Smart Grid Market To Witness Huge Growth and Revenue Acceleration by 2031

Smart Grid Market: Introduction

The advent of smart grid technologies has emerged as the key solution to the operational challenges that utilities face in everyday life. The smart grid technology is just an advanced and a more expensive version of a conventional grid system. It is an electricity grid that uses two way technologies to deliver electricity and enable communication between utility and consumers. Communication networks and automation and sensing devices make the smart grid functional.

The global smart grids market exhibits a substantially competitive vendor landscape. Although the market is still in its developing stages, the competition is expected to get fiercer during the forthcoming years, mainly due to the entry of new players in this field.

𝐆𝐞𝐭 𝐑𝐞𝐩𝐨𝐫𝐭 𝐎𝐯𝐞𝐫𝐯𝐢𝐞𝐰: https://www.transparencymarketresearch.com/smart-grid-market.html

The smart grid market is expected to expand at a CAGR of 17.8% during the forecast period from 2021 to 2031. In this context, the smart grid market was valued at US$ 139.5 Bn in 2020 and is expected to reach US$ 845.6 Bn by 2031.

Rising Awareness about Benefits of Smart Grids Boosts Global Market

Conventional electricity grids installed in many countries across the globe are now aging and causing large-scale electrical blackouts. Thus, every nation has a growing need to reduce the cost of blackouts and power outages. A smart grid technology gives consumers and suppliers the liberty to manage and protect the distribution network, save energy, and reduce such extravagant costs. Even the governments in most of the countries are incurring massive losses due to conventional electrical grids, and hence, they are now focusing on investing in smart grid technologies.

The benefits of smart grid include improved energy efficiency and reliability of existing electrical supply, integration of more renewable energy into existing network, new solutions for customers to optimize their electricity consumption, and reduction of carbon emissions.

𝐆𝐞𝐭 𝐏𝐃𝐅 𝐬𝐚𝐦𝐩𝐥𝐞 𝐟𝐨𝐫 𝐈𝐧𝐝𝐮𝐬𝐭𝐫𝐢𝐚𝐥 𝐈𝐧𝐬𝐢𝐠𝐡𝐭𝐬 𝐚𝐧𝐝 𝐛𝐮𝐬𝐢𝐧𝐞𝐬𝐬 𝐈𝐧𝐭𝐞𝐥𝐥𝐢𝐠𝐞𝐧𝐜𝐞: https://www.transparencymarketresearch.com/sample/sample.php?flag=S&rep_id=137 

The global smart grid market seems to be fairly fragmented with presence of many well-entrenched enterprises. This also highlights that the competitive landscape is highly intense. Aclara, Alstom, Comverge, eMeter, GridPoint Inc, Landis+Gyr, Schneider Electric, Schweitzer Engineering Laboratories, Sensus, Siemens, ABB Ltd, Itron, Opower, and General Electric are some of the key participants of the global smart grid market.

𝐂𝐥𝐢𝐜𝐤 𝐅𝐨𝐫 𝐂𝐮𝐬𝐭𝐨𝐦 𝐑𝐞𝐬𝐞𝐚𝐫𝐜𝐡 𝐑𝐞𝐩𝐨𝐫𝐭: https://www.transparencymarketresearch.com/sample/sample.php?flag=CR&rep_id=137 

Global Smart Grid Market: Segmentation

Smart Grid Market, by Technology

Advanced Metering Infrastructure

Distribution Automation

Software and Hardware

Communication Technologies

Transmission Upgrades

Cyber Security

𝐀𝐛𝐨𝐮𝐭 𝐓𝐫𝐚𝐧𝐬𝐩𝐚𝐫𝐞𝐧𝐜𝐲 𝐌𝐚𝐫𝐤𝐞𝐭 𝐑𝐞𝐬𝐞𝐚𝐫𝐜𝐡

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