The smart grid market was valued at USD 24.10 Billion in 2018 and is expected to reach USD 118.28 Billion by 2026 growing at a Compound annual growth rate (CAGR) of 22% from 2018 to 2026. Substantial investment by private organization and increasing government support are expected to boost the demand for upgraded smart grid technologies. Efficient and barrier data transfer owing to improved communication network is further expected to drive the global market of smart grid. Rise in standards and growing concern to embrace energy efficient management procedures further estimated to create new necessities and augment the market of growth over the forecast period of 2018-2026.
Communication segment is estimated to witness significant
The smart grid market has been segmented based on technology into advanced metering, distribution automation, communication technology, hardware & software, transmission technology and others. Based on deployment, the smart grid market has been segmented as generation, transmission, distribution and after sales services. The increasing demand for wireless communication infrastructure coupled with rapid digitalization across the developing nations of the world are the key factors expected to be responsible for the growth of communication segment. Rapid implementation of upgraded communication technologies for enhancing real time monitoring and customer load control are further expected to drive the communication segment of global smart grid market during the forecast period.
The global smart grid market has been geographically segmented into Asia-Pacific, Europe, North America, Latin America, the Middle East and Africa region. In addition to this, North America region holds the largest market share. The reason may be attributed to the increasing regulation to combat unforeseen power cuts due to technical defects and natural calamities, governments across North America region have significantly adopted smart grids. In addition, massive investment to develop smart grid pilot project is expected to drive the smart grid market in North America region. Increasing electricity thefts and modification of grid infrastructure are the major factors expected to propel the demand for smart grid across Asia-Pacific region. Attempts to reduce carbon emission and energy consumption are the factors expected to drive the smart grid market across Europe region. These reasons are expected to positively influence the market growth during the forecasted period.
Major Players in Smart Grid Market
Some of the key players in the global Smart grid market include ABB, Cisco, Fujitsu General, Honeywell Elster, Hubbel Inc., Iltron, Schneider Electric SE, Schweitzer Engineering Lab Inc. and Siemens AG.
· Advanced Metering
· Distribution Automation
· Communication Technology
· Hardware & Software
· Transmission Technology
· After Sales Services
· North America
o Rest of Europe
· Asia Pacific
o Rest of Asia Pacific
· Middle East and Africa
o South Africa
o Rest of Middle East and Africa
· Latin America
o Rest of Latin America