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The global smart grid market is expected to grow at a CAGR of over 10% from 2018 to 2024.
Zion, a global market research firm, recently released a market research report on smart grids. According to the report, the global smart grid market was valued at approximately $29.86 billion in 2017 and is projected to generate approximately $60.29 billion in revenue by 2024, with a compound annual growth rate of approximately 10.56% between 2018 and 2024.
The rising demand for energy consumption is a major factor driving the growth of the smart grid market. With continuous innovation in advanced technologies, increasing investments in grid digitalization are likely to drive the growth of the smart grid market in the coming years. Government initiatives to increase the use of renewable energy, the existing power generation mix, and the increasing need to create green infrastructure are expected to boost the expansion of the smart grid market in the future.
Compared to traditional grid systems, smart grid systems have undergone technological upgrades. The entire smart grid system incorporates computers, advanced control using new technologies, and automation technologies to improve its operational efficiency. In addition, the growing demand for digitalization in the energy and power sectors and the huge demand for developing grid infrastructure are likely to have a positive impact on this market.
Technically, the smart grid market is segmented into advanced metering infrastructure, distribution automation, software and hardware, communication services, cybersecurity, and transmission infrastructure upgrades. Communication services are expected to dominate the smart grid market, as communication devices with customer load control in smart grid infrastructure help monitor the functionality and effectiveness of the grid. By service, the market includes consulting, deployment and integration, support and maintenance. The deployment and integration segment is expected to dominate this market due to the increasing R&D investment by manufacturing companies in smart grid pilot projects.
In terms of regional markets, North America has shown significant growth in the global smart grid market and is expected to maintain its leading position during the forecast period. The increasing number of natural disasters, including unplanned power outages, storms, and rainfall, will drive the growth of the smart grid market in this region. In addition, US government initiatives in planned energy consumption are likely to further drive industry growth in the region in the future.
Due to the continued increase in smart home, smart building, and smart infrastructure construction activities, the Asia-Pacific region is expected to provide significant growth opportunities for the smart grid market in the coming years. At the same time, the implementation of strict government regulations to reduce carbon emissions and air pollution is likely to drive the development of the smart grid market in the Asia-Pacific region during the forecast period.
Due to significant investments in developing smart grid infrastructure and implementing favorable energy and climate policies in the region, the European smart grid market is expected to offer lucrative growth opportunities during the forecast period. In addition, the continued integration of renewable energy resources into smart grid systems will further positively impact the regional market.
This article is from the China Wire and Cable Network. If there is any infringement, please contact the website administrator for deletion.
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