Press release
Smart Grid Technology Market 2024 - By Size, Trends, Opportunities And Forecast To 2033
Smart Grid Technology Market
Smart Grid Technology Global Market Report 2024 by The Business Research Company offers comprehensive market insights, empowering businesses with a competitive edge. It includes detailed estimates for numerous segments and sub-segments, providing valuable strategic guidance.
The Market Size Is Expected To Reach $108.82 billion In 2028 At A CAGR Of 18.4% :
The smart grid technology market size has grown rapidly in recent years. It will grow from $46.65 billion in 2023 to $55.43 billion in 2024 at a compound annual growth rate (CAGR) of 18.8%. The growth in the historic period can be attributed to increasing energy demand and consumption, aging grid infrastructure and rise in urbanization.
The smart grid technology market size is expected to see rapid growth in the next few years. It will grow to $108.82 billion in 2028 at a compound annual growth rate (CAGR) of 18.4%. The growth in the forecast period can be attributed to increasing renewable energy penetration, favorable government initiatives and regulations, growing electric vehicles (evs) adoption, and energy sector digitalization. Major trends in the forecast period include increasing renewable energy penetration, favorable government initiatives and regulations, growing electric vehicles (evs) adoption, and energy sector digitalization.
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Smart Grid Technology Market Major Segments
The smart grid technology market covered in this report is segmented -
1) By Component: Hardware, Software, Services
2) By Network Operation: Outage Management Systems, Demand Management Systems, Geographical Management Systems, Energy Management Systems
3) By Technology: Wired, Wireless
4) By Application: Generation, Transmission, Distribution, Consumption
5) By End-User: Residential, Commercial, Industrial, Government
Key Driver - Rising Electricity Demand Fuels Smart Grid Technology Market Growth
The increasing demand for electricity generation is expected to propel the growth of the smart grid technology market going forward. Electricity refers to a type of energy that can be produced in various ways and powers machinery responsible for producing heat, light, and other effects. The smart grid provides households and businesses around the country with electricity from power plants. It can operate in the modern world thanks to its extensive network of electricity generation, transmission, and delivery. For instance, in October 2022, a report released by ExxonMobil Corporation, a US-based natural gas company, global electricity demand is increasing at a rate of 1.8% annually, reaching nearly 50% of this sector by 2050. Therefore, the increasing demand for electricity generation is driving the growth of the smart grid technology market.
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Prominent Trend - Rising Influence Of Technological Advancements In The Smart Grid Technology Market
Technological advancements are a key trend gaining popularity in the smart grid technology market. Companies operating in the smart grid technology market are adopting new technologies to sustain their position in the market. For instance, in March 2023, the International Energy Agency, a France-based autonomous intergovernmental organization launched grid Integration tool technology. This technology was created as an add-on to the guidebook for policymakers on grid integration of EVs to evaluate the effect of EV charging on the electricity system. Users of the program can enter characteristics such as an EV fleet, driving habits, charging chances, and the type of electricity used.
Smart Grid Technology Market Players
Major companies operating in the smart grid technology market report are Siemens AG, Hitachi, Ltd., Schneider Electric SE, Oracle Corporation, General Electric Company, Cisco Systems Inc., Eaton Corporation plc, Itron Inc., International Business Machines Corporation, Landis+Gyr AG, ABB, Mitsubishi Electric, Huawei Technologies, Toshiba, Panasonic, Smarter Grid Solutions, Kries, Enel, Elster Group, E.ON SE, EDF France, Engie, Elgama-Elektronika Ltd, NURI Telecom, AEM S.A, Iskraemeco Corp, Energotest, Elektromed Ltd, SWTCH Energy Inc, VRB Energy, BeaconTron, Solarwyse Ltd., Trilliant Incorporated, Smart Grid Observer, Windlogics, UBESS, Moura, Voltalia, Reuniwatt, Neoenergia, Iberdrola, HIMOINSA, otal Eren, Nidec Industrial Solutions, Edelar S.A., ALEC Energy, Mohamed Abdulrahman Al Bahar LLC, Honeywell International Inc, S&C Electric Co, Husk Power Systems, Engie Energy Access, PowerGen Renewable Energy, Abengoa, S.A., New Southern Energy, SOLA Group, SolarX
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Largest And Fastest Growing Region In The Market
North America was the largest region in the smart grid technology market in 2022. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the smart grid technology market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The Table Of Content For The Market Report Include:
1. Executive Summary
2. Smart Grid Technology Market Report Structure
3. Smart Grid Technology Market Trends And Strategies
4. Smart Grid Technology Market - Macro Economic Scenario
5. Smart Grid Technology Market Size And Growth
…..
27. Smart Grid Technology Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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