The Smart Grid Market is expected to reach USD 102.2 Billion by 2027, according to a new report by Reports and Data. Grid technology is one perspective of a general trend towards smart technologies. The manufacturing, agriculture, and pharmaceutical enterprises are also harnessing solutions rendered by data collection, cutting edge technology, and computer power to enhance operations. Even cities are slowly becoming connected to the IoT (Internet of Things) with several measurement devices. The quantity of connected devices to the Internet of Things is set to expand extensively, which includes wearable technology. Collecting such huge volumes of data needs high-speed internet networks. To renew current infrastructure, significant investments are needed but are anticipated to pay off in the long term. Smart cities are required to promote the extensive connectivity that will enable self-driving cars and unmanned aerial vehicles (UAVs) to perform.

The market in the Asia Pacific region is anticipated to witness the highest CAGR of 20.8% during the forecast period. The rising government support in the form of funding and desirable policies are propelling market growth. Modernization of existing grid support with enhanced grid safety and effective outage response is again expediting the market growth. Also, rising awareness about carbon footprint management are kindling market growth. Upcoming smart city plans in emerging regions are anticipated to offer an opportunity during the forecast period. 

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The smart grid represents a transformative leap in the way we manage and distribute electrical power. This cutting-edge system harnesses advanced technologies to revolutionize fault detection and rapidly restore power in the event of disruptions. The comprehensive smart grid ecosystem integrates sophisticated controls, state-of-the-art computers, and automation mechanisms to enhance its overall operational efficiency.

In contrast to traditional electric grids, notorious for their inefficiency and energy wastage, the smart grid optimizes energy consumption. It achieves this by intelligently monitoring and regulating power flow, reducing losses, and ensuring a more reliable electricity supply.

The pressing need to digitize the energy and power sectors further underscores the importance of the smart grid. In an increasingly interconnected world, the demand for robust, resilient electric infrastructure has never been greater. The smart grid is poised to meet these challenges head-on, making a positive and lasting impact on the energy landscape. As it continues to evolve and expand, the smart grid promises a future where power is not only more reliable but also more sustainable.

Component Outlook (Revenue, USD Billion ; 2017-2027)

  • Solutions
  • Services

Technology Outlook (Revenue, USD Billion ; 2017-2027)

  • Advanced Metering Infrastructure (AMI)
  • Smart Grid Distribution Management
  • Smart Grid Communications
  • Smart Grid Network Management
  • Substation Automation
  • Smart Grid Security
  • Others

End User Outlook (Revenue, USD Billion ; 2017-2027)

  • Residential
  • Commercial
  • Industrial

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Further key findings from the report suggest

  • The Smart Grid Market is estimated to reach USD 102.2 Billion by 2027, at a CAGR of 21.9% during the forecast period.
  • The solution component accounted for a larger share of 65.8% of the market in 2018.
  • The commercial end user segment accounted for the largest share of 35.5% of the market in 2018.
  • The smart grid distribution management technology is expected to witness the highest CAGR of 20.3% during the forecast period.
  • The largest share is accounted by the North America with a share of 28.3% of the market in 2018. The technological shifts in IT have led to constant improvements in the region. The significant growth drivers for this region are the investments in smart grid and smart city projects in large-scale and the demand for more reliable smart grid and control mechanisms.
  • Various players are developing strategies to mark their presence in the industry.
  • For example, in 2017, GE collaborated with TREDAS to start the first joined smart grid operating system in Turkey. These approaches have helped GE to place itself as a market leader and extend its product portfolio in the smart grid market.

Major Regions Highlighted in the Global Smart Grid Market Report:

·       North America

o   U.S.

o   Canada

o   Mexico

·       Europe

o   Germany

o   U.K.

o   Italy

o   France

o   BENELUX

o   Rest of Europe

·       Asia Pacific

o   China

o   India

o   Japan

o   South Korea

o   Rest of Asia Pacific

·       Latin America

o   Brazil

o   Rest of Latin America

·       Middle East & Africa

o   Saudi Arabia

o   U.A.E.

o   South Africa

o   Rest of Middle East & Africa

Top Companies Profiled in the Report:

Cisco Systems, Inc., Itron Inc., Honeywell International Inc, General Electric, Wipro Limited, IBM, Oracle, Siemens, Schneider Electric, Tech Mahindra Limited.

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