Press release
Smart Grid Technology Market Set to Reach $131.49 Billion by 2029 with 19.7% Yearly Growth
Smart Grid Technology
The smart grid technology market is expected to experience significant growth due to the rising demand for electricity generation. Electricity, a form of energy that can be produced in various ways, powers equipment that produces heat, light, and other effects. Supplying electricity from power plants to households and businesses nationwide is made possible by the smart grid. This extensive network of electricity generation, transmission, and delivery allows it to function in the modern world. For example, the International Energy Outlook 2023 report by the US Energy Information Administration (EIA), a US-based government entity, projected in October 2023 that worldwide electricity generation could increase by 30% to 76% by 2050 in comparison to 2022 levels. Consequently, the surging demand for electricity generation is fueling the expansion of the smart grid technology market.
Get Your Smart Grid Technology Market Report Here:
https://www.thebusinessresearchcompany.com/report/smart-grid-technology-global-market-report
How will the growth rate of the smart grid technology market shape industry trends by 2034?
In recent times, the smart grid technology market has experienced a significant surge in its size. Projections show that it will rise from $54.28 billion in 2024 to achieve a market value of $64.11 billion by 2025, with a compound annual growth rate (CAGR) of 18.1%. The noticeable growth in its historical trajectory can be credited to factors such as escalated energy needs and uptake, the dilapidation of existing grid frameworks, and the spike in urbanization.
The market size of smart grid technology is anticipated to experience swift expansion in the upcoming years, expected to reach a value of $131.49 billion by 2029, with a compound annual growth rate (CAGR) of 19.7%. This growth over the forecast period is largely due to factors such as the surge in renewable energy usage, supportive government policies and regulations, the rise in the adoption of electric vehicles (EVs), and the digitalization of the energy sector. The forecast period will witness dominant trends such as increased penetration of renewable energy, government initiatives and regulations that support growth, escalating adoption of EVs, and advancing digitalization in the energy industry.
Get Your Free Sample Now - Explore Exclusive Market Insights:
https://www.thebusinessresearchcompany.com/sample.aspx?id=10178&type=smp
What new trends are reshaping the smart grid technology market and its opportunities?
Techological innovation is a notable trend emerging in the smart grid technology market. Firms that operate in this market are embracing cutting-edge technologies to maintain their market standing. For instance, in March 2023, the International Energy Agency, an independent intergovernmental organization based in France, introduced grid Integration tool technology. This solution was designed to complement a guidebook for policymakers on electric vehicle grid integration, assisting in assessing the impact of EV charging on the power grid. Users can input specifics such as an EV fleet, driving behaviors, charging opportunities, and the category of electricity utilized.
Which primary segments of the smart grid technology market are driving growth and industry transformations?
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
Subsegments:
1) By Hardware: Smart Meters, Sensors and Measurement Devices, Distribution Management Systems, Energy Management Systems, Communication Equipment, Switchgear
2) By Software: Grid Management Software, Data Analytics Software, Customer Information Systems, SCADA (Supervisory Control and Data Acquisition) Systems, Demand Response Software
3) By Services: Consulting Services, Installation And Maintenance Services, Managed Services, Integration Services, Training And Support Services
Unlock Exclusive Market Insights - Purchase Your Research Report Now!
https://www.thebusinessresearchcompany.com/purchaseoptions.aspx?id=10178
Which geographical regions are pioneering growth in the smart grid technology market?
North America was the largest region in the smart grid technology market in 2024. 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.
Who are the influential players reshaping the smart grid technology market landscape?
Major companies operating 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, 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, 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
Customize Your Report - Get Tailored Market Insights!
https://www.thebusinessresearchcompany.com/sample.aspx?id=10178&type=smp
What Is Covered In The Smart Grid Technology Global Market Report?
• Market Size Forecast: Examine the smart grid technology market size across key regions, countries, product categories, and applications.
• Segmentation Insights: Identify and classify subsegments within the smart grid technology market for a structured understanding.
• Key Players Overview: Analyze major players in the smart grid technology market, including their market value, share, and competitive positioning.
• Growth Trends Exploration: Assess individual growth patterns and future opportunities in the smart grid technology market.
• Segment Contributions: Evaluate how different segments drive overall growth in the smart grid technology market.
• Growth Factors: Highlight key drivers and opportunities influencing the expansion of the smart grid technology market.
• Industry Challenges: Identify potential risks and obstacles affecting the smart grid technology market.
• Competitive Landscape: Review strategic developments in the smart grid technology market, including expansions, agreements, and new product launches.
Connect with us on:
LinkedIn: https://in.linkedin.com/company/the-business-research-company,
Twitter: https://twitter.com/tbrc_info,
YouTube: https://www.youtube.com/channel/UC24_fI0rV8cR5DxlCpgmyFQ.
Contact Us
Europe: +44 207 1930 708,
Asia: +91 88972 63534,
Americas: +1 315 623 0293 or
Email: mailto:info@tbrc.info
Learn More About The Business Research Company
With over 15,000+ reports from 27 industries covering 60+ geographies, The Business Research Company has built a reputation for offering comprehensive, data-rich research and insights. Our flagship product, the Global Market Model delivers comprehensive and updated forecasts to support informed decision-making.
