Smart Grid Market Analysis, Size, Current Scenario and Future Prospects

Smart grid market is anticipated to grow at an exponential CAGR of 20.0% during the forecast period. A smart grid is used to develop the electrical power grid to handle a large amount of electricity production such as solar and wind energy. Smart grids are a better alternative to the traditional methods of electrical networks to cater to the increased needs in terms of accessibility, flexibility, reliability, and quality of power supply. The rising demands across the globe for the preservation of energy have been at the forefront of the development of smart grids. The growth of the market is also attributed to the rising energy consumption across the globe. 

According to the US Energy Information Administration (EIA), global energy consumption is expected to grow by nearly 50.0% during 2018 to 2050, with Asia being the major consumer of energy over the years.? Additionally, according to the bp Statistical Review of World Energy 2020, the global primary energy consumption stood at 583.9 Exajoules in 2019. Moreover, the increasing government initiatives for smart grid projects are further anticipated to boost the growth of the market during the forecast period. For instance, in November 2021, the European Union announced to launch of three new smart grid projects including Carpathian Modernized Energy Network (CARMEN) project, the Gabreta project, and Green Switch. Additionally, the EU 20-20-20 policy that aims to convert over 80.0% of the installed meter base to a smart one has ensured growth prospects in the demand for smart meters which in turn is boosting the growth of the smart grid market in the region.

To Request a Sample of our Report on Smart Grid Market:  https://www.omrglobal.com/request-sample/smart-grid-market-size

Market Coverage

·        The market number available for – 2021-2029

·        Base year- 2021

·        Forecast period- 2023-2029

Segment Covered- 

·        By Product

Regions Covered-

·        North America

·        Europe

·        Asia-Pacific

·        Rest of the World

Competitive Landscape-ABB Ltd., Siemens AG, IBM Corp., General Electric Corp., and Landis+Gyr AG, among others

Smart Grid Market Report by Segment

By Product

·        Software 

·        Advanced Metering Infrastructure

·        Smart Grid Distribution Management

·        Smart Grid Security

·        Grid Asset Management 

·        Billing and Customer Information System

·        Hardware 

·        Smart Meters

·        Sensors

·        Programmable Logic Controllers (PLC) 

·        Others

·        Service 

·        Consulting

·        Support and Maintenance

·        Others

A full Report of Smart Grid Market is Available @  https://www.omrglobal.com/industry-reports/smart-grid-market-size

Smart Grid Market Report by Region

North America                                                                                                           

·        United States

·        Canada                     

Europe

·        UK

·        Germany

·        Spain

·        France

·        Italy

·        Rest of Europe

Asia-Pacific

·                  India

·                  China

·                  Japan              

·                  South Korea

·                  Rest of APAC

Rest of the World

•       Latin America

•       Middle East and Africa 

Company Profiles

•       ABB, Ltd.

•       Aclara Technologies, LLC

•       Adesto Technologies Corp.

•       Alstom SA

•       BPL Global, Ltd.

•       Cisco Systems, Inc.

•       Eaton Corp.

•       Enphase Energy, Inc.

•       General Electric Co.

•       GIPRO GmbH

•       Honeywell International, Inc.

•       IBM Corp.

•       Itron, Inc.

•       Landis+Gyr AG

•       Nexgrid LLC

•       Open System International, Inc.

•       Oracle Corp.

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1.  We cover more than 15 major industries, further segmented into more than 90 sectors.

2.  More than 120 countries are for analysis.

3.  Over 100+ paid data sources mined for investigation.

4.  Our expert research analysts answer all your questions before and after purchasing your report.

For More Customized Data, Request for Report Customization @ https://www.omrglobal.com/report-customization/smart-grid-market-size

About Orion Market Research 

Orion Market Research (OMR) is a market research and consulting company known for its crisp and concise reports. The company is equipped with an experienced team of analysts and consultants. OMR offers quality syndicated research reports, customized research reports, consulting and other research-based services. The company also offer Digital Marketing services through its subsidiary OMR Digital and Software development and Consulting Services through another subsidiary Encanto Technologies.

Media Contact:

Company Name: Orion Market Research

Contact Person: Mr. Anurag Tiwari

Email: info@omrglobal.com

Contact no:  +91 7803040404

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