Westford, US, Oct. 22, 2024 (GLOBE NEWSWIRE) -- SkyQuest projects that the Global Smart Grid Market will reach a value of USD 207.82 Billion by 2031, with a CAGR of 19.9% during the forecast period (2024-2031). The demand for smart grids increases yearly with constant technological updates that expand electric power demand in nearly all aspects of human lives. Especially in electric vehicles alone, the demand for smart grid alone will be increased by 25%, propelling speedy change in the electric energy grid. Hence, the electric energy market is increasingly inclining towards offering dependable energy from economical and clean renewable means.
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Browse in-depth TOC on the "Smart Grid Market" Pages – 197, Tables – 95, Figures – 76
Smart Grid Market Overview:
| Report Coverage | Details |
| Market Revenue in 2023 | USD 43.1 Billion |
| Estimated Value by 2031 | USD 207.82 Billion |
| Growth Rate | Poised to grow at a CAGR of 19.9% |
| Forecast Period | 2024–2031 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Application, Component, Solution, and Region |
| Geographies Covered | North America, Europe, Asia-Pacific, Latin America, and Middle East and Africa |
| Report Highlights | Growing number of patent filings by major market players |
| Key Market Opportunities | Emergence of several Smart Cities in the Developing Nations |
| Key Market Drivers | Growing Demand for Reliable and Secure Energy Supply |
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Growing Government Support for Advanced Metering Foundation to Help Fuel the Software Segment Growth
By component, software segment held a major market share in the past years and is expected to lead over the forecast period. The reason for the segment growth is attributed to the rising efforts to improve the power grid and decrease TND prices. Also, supportive government initiatives for improved metering infrastructure will fuel the market. Conversely, services segment is projected to be the fastest-growing segment owing to the multiple services offered as compared to the software segment. These services include deployment and integration of numerous utility modules for smart grid functioning.
Growing Need to Reduce Carbon Emissions to Boost the Utility Segment
By end user, utility segment registered the majority of the market share owing to the growing installation of grid technologies worldwide. In the past years, most developing nations considered this technology as the most strategic investment to control and lessen carbon emissions. Moreover, industrial segment will also gain maximum market share in the future since governments are launching fiscal incentives and supportive policies for most industrial domains. The residential segment is expected to grow considerably due to rising awareness of technological improvements like money-saving in different end-use sectors and decreased energy consumption.
Favorable Supportive Policies and Existence of Leading Players to Strengthen the Market Growth in North America
Geographically, North America is expected to lead the market in the coming years due to the presence of key industry players. Moreover, governments in the region are highly interested in making suitable and favorable regulatory policies that will boost the adoption of smart grids.
Asia Pacific will grow progressively in the coming years due to the rising adoption of smart grid technology for better industrialization and infrastructure in key economies like Japan and China. Smart grid market in China s maximum share from among all other countries in the region.
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Smart Grid Market Insight
Drivers:
- Growing awareness for advantages of smart grid
- Growing number of smart cities across the globe
- Supportive governments regulations and policies
Restraints:
- Significant deployment cost of smart grid technology
- Unexplored underdeveloped nations and regions
- Inconsistent power supply in underdeveloped and developing nations
Prominent Players in Smart Grid Market
- General Electric Company
- ABB Ltd.
- Siemens AG
- Schneider Electric SE
- Landis+Gyr Group AG
- Itron Inc.
- Honeywell International Inc.
- Cisco Systems Inc.
- Oracle Corporation
- IBM Corporation
Key Questions Answered in Global Smart Grid Market Report
- What is the growth rate of market as per SkyQuest?
- Which region registered maximum share of the market?
- Who are the leading key players profiled in the market?
This report provides the following insights:
Analysis of key drivers (growing number of electric vehicles that use smart grid, benefits of smart grid technology, mounting demand for stability of grid in extreme temperatures), restraints (lack of security of energy, barriers in communication networks & information security, technical and financial blockages), opportunities (improving efficiency of grid technologies, integration of renewable energy, enhanced reliability of smart grids), and challenges (lack of knowledge among labors, regulatory and financial barriers, fluctuations of costs of resources) influencing the growth of smart grid market.
- Market Penetration: Comprehensive information on the product portfolios offered by the top players in the Smart Grid market
- Product Development/Innovation: Detailed insights on the upcoming trends, R&D activities, and product launches in the Smart Grid market
- Market Development: Comprehensive information on lucrative emerging regions
- Market Diversification: Exhaustive information about new products, growing geographies, and recent developments in the market
- Competitive Assessment: In-depth assessment of market segments, growth strategies, revenue analysis, and products of the leading market players.
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About Us:
SkyQuest is an IP focused Research and Investment Bank and Accelerator of Technology and assets. We provide access to technologies, markets and finance across sectors viz. Life Sciences, CleanTech, AgriTech, NanoTech and Information & Communication Technology.
We work closely with innovators, inventors, innovation seekers, entrepreneurs, companies and investors alike in leveraging external sources of R&D. Moreover, we help them in optimizing the economic potential of their intellectual assets. Our experiences with innovation management and commercialization have expanded our reach across North America, Europe, ASEAN and Asia Pacific.
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