Smart Grid Managed Services Market Size | Share | Industry Analysis 2023

The global smart grid managed services market size was valued at USD 4,178.3 million in 2022 and is poised to grow at a significant CAGR of 13.6% during the forecast period 2023-29. The primary drivers of the expansion of the global Smart Grid Managed Services market include the increasing adoption of smart grids drives the global smart grid managed service market. The increasing IT firms all over the globe and evolution of new technologies triggers the growth of the market globally.

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Distribution management System Segment is expected to Dominate the Smart Grid Managed Services Market
Based on the type, the global Smart Grid Managed Services market is segmented into energy management system, distribution management system, data analytics and Others. The distribution management segment is expected to account for a larger revenue share in the global Smart Grid Managed Services market, in the forecasted years due to benefits such as integration of all system grids and acts as decision support system. It helps in finding faults or error in the system and provide information to the user and take corrective actions efficiently, this is expected to fuel the growth of smart grid managed service market. In addition to that, the increased focus on renewable energy installations and demand response programs, the demand for distribution management system increases significantly.

The global smart grid managed services market segmentation

1) By Type: Energy Management Systems, Distribution Management Systems, Data Analytics, Others
2) By Application: Wind Turbines, Solar Power Systems, Plug-in Hybrid Electric Vehicles, Others
3) By End Use Industry: Banking Sector, Communication Industry, Security and Surveillance Industry, Others
4) By Deployment: Cloud-Based, On-premise

North America Smart Grid Managed Services Market
The North America market is expected to increase in the global Smart Grid Managed Services market over the forecast period. The North America Market holds a significant market share due to its increasing IT firms and easy adoption of smart grids and upgradation of technologies. The government initiatives taken in the public campaigns to save energy efficiently and reduce carbon foot print in the environment. Hence, North America is expected to hold the major market share in the global market and is expected to dominate the market in the forecasted years due to global key players in this region.

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Key players profiles in the Smart Grid Managed Services market report are Siemens, Schneider electric, S & C Electric Company, Eaton, GE, IBM, Wipro Limited, Honeywell, Cisco, Aclara, Landis+Gyr, Oracle, Itron, Capgemini.

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