Press release
Surging Global Smart Grid Technology Market: Promising Forecast, Industry Progress, and Key Players Analysis
Smart Grid Technology Market Size
What Is The Projected Market Size Of The Global Smart Grid Technology Market And Its Growth Rate?
The Smart Grid Technology Market has seen considerable development in recent years and is slated for significant growth in the coming years:
•The market size in 2024 was $54.28 billion.
•In 2025, the market is expected to reach $64.11 billion, indicating an 18.1% CAGR.
•By 2029, the market is projected to expand to $131.49 billion at a CAGR of 19.7%.
The reason behind this growth includes increasing energy demand and consumption, aging grid infrastructure, rising urbanization, increasing renewable energy penetration, favorable government initiatives and regulations, growing EVs adoption, and energy sector digitalization.
What Is Driving The Growth In The Smart Grid Technology Market?
Growing need for electricity generation is betting big on the smart grid technology market. The smart grid caters to the electricity requirements of households and businesses with its extensive network of power generation, transmission, and delivery. A striking example is the International Energy Outlook 2023 report by the US Energy Information Administration, which predicts that global electricity generation will skyrocket by 30% to 76% by 2050 compared to 2022 levels. This rise in electricity demand is spurring the smart grid technology market's growth.
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Who Are the Key Players Driving Smart Grid Technology Market Growth?
Influential companies in the smart grid technology market include:
•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 and more
What Are The Key Trends In The Smart Grid Technology Market?
Prominent market trends are:
•Increasing renewable energy penetration
•Favorable government initiatives and regulations
•Growing electric vehicles (EVs) adoption
•Energy sector digitalization
What Are The Segments Of The Global Smart Grid Technology Market?
The global smart grid technology market has been segmented by:
•Component: Hardware, Software, Services
•Network Operation: Outage Management Systems, Demand Management Systems, Geographical Management Systems, Energy Management Systems
•Technology: Wired, Wireless
•Application: Generation, Transmission, Distribution, Consumption
•End-User: Residential, Commercial, Industrial, Government
Which Region Leads The Smart Grid Technology Market?
North America was the largest region in the smart grid technology market in 2024. It is anticipated that the Asia-Pacific region will exhibit the fastest growth in the forecast period. The report covers regions including Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
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What Is Covered In The Smart Grid Technology Market Global Market Report?
The report provides a comprehensive overview of the Smart Grid Technology Market:
•Market Size Analysis: Analyze the Smart Grid Technology Market size by key regions, countries, product types, and applications.
•Market Segmentation Analysis: Identify various subsegments within the Smart Grid Technology Market for effective categorization.
•Key Player Focus: Focus on key players to define their market value, share, and competitive landscape.
•Growth Trends Analysis: Examine individual growth trends and prospects in the Market.
•Market Contribution: Evaluate contributions of different segments to the overall Smart Grid Technology Market growth.
•Growth Drivers: Detail key factors influencing market growth, including opportunities and drivers.
•Industry Challenges: Analyze challenges and risks affecting the Smart Grid Technology Market.
•Competitive Developments: Analyze competitive developments, such as expansions, agreements, and new product launches in the market.
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