Smart Grid Market Developments, Trends, Demand And Opportunity 2023 To 2029 | Exactitude Consultancy

The global Smart Grid Market in terms of revenue was estimated to be worth USD 46.75 billion in 2022 and is poised to reach USD 148.39 billion by 2029, growing at a CAGR of 19.1% from 2023 to 2029.

Luton, Bedfordshire, United Kingdom, Feb. 24, 2023 (GLOBE NEWSWIRE) -- Exactitude Consultancy, the market research and consulting wing of Ameliorate Digital Consultancy Private Limited has completed and published the final copy of the detailed research report on the Smart Grid Market.

Market Overview:

A Smart Grid Market is an advanced electricity delivery system that uses digital technologies, sensors, and communications systems to improve the efficiency, reliability, and safety of the power grid. The smart grid market has been growing rapidly in recent years, driven by the increasing demand for reliable and efficient electricity delivery systems.

The global smart grid market is segmented by technology, component, service, and geography. Technologies used in smart grids include advanced metering infrastructure (AMI), distribution automation, demand response, and others. Components of smart grids include sensors, communication networks, software platforms, and others. Services offered in the smart grid market include consulting, system integration, and support and maintenance services.

The market is driven by several factors, including the increasing demand for electricity, the need for energy efficiency and conservation, and the integration of renewable energy sources into the power grid. Governments and utilities are investing in smart grid infrastructure to reduce greenhouse gas emissions, improve energy security, and increase the reliability of the power grid.

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Smart Grid Market Report Highlights:

By Component
  • Software
  • Advanced Metering Infrastructure
  • Smart Grid Distribution Management
  • Smart Grid Network Management
  • Grid Asset Management
  • Substation Automation
  • Smart Grid Security
  • Billing And Customer Information System
  • Hardware
  • Smart Meters
  • Sensors
  • Programmable Logic Controller (PLC)
  • Others (Networking Hardware and Energy Storage)
  • Services
  • Consulting
  • Deployment And Integration
  • Support And Maintenance
By Application
  • Generation
  • Transmission
  • Distribution
  • Consumption
By Communication Technology
  • Wireline
  • Wireless
By Region
  • North America (U.S., Canada)
  • Europe (UK, Germany, France, Spain, . Italy, Rest of Europe)
  • Asia-Pacific (China, India, Japan, South Korea, Australia, Rest of Asia-Pacific)
  • LAMEA (Latin America, Middle East, Africa)
Key Market PlayersABB, Honeywell International, Inc., Schneider Electric, IBM, Itron, Siemens, General Electric, Eton, Tech Mahindra, Mitsubishi Electric.

India Smart Grid Network Market Recent Developments:

  • In November 2021, India's smart meter JV IntelliSmart Infrastructure Private Ltd planned to install over 600,000 smart meters in the northeastern state of Assam. The project was to be undertaken in Nagaon, Morigaon, Kanch, Cachar, Badarpur, Jorhat, Golaghat, Subsagar, Dibrugarh, Tinsukia, GEC-I, Kokrajhar, Bongaigaon, Barpeta, Rangia, Mangaldoi, Tezpur, North Lakhimpur, and GEC-II circles of Assam.
  • In October 2021, the National Accreditation Board for Testing and Calibration (NABL) approved Tata Power's smart meter testing lab. The certification granted to Tata Power for the utility's smart meter testing and calibration laboratory is expected to help increase the development and rollout of advanced meters in India.

For More Information About Smart Grid Market:

Market Trend:

To Know About The Assumptions Considered For The Study.

The software segment was the most extensively demanded segment by type in the global smart grid market in 2020

Smart grid software solutions help ensure effective management of smart grid operations, improve process efficiency, and reduce energy production costs, which, in turn, would likely to accelerate the demand for smart grid software solutions. The smart grid software helps ensure effective management of smart grid operations, improves process efficiency, and reduces energy production costs.

The distribution segment is likely to account for the largest share of the smart grid market

In any power plant, the power is generated at high volts; however, to reduce electricity loss, it is stepped down and connected to lower voltage distribution lines so that distribution companies can supply the power to consumers. Power is distributed through a distribution network that comprises substations, distribution feeders, and transformers. The implementation of smart grids brings intelligence to the distribution process.

The wireless communication technology segment is the fastest-growing communication technology in the smart grid market in 2020.

Wireless communication is the most advanced technology at present. It refers to the transfer of information over a distance without the use of electrical conductors or wires. To implement wireless communication in a substation, reliable, secure, and low-latency bi-directional communication infrastructure between the intelligent electronic devices and the control center is required. Compared to wireline technology, wireless technology ensures cost savings and secure data transmission. This technology offers integral support to the utilities by offering high bandwidth, covering a large area, and optimizing complex logistics and production processes.

With the increasing modernization of aging grid infrastructure, the Asia Pacific smart grid market is the fastest-growing market.

North America held the largest share of 32.0% of the global smart grid market in 2020, and Asia Pacific is expected to be the fastest-growing market from 2021 to 2026.
The increasing demand for smart infrastructure and the rising number of smart city projects are the key factors accelerating the smart grid market growth in North America. This, in turn, would generate the demand for automation products, including smart grid solutions.

The smart grid market in APAC is expected to grow substantially in the coming years. The market has emerged slowly over the past few years. Increased power consumption in countries such as China, India, and Japan, has raised the need to introduce new measures to generate, distribute, or use electricity efficiently. China, India, Japan, Australia, South Korea, etc., are some major smart grid technology users in the region.

Although the smart grid market has boomed in APAC, compared to North America and Europe, it is far behind in terms of developments in the energy industry. The rising deployment of advanced energy storage systems would augment the growth of the smart grid market in APAC. Smart grids bring benefits to both end users and energy providers; the benefits include efficient management of power distribution, power outages, demand response (DR), and reduced operation costs. Smart grid technology and infrastructure development are becoming necessary for energy industries in APAC today.

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