Smart Grid Market Growth, Trends and Forecast by 2031

MARKET INTRODUCTION

A smart grid is an electrical grid that includes a variety of operations and energy measures such as smart appliances, smart meters, renewable energy resources, and energy-efficient resources. Growing concerns about environmental protection and rising the adoption of smart grid technology to improve efficiency in energy conservation and consumption are boosting the growth of the smart grid market. Growing awareness about carbon footprint management and modernization of old grid infrastructure are influences the growth of the smart grid market.

MARKET DYNAMICS

Supportive government regulations and policies to use smart meters and growing investments in digital electricity infrastructure are some of the major factors that fuel the growth of the smart grid market. The various benefits offered by smart grid such as more efficient transmission of electricity, quicker restoration of electricity after power disturbances, and reduced operations and management costs for utilities, thus raising the adoption of a smart grid that propels the growth of the smart grid market. Moreover, increase the adoption of an electric vehicles and increasing number of smart cities projects is expected to drive the growth of the smart grid market.

MARKET SCOPE

The "Global Smart Grid Market Analysis To 2031" is a specialized and in-depth study of the Smart grid industry with a special focus on the global market trend analysis. The report aims to provide an overview smart grid market with detailed market segmentation by component, end-user, and geography. The global smart grid market is expected to witness high growth during the forecast period. The report provides key statistics on the market status of the leading Smart grid market players and offers key trends and opportunities in the smart grid market.

MARKET SEGMENTATION

The global smart grid market is segmented on the basis of component, end-user. On the basis component the market is segmented as hardware, software, service. On the basis of end-user the market is segmented as residential, commercial, industrial, power generation.

REGIONAL FRAMEWORK

The report provides a detailed overview of the industry including both qualitative and quantitative information. It provides overview and forecast of the global Smart grid market based on various segments. It also provides market size and forecast estimates from year 2021 to 2031 with respect to five major regions, namely; North America, Europe, Asia-Pacific (APAC), Middle East and Africa (MEA) and South America. The smart grid market by each region is later sub-segmented by respective countries and segments. The report covers analysis and forecast of 18 countries globally along with current trend and opportunities prevailing in the region.

The report analyzes factors affecting smart grid market from both demand and supply side and further evaluates market dynamics effecting the market during the forecast period i.e., drivers, restraints, opportunities, and future trend. The report also provides exhaustive PEST analysis for all five regions namely; North America, Europe, APAC, MEA and South America after evaluating political, economic, social and technological factors effecting the smart grid market in these regions.

MARKET PLAYERS

The reports cover key developments in the smart grid market as organic and inorganic growth strategies. Various companies are focusing on organic growth strategies such as product launches, product approvals and others such as patents and events. Inorganic growth strategies activities witnessed in the market were acquisitions, and partnership & collaborations. These activities have paved way for expansion of business and customer base of market players. The market players from Smart grid market are anticipated to lucrative growth opportunities in the future with the rising demand for smart grid in the global market. Below mentioned is the list of few companies engaged in the smart grid market.

The report also includes the profiles of key smart grid companies along with their SWOT analysis and market strategies. In addition, the report focuses on leading industry players with information such as company profiles, components and services offered, financial information of last 3 years, key development in past five years.

- ABB
- Cisco Systems Inc.
- Eaton Corporation Inc
- General Electric Company
- Honeywell International Inc
- Itron, Inc.
- Landis+Gyr AG
- Schneider Electric SE
- Siemens AG
- Wipro Limited

The Insight Partners dedicated research and analysis team consist of experienced professionals with advanced statistical expertise and offer various customization options in the existing study.

Smart Grid Report Scope