Press release
Smart Grid Market Research Report | Industry Size USD 169.18 Billion By 2025
Smart Grid Market
Increase in concerns regarding environmental protection and growth in adoption of smart grid technology to perk up efficiency in energy conservation & consumption propel the growth of the global smart grid market. On the other hand, lack of tuning & adjustment and rise in privacy & security concerns curtail down the growth to some extent. However, increase in the number of electric vehicles and upcoming smart cities projects in developing regions are expected to usher in lucrative opportunities in the industry.
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Based on component, the solution segment contributed to more than three-fourths of the total market share in 2017, and is expected to lead the trail by the end of 2025. The services segment, on the other hand, would manifest the fastest CAGR of 13.9% during the estimated period.
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North America dominated the overall smart grid market in 2017 and is expected to remain dominant during the forecast period due to emergence of electric vehicles and major investments done by private and public as well as government entities in this region.
Furthermore, Asia-Pacific is expected to exhibit highest growth rate throughout the forecast period. The growing demand to link up the remote and rural communities to national grid and increase in need to overcome the electricity outage are expected to drive the smart grid market growth in this region.
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The key market players analyzed in the global smart grid market report include General Electric, Tech Mahindra Limited, International Business Machines Corporation (IBM), Itron Inc., Oracle, Schneider Electric, Siemens, Cisco Systems, Inc., Honeywell International Inc, and Wipro Limited. These market players have taken recourse to several strategies including partnership, expansion, collaboration, joint ventures, and others to prove their bent in the industry.
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