3 Key Insights on US$ 100 Bn Opportunity in the Global Smart Grid Market: Ken Research

Driven by the development of renewable and sustainable energy sources and growing efforts to reduce carbon emissions. Furthermore, the adoption of hybrid and electric vehicles has increased quickly around the world, which has led to an increase in energy demandergy, the Global Smart Grid Market is Forecasted to Reach US$ 100 Bn by 2028 says Ken Research Study.

A smart grid is an electrical system that uses cutting-edge digital and other technology to track and control the flow of electricity from all sources of generation to satisfy the various needs of end consumers. The needs and capabilities of all generators, grid operators, end users, and electricity market participants are coordinated by smart grids to operate every component of the system as effectively as possible, minimizing costs and environmental impacts while maximizing system dependability, resilience, flexibility, and stability.

Ken Research shares 3 key insights on this high-opportunity market from its latest research study.

For more insights on the market intelligence, refer to the link below: -

https://www.kenresearch.com/business-research/global-smart-grid-market-outlook-2028/

1. Rising Inclination Towards Sustainability to Propel the Market's Growth Rate

According to Research estimates, the Global Smart Grid Market - which was valued from around US$ 30 Bn in 2017 to nearly US$ 50 Bn by 2022 - is expected to grow further to more than US$ 100 Bn opportunities by 2028.

The market is anticipated to experience considerable expansion due to the growing demand for high-quality, secure, and dependable power supply. Global demand for smart grids is being shaped by growing worries about carbon footprint and the need to replace old infrastructure. A centralized grid distribution management and control system is also required. The market will expand as a result of the strong demand for smart grids from several economies and the rise in ICT spending.

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2. Global Market Acceleration Due to Growing Smart Grid Awareness

The awareness of the benefits of a smart grid including reduced carbon emissions, improved energy efficiency, stability of the current electrical supply, integration of more renewable energy sources into the current network, and new ways for customers to optimize their electricity use is pushing up the consumers spending into smart grids and other utility analytics equipment. Large-scale electrical blackouts are being brought on by the old conventional energy systems that were once established in developing countries. Therefore, there is an increasing need for every country to lowering the price of blackouts and power outages.

The freedom to monitor and safeguard the distribution network, conserve energy, and cut such exorbitant costs is provided by smart grid technology to suppliers and customers. Because conventional electrical grids cause governments in the majority of nations to suffer enormous losses, they are now concentrating on investing in smart grid technologies.

3. High Initial Investment to Limit the Market Growth 

The automation process includes implementing smart grid solutions in factories. Adoption of automation equipment can be one of the most expensive processes and demands a significant investment of resources. In addition to the upfront fees, several unforeseen expenses could end up costing more than the company saves by automating.

Some of these expenses include the price of automating a process and the costs of maintenance, repairs, and research & development. The cost of training employees to operate a smart grid is another factor that limits market expansion. The majority of smart grid solutions also require more space, which presents a significant problem for small-scale businesses.

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Key Topics Covered in the Report

Snapshot of the Global Smart Grid Market
Industry Value Chain and Ecosystem Analysis
Market size and Segmentation of the Global Smart Grid Market
Historic Growth of the Overall Global Smart Grid Market and Segments
Competition Scenario of the Market and Key Developments of Competitors
Porter's 5 Forces Analysis of the Global Smart Grid Market
Overview, Product Offerings, and SWOT Analysis of Key Competitors
COVID-19 Impact on the Overall Global Smart Grid Market
Future Market Forecast and Growth Rates of the Total Global Smart Grid Market and by Segments
Market Size of Component / Technology Segments with Historical CAGR and Future Forecasts
Analysis of the Smart Grid Market in Major Regions
Major Production / Consumption Hubs in the Major Regions
Major Country-wise Historic and Future Market Growth Rates of the Total Market and Segments
Overview of Notable Emerging Competitor Companies within Each Major Country

Major Players Mentioned in the report

General Electric
Schneider Electric
ABB Ltd
Siemens
Itron, Inc.
Cisco Technology Company
Aclara Software Inc
OSI Systems
Oracle
Wipro
IBM

Notable Emerging Companies Mentioned in the Report

Iberdrola
Saudi Electricity
Eurogrid
Städtische Werke Magdeburg
Parabel
Ningbo Sanxing Medical Electric Co., Ltd.

Key Target Audience - Organizations and Entities Who Can Benefit by Subscribing This Report

Electricity Smart Grid Manufacturers
Water Smart Grid Manufacturers
Component Suppliers for
Electronic Equipment Manufacturers
Steel and Iron Manufacturers
Government Ministries and Departments of Energy
Electricity Smart Grid Investors
Artificial Intelligence Companies
Energy & Power Regulatory Authorities

Time Period Captured in the Report

Historical Period: 2017-2021
Forecast Period: 2022E-2028F

For more insights on the market intelligence, refer to the link below: -

https://www.kenresearch.com/business-research/global-smart-grid-market-outlook-2028/

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Ken Research is a Market Research and Consulting Firm, based out of India, Indonesia and UAE. Since 2011, we have been assisting clients globally with our Syndicate and Bespoke Market Research and Advisory Services.

This release was published on openPR.