Smart Grid Market to grow at 22% CAGR to reach $94.7 billion by 2025 | ABB, Cisco, General Electric, Honeywell, Eaton, Itron, Oracle, Schneider Electric, Siemens, Wipro. Moreover, the other potential players in the smart grid market are, Aclara, Landis+Gy

Global smart grid technology market is projected to witness the rapid growth in the coming years as demand for energy is increasing worldwide during the forecast period. Increase in the support of government for the smart grid technology is expected to participate in the growth of smart grid technology market over the forecast period. Increasing investments for the digitalization of grid by implementing the developed technologies of communication will surge the smart grid technology industry. Another factor like initiatives of government for raising the demand of renewable energy, enhance the reliability of grid and smart meter roll outs are fueling the growth of smart grid technology market.

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Smart grid technology has experienced a substantial growth in past years, because of initiatives taken by government for funding the projects of smart grids, increase in the smart meters, electric vehicles and projects of developed infrastructure across the world. The factors that drive the growth of global smart grid technology market are well-organized way for management of energy and growth in the concern about reducing the carbon footprints. These factors lead to wide investment in the distribution and optimization for the modernization of grid.

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The global smart grid technology market is projected to witness the rapid growth in the coming years as demand for energy is increasing worldwide during the forecast period. Increase in the support of government for the smart grid technology is expected to participate in the growth of smart grid technology market over the forecast period. Increasing investments for the digitalization of grid by implementing the developed technologies of communication will surge the smart grid technology industry. Another factor like initiatives of government for raising the demand of renewable energy, enhance the reliability of grid and smart meter roll outs are fueling the growth of smart grid technology market.

Smart grid promotes the use of efficient energy. The technology accepted by smart grid to reduce the distribution and transmission for making the efficient grid line. The main benefit of the network of smart grid is network of communication, whereas end-users and utilities communicate effectively with each other. The services of integration and deployment is propelled to hold the smart grid technology market share and is expected to grow in the coming years. Integration and deployment services helps in reducing the time of integration and deployment. Rise in the need for improving the traditional smart grid technology for supporting the smart cities and is accelerating the growth of services of integration and deployment in the smart grid technology market.

The most expensive exercise is the installation of smart grid. Value of US electric grid consists of transformers, poles, wires, power plants is approximately $1 tons. Total cost of replacing the traditional grid with smart grid is projected to be about $4 tons. The main critical factor for the deployment of smart grids are cost of high installation. Although, new generation sources deployment like rooftop solar, wind and based on end-user like electric vehicles are anticipated to boost the requirements of infrastructure are increasing the growth of global smart grid technology industry.

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Global smart grid technology market is segmented into application, product type and region. On the basis of application, smart grid technology market is divided into commercial use and industrial use. On considering the product type, market is divided into Demand Response Management Systems (DRM), Supervisory Control & Data Acquisition (SCADA), Distribution Management Systems (DMS), Smart Meter, Meter Data Management Systems (MDMS) and Outage Management Systems (OMS).

Geographically, regions involved in increasing the global smart grid technology market size are Europe, North America, China, Asia Pacific, Japan, India and Middle East & Africa. North America holds the largest smart grid technology market share and is expected to grow in the coming years. Asia Pacific offers opportunities for the growth of smart grid technology because of projects of smart grid, political reforms and rise in prices of energy.

The Asia-Pacific region is dominated by the global smart grid market in 2019 and is expected to do so over the forecast period 2020-2025. The growth of this segment is mainly attributed to the increase in the need to overcome the electricity outages issues. In addition, growing need to link the rural and remote places to national grid systems is also anticipated to fuel the market growth in this region.

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The major players of the global smart grid market are ABB, Cisco, General Electric, Honeywell, Eaton, Itron, Oracle, Schneider Electric, Siemens, Wipro. Moreover, the other potential players in the smart grid market are, Aclara, Landis+Gyr, Eaton, S&C Electric Company, Tech Mahindra. As of 2019, the market for the smart grid is consolidated with the presence of established global and domestic players across the globe. Moreover, the established companies are coming up with new strategies and innovative Smart grid solutions. For instance, in July 2018, ABB collaborated with the Indian Institute of Technology Roorkee (IITR) to build and provide a smart power distribution network on its campus.

Key Segments in the "Global Smart Grid Technology Market" are-

By Application market is segmented into:

Commercial Use
Industrial Use

By Product Type market is segmented into:

Demand Response Management Systems (DRM)
Supervisory Control and Data Acquisition (SCADA)
Distribution Management Systems (DMS)
Smart Meter
Meter Data Management Systems (MDMS)
Outage Management Systems (OMS)

By Regions market is segmented into:

Europe
North America
China
Asia Pacific
Japan
India
Middle East & Africa

What to expect from the Global Smart Grid Technology Market report?

Predictions of future made for this market during the forecast period.
Information on the current technologies, trends, devices, procedures, and products in the industry.
Detailed analysis of the market segmentation, depending on the types, devices, and products.
Government regulations and economic factors affecting the growth of the market.
An insight into the leading manufacturers.
Regional demographics of the market.

Who should buy this report?

Venture capitalists, Investors, financial institutions, Analysts, Government organizations, regulatory authorities, policymakers ,researchers, strategy managers, and academic institutions looking for insights into the market to determine future strategies

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About Adroit Market Research:

Adroit Market Research provide quantified B2B research on numerous opportunistic markets, and offer customized research reports, consulting services, and syndicate research reports. We assist our clients to strategize business decisions and attain sustainable growth in their respective domain. Additionally, we support them with their revenue planning, marketing strategies, and assist them to make decisions before the competition so that they remain ahead of the curve.

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