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Smart Grid Market: Global Opportunity Analysis And Industry Forecast | Key players - Cisco Systems, Inc., General Electric, Honeywell International Inc, International Business Machines Corporation (IBM), Itron Inc., Oracle, Schneider Electric, Siemens
According to the smart grid market analysis in Asia-Pacific, the market is projected to grow at a significant rate during the forecast period, owing to increase in investment by government in smart grid and smart cities initiatives in this region. For instance, Indian government invested US$10 million to implement eight smart grid pilot projects in the country.
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The favorable government policies along with fiscal incentives drive the market of global smart grid market. Furthermore, large scale deployment of smart grid and the utility companies focusing on enhancing distribution efficiency are other factors that supplement the growth of this market.
The global smart grid market contributed $66.96 billion in 2017 and is estimated to garner $169.19 billion by 2025, growing at a CAGR of 12.4% from 2017 to 2025. The report offers a detailed analysis of the key segments, top investment pockets, changing dynamics, market size & estimations, and competitive scenario.
The key market players explored in the research include Wipro Limited, Cisco Systems, Inc., Tech Mahindra Limited, General Electric, Siemens, Honeywell International Inc, Schneider Electric, International Business Machines Corporation (IBM), and Itron Inc., Oracle, They have adopted different strategies such as mergers & acquisitions, partnerships, collaborations, new product launches, and others to gain a strong position in the global industry.
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The residential segment is expected to register the highest CAGR of 14.7% from 2017 to 2025. However, the commercial segment accounted for nearly half of the total revenue in 2017 and will maintain its dominance by 2025.
The transmission segment accounted for more than one-third of the total revenue in 2017 and will maintain its dominance by 2025. However, the distribution segment is expected to register the highest CAGR of 15.7% from 2017 to 2025.
The smart grid communications segment is expected to register the highest CAGR of 16.8% from 2017 to 2025. However, the substation automation segment accounted for more than one-fourth of the total revenue in 2017 and will maintain its dominance by 2025.
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North America region accounted for more than two-fifths of the market in terms of revenue in 2017. However, the Asia-Pacific region is expected to grow at the highest CAGR of 16.1% during the forecast period. The research also analyzes regions including Europe and LAMEA.
The solution segment accounted for more than three-fourths of the total revenue in 2017 and will maintain its dominance by 2025. However, the services segment is expected to register the highest CAGR of 13.9% from 2017 to 2025.
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