Press release
Global Smart Grid Market to Reach USD 174.49 Billion by 2029, Driven by Sustainability Initiatives
Smart Grid Market
The Global smart grid market size was valued at USD 51.33 billion in 2022 and is expected to grow at a CAGR of 19.1% from 2023 to 2029, reaching nearly USD 174.49 billion.
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Report Scope and Research Methodology
This comprehensive report presents an in-depth analysis of the global smart grid market, encompassing market dynamics, segmentation, competitive landscape, and regional insights. The research methodology involved a combination of primary and secondary research, including qualitative and quantitative assessments, to provide a holistic understanding of the market.
Market Drivers
The rising need to alleviate climate change and promote renewable energy development is expected to fuel smart grid initiatives globally. Governments across various economies are increasingly investing in smart grid technology to achieve CO2 reduction targets and support long-term economic success. Additionally, the growing global electricity demand, driven by urbanization and increasing investments in digital electricity infrastructure, is acting as a significant driver for the smart grid market.
Market Restraints
While the report did not explicitly mention market restraints, potential challenges could include high implementation costs, cybersecurity concerns, and regulatory hurdles in some regions.
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Regional Insights
North America dominates the global smart grid market, with the United States being a frontrunner in adopting the latest technological developments, such as smart grid distribution management, Advanced Metering Infrastructure (AMI), substation automation, and smart grid communication.
The Asia-Pacific region is expected to grow rapidly at a CAGR of during the forecast period, driven by the booming residential and commercial building industry, rapid industrialization, and a mounting middle-class population, which leads to the growing demand for technology in the region.
Market Segmentation
Smart Grid Market ,by Component
Software
Hardware
Services
The market is divided into three segments: software, hardware, and services, depending on the component.
Smart meters, sensors, programmable logic controllers (PLCs), and others (networking hardware and energy storage) are further subdivided under the hardware category. There are three sub-segments within the services segment: Support and Maintenance, Deployment and Integration, and Consulting.
By 2029, it is anticipated that the software and services segments will command the highest market shares. In 2021, the software and services sector has a market share of more than 72.3%. The reduction in overall electricity costs and the growing necessity to switch from reliable to sustainable and renewable energy sources are the main drivers of this expansion.
Smart Grid Market ,by End User
Residential
Commercial
Industrial
The market is divided into Residential, Commercial, and Industrial segments based on the End-User. Over the projection period of 2023-2029, the commercial segment is anticipated to increase at a CAGR of. This segment's growth in the global market is primarily driven by the growing requirement for a consistent, orderly, and dependable electricity source between 2023 and 2029.
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Market Key Players
1. ABB
2. Siemens
3. GE
4. Schneider Electric
5. Itron
6. Landis+Gyr
7. Aclara
8. Cisco
9. OSI
10. IBM
11. Wipro
12. Oracle
13. Honeywell
14. S&C Electric Company
15. Eaton
16. Kamstrup
17. Trilliant Holdings
18. Globema
19. Tech Mahindra
20. Enel X North America
21. Fujitsu
22. eSmart Systems
23. Tantalus
24. EsyaSoft Technologies
25. Grid4C
26. C3 Energy
27. Othersea Time
10. Troika JC
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Table of content for the Smart Grid Market includes:
Global Smart Grid Market: Research Methodology
Global Smart Grid Market: Executive Summary
Market Overview and Definitions
Introduction to the Global Market
Summary
Key Findings
Recommendations for Investors
Recommendations for Market Leaders
Recommendations for New Market Entry
3.Global Smart Grid Market: Competitive Analysis
MMR Competition Matrix
Market Structure by region
Competitive Benchmarking of Key Players
Consolidation in the Market
M&A by region
Key Developments by Companies
Market Drivers
Market Restraints
Market Opportunities
Market Challenges
Market Dynamics
PORTERS Five Forces Analysis
PESTLE
Regulatory Landscape by region
North America
Europe
Asia Pacific
Middle East and Africa
South America
COVID-19 Impact
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Key Offerings:
Market Share, Size & Forecast by Revenue
Market Dynamics - Growth Drivers, Restraints, Investment Opportunities, and Key Trends
Market Segmentation - A detailed analysis by segments and sub-segments
Competitive Landscape - Top Key Vendors and Other Prominent Vendors
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