Global Smart Grid Market Revenue, Opportunity, Segment and Key Trends 2018-2024
Smart Grid Market report provides the latest market data along with industry future trends, which keeps tracking of users driving revenue growth rate of smart grid market by technology (advanced metering infrastructure, software and hardware, communication technologies, distribution automation, transmission upgrades, cyber security), region (North America, Europe, APAC, RoW) market status and outlook of global and major regions, from manufacturers, and end industries. As this report is expected to help key players among the smart grid market it includes the five years Industry analysis and the 6 years annual forecast from to 2024. Some of the prominent participants in the global smart grid market are Siemens, Schneider Electric, Sensus, Silver Spring Networks, Aclara, Alstom, Landis+Gyr and Itron. The global smart grid market is projected to grow at a CAGR of 17.5% over the forecast period of 2018-2024..
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Smart Grid Market: Drivers, Restrain and Opportunities
The conventional electricity system may blackout due to some electricity disturbances that can majorly affect banking, communications, traffic, and security systems. The smart grid system is able to handle the electricity conflicts caused by storms, earthquakes, large solar flares, and terrorist attacks by allowing for automatic rerouting when equipment fails. For instance, The U.S. smart grid plant contains more than 9,200 electric generating units, having more than 1 million megawatts of generating capacity connected to more than 600,000 miles of transmission lines. The benefits offered by the smart grid over the conventional power supply system is the major factor facilitating the growth of the smart grids market worldwide. In addition, the smart grid technology allows customer-owned power generators to produce power when it is not available from utilities. The distributed generation facility provided by the smart grid technology helps hospitals, traffic light, police department, and many other systems to operate during emergency situations.
The distribution power generation facility of the smart grid is expected to boost the growth of the smart grid market. The factors such as favorable government policies, growing Government initiatives for Smart Meter Roll-outs and rising demand for integration of renewable energy is contributing to the growth of the smart grid market. However, high setup cost and lack of expertise are the factors hampering the growth of the smart grid market. Moreover, growing energy infrastructure and trending smart city projects are projected to create many opportunities for the smart grid market in the upcoming years.
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Asia Pacific is the Largest and the Fastest-Growing Region in the Smart Grid Market
Geographically, Asia Pacific is the largest and the fastest-growing region in the smart grid market owing to the rapidly growing technological and infrastructure advancements in the energy sectors. The increasing adoption of a smart meter in the Asia Pacific region is likely to boost the growth of the smart grid market in this region.
Smart Grid Market: Segmentation
The report on the global smart grid market covers segments such as technology. On the basis of technology, the global smart grid market is categorized into advanced metering infrastructure, software and hardware, communication technologies, distribution automation, transmission upgrades, and cybersecurity.
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Reasons to Buy this Report:
=> Comprehensive analysis of global as well as regional markets of the smart grid.
=> Complete coverage of all the product type and applications segments to analyze the trends, developments, and forecast of market size up to 2024.
=> Comprehensive analysis of the companies operating in this market. The company profile includes analysis of product portfolio, revenue, SWOT analysis and the latest developments of the company.
=> Infinium Global Research- Growth Matrix presents an analysis of the product segments and geographies that market players should focus to invest, consolidate, expand and/or diversify.