others

Services

Sensor
Programmable Logic Controller
AMI Metre

Market Breakup by End-User

Residential
Commercial
Industrial

Market Breakup by Region

Asia Pacific
Europe
North America
Middle East and Africa
Latin America

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Some of the major players operating in the industry include Cisco Systems, Inc. (NASDAQ: CSCO), IBM Common Stock (NYSE: IBM), Siemens AG (OTCMKTS: SIEGY), SCHNEIDER ELEC /ADR (OTCMKTS: SBGSY), Wipro Limited (NYSE: WIT), General Electric Company (NYSE: GE), Honeywell, Oracle Corporation, ABB, Itron, Fujitsu, Eaton, Tantalus, eSmart Systems, etc.

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