Fort Collins, Colorado, Oct. 08, 2023 (GLOBE NEWSWIRE) -- DataHorizzon Research published a report titled, "Smart Grid Market Size, Growth, Share, Statistics Report, By Technology (Advanced Metering Infrastructure, Distribution Management, Substation Automation, Communications, Security, Network Management), By Application, By End-User, By Region, and Segment Forecasts, 2023-2032."
According to DataHorizzon Research, the smart grid market size was valued at USD 51.2 Billion in 2022 and is expected to have a market size of USD 262.6 Billion by 2032 with a CAGR of 17.9%.
The global report on the smart grid market comprehensively analyzes the latest trends and market conditions. It also covers the latest insights from the industry and delves into market opportunities. The smart grid market is growing due to concerns about protecting the environment and improving energy conservation. Government policies, investments in digital infrastructure, and the increase in electric vehicles and smart city projects are also driving growth. Future opportunities for market growth are expected in developing regions.
Aging grid infrastructure is a challenge for many countries, requiring investment in maintenance and upgrades. Smart grid technologies help utilities manage assets effectively and optimize operations. With the rise of renewable energy sources like solar and wind power, a more flexible and adaptable grid infrastructure is needed. Smart grid technologies enable fluctuating energy sources to be incorporated into the power grid while keeping it stable.
The implementation of smart grid technology has the capacity to revolutionize the conventional grid system, rendering it more dependable and robust. This advanced technology empowers utility providers to restore power more efficiently and promptly following major storm events, thereby limiting the restoration costs and minimizing the time of outages that lead to reduced financial losses.
The implementation of smart grid technology heavily relies on cloud-processed data to acquire commands, enabling utility providers to exert liberated control actions. The demand for smart infrastructure is on the rise, particularly in industrial, commercial, and residential localities, presenting highly lucrative opportunities for those in the industry.
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Segmentation Overview:
The smart grid market has been segmented by technology, application, and end-user.
The technology and distribution management segment is expected to dominate the global market with the largest revenue share. This solution helps monitor and control the distribution network, enabling the utilities to identify and resolve outages, reduce power losses, and optimize network performance.
The smart grid market is categorized by end-user, including residential, commercial, industrial, utility, and others. The utility sector is anticipated to lead the market due to increased grid technology deployment. The residential segment comprises households and apartments, which consume significant energy. Smart meters and home energy management systems can be installed to help residential customers monitor and control their energy usage, reducing their electricity bills and contributing to the efficiency of the grid.
Smart grid technologies are most popular in North America. This is because the region has many key players, and the government strongly supports the development of smart grid infrastructure. Funding from the US Department of Energy's Smart Grid Investment Grant program has also expanded the market.
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Industry Trends and Insights:
- Tech Mahindra has recently launched a new solution called 'Vision amplifAIer,' part of the TechM amplifAI0 suite of AI offerings. This solution enhances enterprise computer vision-related use cases, focusing on end-to-end life cycle management and de-skilling.
- Trilliant remains committed to sustainability for its customers and the company through new recertifications, awards, and assessments. Recently, Trilliant was recertified in several areas by DEKRA Audits, solidifying its commitment to sustainable business operations.
Smart Grid Market Report Highlights:
- The smart grid market size is expected to have a market size of USD 262.6 Billion with a CAGR of 17.9% by 2032. The smart grid market is growing due to concerns about protecting the environment and improving energy conservation. Government policies, investments in digital infrastructure, and the rise of renewable energy sources drive growth. Smart grid technologies help utilities manage assets effectively and optimize operations, making the grid more dependable and robust.
- The technology and distribution management sector dominates the global smart grid market, helping utilities monitor and optimize network performance. The utility sector leads in deployment due to smart meters and energy management systems.
- Some of the prominent players in the global smart grid market report include GE, Schneider Electric, ABB, Siemens, Itron, Cisco, Aclara, OSI, Oracle, Wipro, IBM, Honeywell, Eaton, S&C Electric Company, Kamstrup, Trilliant Holdings, Globema, Tech Mahindra, and Enel X North America.
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Smart Grid Market Segmentation:
- By Technology: Advanced Metering Infrastructure, Distribution Management, Substation Automation, Communications, Security, Network Management
- By Application: Generation, Transmission, Distribution, Consumption
- By End-user: Residential, Commercial, Industrial, Utility, and Others
- By Region: North America, Latin America, Europe, Asia Pacific, the Middle East and Africa
About DataHorizzon Research:
DataHorizzon is a market research and advisory company that assists organizations across the globe in formulating growth strategies for changing business dynamics. Its offerings include consulting services across enterprises and business insights to make actionable decisions. DHR’s comprehensive research methodology for predicting long-term and sustainable trends in the market facilitates complex decisions for organizations.
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