The global Smart Grid Market is estimated to reach USD 169.18 million by 2025 and is anticipated to grow at a CAGR of 12.4% during the forecast period, according to a comprehensive study added by Report Ocean,
The report offers an in-depth analysis of major driving factors, segments, regions & countries and key players in the market. Moreover, the report also outlines the competitive scenarios across different geographies along with key developments which include mergers and acquisitions, new product or services development, R&D activities, thus giving insights to the market players about the major regions gaining traction.
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Growth Factors and Restraints
The global shift toward secure, sustainable, affordable, and uninterrupted electricity supply is driving changes in the production, transmission, distribution, and consumption of electricity. In addition, smart grid can support the reliability of the grid and can bring possibilities for management of the real-time electricity production, demand, and storage. Moreover, rise in concerns pertaining to environment protection and growth in adoption of smart grid technology to improve efficiency in energy conservation and consumption are the major factors that fuel the smart grid market trends. In addition, supportive government policies & regulations to use smart meters and rise in investments in digital electricity infrastructure are also some of the crucial factors that drive the market growth. However, lack of standardization and rise in privacy & security concerns are expected to hinder the smart grid market growth.
The worldwide Smart Grid market research report provides a deep-dive analysis of the present market situation and future market trends. The analysis provided in the report help the manufacturers, companies, service providers, etc. as a major guiding factor for decision making and analyzing the current and future market situations. The report also analyzes the major players operating in the market.
List of major players operating in the Smart Grid market include:
Cisco Systems, Inc., General Electric, Honeywell International Inc, International Business Machines Corporation (IBM), Itron Inc., Oracle, Schneider Electric, Siemens, Tech Mahindra Limited, Wipro Limited, and others.
Furthermore, increase in the number of electric vehicles on the road and upcoming smart cities projects in developing regions are expected to provide major opportunities for the market growth during the forecast period. In addition, the full deployment of advanced meters is also expected to provide major energy efficiency potential for the smart grid market.
Based on component, the solution segment dominated the overall smart grid market size in 2017 and is expected to remain dominant during the forecast period. The growth of this segment is mainly attributed to cost savings on overall electricity bills and increase in need to shift from conventional energy sources to sustainable and renewable energy resources. In addition, growing concerns regarding security and data privacy are also the major factor that drives the growth of this segment.
North America dominated the overall smart grid market in 2017 and is expected to remain dominant during the forecast period due to emergence of electric vehicles and major investments done by private and public as well as government entities in this region. Furthermore, Asia-Pacific is expected to exhibit highest growth rate throughout the forecast period. The growing demand to link up the remote and rural communities to national grid and increase in need to overcome the electricity outage are expected to drive the smart grid market growth in this region.
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Major highlights of the Table of Contents of the study:
- Market Overview & Summary
- Market Dynamics
- Market Share Analysis
- PORTERS Analysis
- PESTEL Analysis
- Value-chain Analysis
Why purchase this report
- The report would provide an in-depth analysis of the current and future market trends
- Analysis of both global, regional and country lever markets
- Key strategic initiatives are taken by major players operating in the market along with ranking analysis for the key players
- Analysis based on historical information along with the current trends to estimate the future of the market
- Analysis of the impact of constantly changing global market scenarios on the market
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