Global Smart Grid Market Size, Share, Growth Analysis, By Application(Generation, Transmission), By Component(Solutions and Services), By Solution(Advanced Metering Infrastructure (AMI), Smart Grid Distribution Management) - Industry Forecast 2024-2031

Report ID: SQMIG55E2012 | Region: Global | Published Date: February, 2024
Pages: 157 | Tables: 93 | Figures: 76

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Smart Grid Market size was valued at USD 43.1 billion in 2019 and is poised to grow from USD 51.33 billion in 2023 to USD 207.82 billion by 2031, growing at a CAGR of 19.9% in the forecast period (2024-2031).

Competition in the global Smart grid market is expected to increase during the forecast period because new players are expected to enter in the global market and the number of services compatible with Smart grid will also increase. Currently, only a few key players are providing their services in the global Smart Grid market but these numbers will increase in the upcoming years. 'General Electric Company', 'ABB Ltd.', 'Siemens AG', 'Schneider Electric SE', 'Landis+Gyr Group AG', 'Itron Inc.', 'Honeywell International Inc.', 'Cisco Systems Inc.', 'Oracle Corporation', 'IBM Corporation', 'Eaton Corporation', 'S&C Electric Company', 'Wipro Limited', 'Fujitsu Limited', 'Mitsubishi Electric Corporation', 'Toshiba Corporation', 'Echelon Corporation', 'Schweitzer Engineering Laboratories Inc.', 'Trilliant Holdings Inc.', 'Elster Group GmbH'

Energy efficiency, the dependability of the current electrical supply, the incorporation of more renewable energy sources into an existing network, new solutions for customers to optimize their electricity consumption, and a decrease in carbon emissions are just a few of the significant benefits of installing a smart grid. Every country has an increasing need to lower the price of power outages and blackouts, which are brought on by outdated electricity infrastructure. With the aid of smart grid technologies, these exorbitant sources of blackouts and power outages can be eliminated.

Plugging electric vehicles are the major trend in the vehicle market. This vehicles are being rolled out in the market to sell consumers across the various nations to support the transition towards the low carbon transportation. Do an apple the efficient usage of plug in electric vehicles, a smart grid system designed to have that infrastructure.

Globally, North America is estimated to hold the highest global Smart grid market share in 2021. Main factors during this growth period is the presence of top market players such as ABB, Siemens, IBM.

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Global Smart Grid Market Size, Share, Growth Analysis, By Application(Generation, Transmission), By Component(Solutions and Services), By Solution(Advanced Metering Infrastructure (AMI), Smart Grid Distribution Management) - Industry Forecast 2024-2031

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