At 20% CAGR, Global Smart Grid Market Size To Hit US$ 120.98 Billion, Globally, By 2030 | Industry Trends, Share, Growth, Value, Analysis & Forecast Report By Facts & Factors
NEW YORK, May 18, 2023 /PRNewswire/ -- As per Facts and Factors study, the global smart grid market size was valued at $50.98 billion in 2022 and is predicted to reach USD 120.98 billion by the end of 2030.
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Smart Grid Market: Overview
A smart grid is an electricity supply network that enables digital communication between technologies to track in real-time, allow self-healing of networks, and adapt to local changes in case of a power disturbance. It is referred to as an intelligent overlay that helps the existing network to work properly with advanced feedback alternatives like demand response management systems, active network management, and others. It is an advanced interconnected network with analytic tools, digital controllers, sensors, and meters to control, automate, and monitor energy flow.
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Facts and Factors published the latest report titled "Smart Grid Market Size, Share, Growth Analysis Report By Component (Services, Hardware, and Software), By End-user (Commercial, Residential, Industrial, And Utility sectors), By Communication Technology (Wireless and Wireline), By Application (Consumption, Distribution, Transmission, and Generation), and By Region - Global and Regional Industry Insights, Overview, Comprehensive Analysis, Trends, Statistical Research, Market Intelligence, Historical Data and Forecast 2023 – 2030" into their research database.
Global Smart Grid Market: Growth Drivers
Automobile companies are rolling out plug-in electric devices to customers across the globe to promote low-carbon transportation. The smart grid system is innovated with the required infrastructure in plug-in electric vehicles. The growth in the production and sales of electric vehicles in developed and developing countries like Europe, the US, China, and India are likely to contribute heavily towards the growth of the global smart grid market.
Global Smart Grid Market: Restraints
The growing initiatives for smart city projects are likely to create more scope in the global smart grid market. Aging grid infrastructure is a major factor offering immense growth opportunities in the global smart grid industry. Growing industrialization is demanding advanced electricity systems, the government is quickly revolutionizing the aging grid infrastructure.
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Smart Grid Market: Opportunities
Deploying a smart grid requires heavy investments, which is likely to limit the market's growth. This advanced technology needs high initial investments to install the transmission networks between the grid and the consumers. Furthermore, the high operational and maintenance cost after its deployment is also likely to be a huge concern in the global smart grid market.
Smart Grid Market: Challenges
Underdeveloped regions are not still prepared for the deployment of advanced technology. People cannot get a constant supply of electricity in a day, thereby limiting the deployment of smart grid technology in such regions. Furthermore, deploying such technology generates a high volume of complex data associated with transmission logs, utility consumption, and consumer information. Also, it is a complex and unstructured process that needs deep insights. Therefore, continuous data generation from different network nodes is a big challenge in the global smart grid market.
Global Smart Grid Market: Segmentation
Based on the component, the market can be segmented into services, hardware, and software. The services segment can be further bifurcated into support & maintenance, deployment & integration, and consulting. The hardware segment further bifurcates into the programmable logic controller, sensors, smart meters, and others. The software segment can also be further bifurcated into smart grid security, substation automation, grid asset and management, smart grid distribution management, building & customer information system, smart grid network management, and advanced metering infrastructure.
The software segment dominates the global smart grid market due to the growing efforts to revolutionize the electricity grid and lower losses. The growing investments in advanced electricity infrastructure are further likely to boost the growth of the segment. The hardware segment is also expected to see huge growth rates in the coming years due to the increasing initiatives by governments across the globe for the employment of smart electricity meters. The service segment is also expected to witness significant growth because of its various applications, like integration and installation of different modules of utility grid operations.
Based on end-user, the smart grid industry can be segmented into the commercial, residential, industrial, and utility sectors. The utility sector is predicted to witness significant growth due to the increasing deployment of grid technology globally. Additionally, the governments of developing and underdeveloped countries are increasingly identifying the advantages of strategic infrastructure investment that can lower carbon emission rates and parallelly resolve the surging environmental concerns due to fossil fuel power stations.
However, the industrial sector is predicted to expand significantly during the forecast period owing to the financial investments and favorable policies by the government. The spike in the adoption of electric vehicles is also likely to positively impact the growth trajectory of the segment. Moreover, the residential sector is also expected to see growth in the coming years due to the growing awareness among people regarding the advantages of these advanced technologies, like their cost-effectiveness and low energy consumption across all end users.
Based on communication technology, the smart grid industry can be segmented into wireless and wireline. The wireless communication segment is expected to be the fastest-growing segment in the global smart grid market. It helps to transfer information over distances without using electrical wires or conductors. The wireless technology offers secured transmission and is cost-effective. It further provides integral support by optimizing complex logistics, covering a larger area, and offering high bandwidth.
Based on application, the market can be segmented into consumption, distribution, transmission, and generation. The distribution segment accounts for the largest share of the global market. Power is generated at high volts in the power plants in order to lower the electricity loss. It is later connected to lower distribution lines to supply power to the consumers. Therefore, the distribution segment is of immense importance for implementing smart grids.
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List of Key Players in Smart Grid Market:
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North America holds the largest share of the global smart grid market due to the surge in demand for smart infrastructure in the region. Furthermore, the growing number of smart city projects is likely to augment the demand for automation projects like smart grid solutions, which is likely to accelerate the growth of the regional market in the forthcoming years.
Asia Pacific is predicted to grow significantly in the coming years due to the growth in power consumption in nations like Japan, India, and China. These countries have also raised the requirement to implement new measures to distribute, generate, and use electricity.
Additionally, the growing disposable income of people, along with the increasing living standards, is likely to contribute heavily towards the growth of the regional market. South Korea, Australia, Japan, India, and China are some of the major smart grid technology users in the region.
Global Smart Grid Market is segmented as follows:
Smart Grid Market: By Component Outlook (2023-2030)
Smart Grid Market: By End users Outlook (2023-2030)
Smart Grid Market: By Communication Outlook (2023-2030)
Smart Grid Market: By Application Outlook (2023-2030)
Smart Grid Market: By Region Outlook (2023-2030)
Middle East & Africa
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