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Smart Grid Technology Market Size, Major Strategies, Key Companies, Revenue Share Analysis 2023-2032
Smart Grid Technology Market
The Business Research Company's latest "Global Smart Grid Technology Opportunities And Strategies Market Report - Forecast To 2032" is the most comprehensive report available in market that will help gain a truly global perspective with data and statistics from over 60 geographies analyzed with more than 7500 market segments. The regional and country breakdowns section gives an analysis of the market in each geography and the size of the market by region and by country. It also compares the market's historic and forecast growth and highlights important trends and strategies that can be adopted to beat the competition in the industry
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The global smart grid technology market reached a value of nearly $39,377.2 million in 2022, having grown at a compound annual growth rate (CAGR) of 14.3% since 2017. The market is expected to grow from $39,377.2 million in 2022 to $91,957.9 million in 2027 at a rate of 18.5%. The market is then expected to grow at a CAGR of 19.0% from 2027 and reach $219,452.1 million in 2032.
Smart grid technologies are technologies and communication networks that are used to improve electricity generation, transmission, and distribution, while also providing customers with real-time control. Smart grid is a modernized and technologically enhanced electrical power grid that includes numerous digital communication, monitoring, control and automation capabilities. The traditional power grid, which relies on one-way electrical flow from power plants to consumers, confronts severe efficiency, reliability, and sustainability concerns. Smart grid technology strives to overcome these difficulties by merging information technology, sensors, and intelligent devices, to improve power generation, transmission, distribution, and consumption.
Advanced metering infrastructure is a key trend gaining popularity in the smart grid technology market. Companies operating in the smart grid technology market are focusing on adopting smart meters and advanced metering infrastructure, enabling real-time data collection, improved demand response and more accurate billing. For example, in March 2021, Itron, Inc., a US-based technology company, introduced the eHZ-B Smart Meter, targeted at utilities and cities in Germany. This new addition to Itron's 3. HZ FNN-compliant portfolio offers advanced features to support Germany's energy transition towards a sustainable, low-carbon and cost-effective energy supply. The eHZ-B smart meter enables utilities and cities to smoothly transition to a smart and interconnected distribution network, enhancing efficiency and reliability in energy management.
Smart Grid Technology Market Segmentation:
By Component: Hardware, Software, Services
By Network Operation: Outage Management Systems, Demand Management Systems, Geographical Management Systems, Energy Management Systems
By Technology: Wired, Wireless
By Application: Generation, Transmission, Distribution, Consumption
Some of the key players involved in the Smart Grid Technology market are Siemens AG, Hitachi, Ltd., Schneider Electric SE, Oracle Corporation, General Electric Company (GE)
The regions covered in the global Smart Grid Technology market are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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A Few Points From The Table Of Content
1. Executive Summary
2. Table Of Contents
3. List Of Figures
4. List Of Tables
5. Report Structure
……
19. Competitive Landscape And Company Profiles
20. Key Mergers And Acquisitions
21. Opportunities And Strategies
22. Smart Grid Technology Market, Conclusions And Recommendations
23. Appendix
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