The growth of the market is governed by various factors such as the growing investments made for grid digitalization by incorporating smart and advanced technologies by business organizations
Smart Grid Market Size – USD 22.32 Billion in 2018, Market Growth – CAGR of 21.9%, Market Trends- Evolution of Advanced Metering Infrastructure (AMI)
The Smart Grid Market is expected to reach USD 102.2 Billion by 2027, according to a new report by Reports and Data. Grid technology is one perspective of a general trend towards smart technologies. The manufacturing, agriculture, and pharmaceutical enterprises are also harnessing solutions rendered by data collection, cutting-edge technology, and computer power to enhance operations. Even cities are slowly becoming connected to the IoT (Internet of Things) with several measurement devices. The quantity of connected devices to the Internet of Things is set to expand extensively, which includes wearable technology. Collecting such huge volumes of data needs high-speed internet networks. To renew current infrastructure, significant investments are needed but are anticipated to pay off in the long term. Smart cities are required to promote the extensive connectivity that will enable self-driving cars and unmanned aerial vehicles (UAVs) to perform.
The market in the Asia Pacific region is anticipated to witness the highest CAGR of 20.8% during the forecast period. The rising government support in the form of funding and desirable policies are propelling the market growth. Modernization of existing grid support with enhanced grid safety and effective outage response is again expediting the market growth. Also, rising awareness about carbon footprint management is kindling market growth. Upcoming smart city plans in emerging regions are anticipated to offer an opportunity during the forecast period.
The Key Players in the Smart Grid Market include Cisco Systems, Inc., Itron Inc., Honeywell International Inc, General Electric, Wipro Limited, IBM, Oracle, Siemens, Schneider Electric, Tech Mahindra Limited.
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Further key findings from the report suggest
To identify the key trends in the industry, click on the link below: https://www.reportsanddata.com/report-detail/smart-grid-market
For the purpose of this study, Reports and Data have segmented the market on the basis of Component, Technology, End User, and region:
Component Outlook (Revenue, USD Billion; 2017-2027)
Technology Outlook (Revenue, USD Billion; 2017-2027)
End-User Outlook (Revenue, USD Billion; 2017-2027)
Regional Outlook (Revenue, USD Billion; 2017-2027)
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Market Report includes major TOC points:
Conclusively, all aspects of the Smart Grid market are quantitatively as well qualitatively assessed to study the global as well as regional market comparatively. This market study presents critical information and factual data about the market providing an overall statistical study of this market on the basis of market drivers, limitations, and future prospects.
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