Smart Grid Market worth +50 Billion USD by 2022

QY Reports has recently announced the addition of a new research report to its repository. The document focuses on the drivers and restraints present in the global market in complete detail. The research report, titled “Global Smart Grid Market Research Report 2023,” demand for smart grid market is driven by government policies and legislative mandates, regional government initiatives for smart meter roll-outs, increasing demand for integration of renewable energy sources, and improved grid reliability and efficient outage response. With the increase in the deployment of smart grid solutions among the smart cities, the smart grid market is expected to gain a major traction during the forecast period.

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Smart grid market size is expected to grow from USD +20 Billion in 2017 to USD +50 Billion by 2022, at a Compound Annual Growth Rate (CAGR) of +19 % during the forecast period.

Smart grid software segment is expected to hold the largest market share. The scope of the smart grid software covers Advance Metering Infrastructure (AMI), smart grid distribution management, smart grid communication, grid asset management, substation automation, and billing and customer information system. There have been tremendous revenue losses caused due to energy loss and theft, resulting in power outages, which has increased the need to manage and control energy generation, distribution, and transmission processes.

Some of the leading Key Players: Itron (USA), Cisco (USA), Silver Spring (USA), ELO (Brazil), Alstom (Europe), S&T AG(Europe), ABB (Europe), Schneider Electric (Europe), Chinawallink(China), Huawei (China), Wasion (China), CHINA XD GROUP (China), Industrial System (South Korea), Nuri (South Korea), SK telecom (South Korea, Iljin (South Korea), Toshiba (Japan), Fujitsu (Japan),Infosys (India), Wipro (India), Ericsson

The research report includes a SWOT analysis that defines the strengths, weaknesses, opportunities, and threats that are expected to influence the segments of the Global Smart Grid Market in the near future. Additionally, the report also includes Porter’s five forces analysis, which examines the threat of the new entrants, the bargaining power of buyers and suppliers, and the intensity of the competitive rivalry. The report also discusses the business and marketing strategies likely to be implemented by these in the coming few years.

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The introductory part of this research report discusses the market landscape in terms of market size and future market forecasts of the key national markets, which are North America, Europe, Asia-Pacific, Latin America, and the Middle East & African countries. The report analyzes and examines each of the aforementioned regional markets in terms of market size, demand drivers, restraints, ongoing trends, and competitive scenario.

Having deliberated the growth drivers and manacles and offered a comprehensive segmentation of the market, the report goes on to investigate its competitive landscape. To do so, it leverages market-leading analytical tools to comprehend the opportunities and drawbacks that await players. It also throws light on the various strategies employed by companies in order to succeed. The report finds that the Global Smart Grid Market is highly fragmented on account of the presence of a copious number of small and large vendors. In order to stay ahead of the curve, savvy players in the market are competing with one another on the basis of price and product features. They are expending money of innovation and are also focusing on service and support.

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