This release was published on openPR.
Permanent link to this press release:
Copy
Please set a link in the press area of your homepage to this press release on openPR. openPR disclaims liability for any content contained in this release.
You can edit or delete your press release Smart Grid Technology Market Set to Reach $131.49 Billion by 2029 with 19.7% Yearly Growth here
News-ID: 3903199 • Views: …
More Releases from The Business Research Company
Company Registration Service Market Landscape 2025: Forecast Data and Growth Str …
Use code ONLINE30 to get 30% off on global market reports and stay ahead of tariff changes, macro trends, and global economic shifts.
What Is the Expected CAGR for the Company Registration Service Market Through 2025?
The market size for company registration services has seen robust growth in the recent past. The market is projected to expand from $10.67 billion in 2024 to $11.55 billion in 2025, exhibiting a compound annual growth…
Comprehensive 2025 Commercial Toilet Partition Market Overview: Trends, Forecast …
Use code ONLINE30 to get 30% off on global market reports and stay ahead of tariff changes, macro trends, and global economic shifts.
What Is the Expected CAGR for the Commercial Toilet Partition Market Through 2025?
In recent years, the market size for commercial toilet partitions has significantly expanded. The forecast predicts a rise from $1.82 billion in 2024 to $1.95 billion in 2025, with a compound annual growth rate (CAGR) of…
Key Trends Influencing the Growth of the Commercial Insurance For Small And Medi …
Use code ONLINE30 to get 30% off on global market reports and stay ahead of tariff changes, macro trends, and global economic shifts.
What Is the Expected CAGR for the Commercial Insurance For Small And Medium-Sized Enterprises (SMEs) Market Through 2025?
The market size of commercial insurance for small and medium-sized enterprises (SMEs) has seen substantial growth over the recent years. A rise from $111.83 billion in 2024 to $119.76 billion in…
Growing Focus On Reducing Greenhouse Gas Emissions Driving The Market Growth Due …
Use code ONLINE30 to get 30% off on global market reports and stay ahead of tariff changes, macro trends, and global economic shifts.
What Is the Expected CAGR for the Combustion Emissions Analyzer Market Through 2025?
In the past few years, the market size for combustion emissions analyzer has seen robust growth. It is projected to increase from $1.02 billion in 2024 to $1.09 billion in 2025, with a compound annual growth…
More Releases for Energy
Green Renewable Energy Market Next Big Thing: Enphase Energy, Bloom Energy, Clea …
Advance Market Analytics published a new research publication on "Green Renewable Energy Market Insights, to 2030" with 232 pages and enriched with self-explained Tables and charts in presentable format. In the Study you will find new evolving Trends, Drivers, Restraints, Opportunities generated by targeting market associated stakeholders. The growth of the Green Renewable Energy market was mainly driven by the increasing R&D spending across the world.
Get inside Scoop of the…
Business Energy Solution Market Size in 2023 To 2029 | SSE Energy Solutions, BES …
The large-scale Business Energy Solution market report provides valuable insights for clients looking to forecast investments in emerging markets, expand market share, or launch new products. The report presents multifaceted Business Energy Solution market insights that are simplified using established tools and techniques, making it a credible marketing report. Data is presented in a clear and easy-to-understand manner, with graphs and charts to aid comprehension. The report employs integrated approaches…
Decentralized Energy Storage Market Is Booming Worldwide | Fuelcell Energy, Enph …
A new business intelligence report released by AMA with title "Decentralized Energy Storage Market" has abilities to raise as the most significant market worldwide as it has remained playing a remarkable role in establishing progressive impacts on the universal economy. The Global Decentralized Energy Storage Market Report offers energetic visions to conclude and study market size, market hopes, and competitive surroundings. The research is derived through primary and secondary statistics…
Waste-To-Energy Technologies Market Top Growing Companies: Xcel Energy, Novo Ene …
Qurate Business Intelligence’s up-to-date research study on Waste-To-Energy Technologies was performed by highly qualified research professionals and industry experts. This is to provide an in-depth analysis on the Waste-To-Energy Technologies. The report is comprehensive and includes over 120 pages. The global energy market is witnessing a shift toward waste to energy technologies due to growing energy demands worldwide, the rapid depletion of conventional sources of energy, and concerns over…
Waste To Energy Market ||Novo Energy Ltd., Hitachi Zosen, Foster Wheeler A.G., S …
Zion Market Research published a new 110+ pages industry research "Global Waste to Energy Market Set For Rapid Growth, To Reach Value Around USD 42.74 Billion By 2024" is exhaustively researched and analyzed in the report to help market players to improve their business tactics and ensure long-term success. The authors of the report have used easy-to-understand language and uncomplicated statistical images but provided thorough information and detailed data on…
In-Pipe Hydro Systems Market | key player - Lucid Energy, Rentricity, Tecnoturbi …
Looking at the current market trends as well as the promising demand status of the “In-Pipe Hydro Systems Market” it can be projected that the future years will bring out positive outcomes. This research report added by MRRSE on its online portal delivers clear insight about the changing tendencies across the global market. Readers can gather prime facets connected to the target market which includes product, end-use and application; assisting…
