Global Smart Grid Market Growth Linked to the Increasing Need for Efficient Energy Use

Inkwood Research estimates that the Global Smart Grid Market is evaluated to project a CAGR of 9.83% in terms of revenue during the forecasting years of 2021-2028.

"Browse 41 Market Data Tables and 48 Figures spread over 164 Pages, along with an in-depth TOC on the Global Smart Grid Market Forecast 2021-2028."

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The majority of the countries, across the globe, focus on minimizing their carbon emissions in order to reduce environmental degradation. This aspect leads to the increasing use of renewable energy sources such as, wind, tidal, and solar. Using a smart grid encourages the smooth integration of traditional grids and systems, incorporated with renewable energy-based technology.

Surging Need for Efficient Energy Use Propels Market Growth

The growing reliance on electronic devices, as well as the constant need for electricity across the commercial sector and households, drives the need for smart grid technology. Factories, households, factories, and offices require efficient and reliable power sources, capable of minimizing the duration and frequency of blackouts, in addition to completely eliminating power disturbances. Hence, the smart grid offers technologies that enhance and improve fault detection and enables the network's automatic self-healing. With the continual detection of disturbances, the smart grid also delivers real-time assistance to energy management systems, thereby raising its situational awareness.

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Distribution is the Fastest-Growing Application

The increasing importance of system resilience and reliability changes how distribution systems are operated and planned. Moreover, developing technologies and devices, including, remote-controlled switches and smart meters, are being deployed, in order to achieve a distribution system's self-healing, against power outages. The adoption of higher levels of automation, in addition to smart grid solutions, continues to transform conventional distribution systems into smart distribution systems.

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North America Held the Highest Revenue Share in 2020

The region's rising interest in smart grid systems among operators and investors, essentially fuels the market growth in North America. Moreover, the growing electricity consumption, coupled with the demand for renewable energy sources across several countries, is also anticipated to provide the region's market with lucrative growth opportunities.

The global smart grid market comprises numerous global players, competing for attention across a relatively contested market space. The brand identity linked to the companies has a significant influence over the market, especially considering the security concerns. Hence, in terms of investing in new technologies and market penetration, the industrial rivalry within the global market is expected to remain high. Besides, owing to the emergence of new startups delivering a wide range of innovative solutions, the market witnesses intensifying competition and is anticipated to increase over the forecast period.

Some of the leading players operating in the market are, ABB Ltd, Cisco Systems Inc, Siemens AG, Honeywell International, etc.

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