Smart Grid Market to Reach USD 156.21 Billion by 2028 | SkyQuest Recommend Players to invest in Smart Grid Technologies in order to Enhance their product offerings
Global Smart Grid market size was valued at USD 31.88 billion in 2021, and it is expected to reach a value of USD 156.21 billion by 2028, at a CAGR of 8.5% over the forecast period (2022–2028).
Westford, USA, Jan. 16, 2023 (GLOBE NEWSWIRE) — SkyQuest’s analysis of the Smart Grid market provides valuable insights. The industry is currently in a growth phase, with sales increasing at a rate of 8.5% per year. The global smart grid market is primarily driven by favorable regulatory frameworks of various governments that promote smart grid deployment. The regulatory environment of the government encourages and mandates the placement of smart power grids by raising awareness about the advantages of smart grids. Smart grids are capable of recognizing network faults and automatically self-healing the network fault. Thus, smart grids’ efficient power supply and reliability are expected to do is provide impressive possibilities to the economy and industry sectors in the coming years. Furthermore, rising environmental concerns are fueling the growth of the smart grid market, as smart grids continue providing energy efficiency in consumption and preservation of natural resources. Increasing investment in the development of digital electricity systems is propelling the global market growth. Smart grid technology is also increasing the adoption of smart meters, electric vehicle chargers, and other smart grid innovations, which helps to develop the smart grid infrastructure.
Another growth is the increased efforts to reduce greenhouse gas emissions and develop sustainable and renewable energy sources are encouraging the use of smart grid technologies. Furthermore, the energy demand is increasing and will continue to rise as electric and hybrid vehicles become more popular around the world. The irregular supply of power, particularly in merging and developing countries, is a major concern that must be addressed. The use of smart grids can effectively address the issue of intermittent power supply. Furthermore, the government plans to develop smart cities in various countries are expected to drive the growth of the smart grid market.
Smart grids are becoming increasingly popular as a result of rising energy consumption and supportive regulations enacted by government agencies in various regions around the world. The global market is being driven by the rapid adoption of centralized grid distribution management and control. Smart meter popularity, local administration initiatives, and funding for smart grid projects are expected to drive the market. Furthermore, an increase in the number of market participants around the world is contributing to the market’s expansion, resulting in lucrative sales opportunities for market participants. Governments around the world are transforming cities into smart cities. Furthermore, market stakeholders’ collaborative efforts to overcome difficulties in the smart grid market are contributing to market growth.
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SkyQuest recommends players to invest in smart grid technologies in order to Enhance their product offerings
According to SkyQuest analysis, we found that the players in the global Smart Grid market will benefit from potential opportunities for expansion in the coming years as global demand for Smart Grid rises. In order to gain revenue benefits, key players in the Smart Grid market are concentrating on expanding and improving their product offerings by enhancing their smart grid technologies. Smart grids aid in the modernization of power grids by reducing losses in transmission and distribution. Smart grid technologies are supported by software such as MDMS, SCADA, DRM, DMS, and others. This technology handles electricity demand and supply, as well as continuous data exchange via networking, information analytics, data storage, and data & information management. This system provides numerous opportunities for conserving energy and efficiency.
Distribution automation, smart metering and transmitting upgrades, power station automation, and smart grid IT/OT are all part of this technology. Such advanced smart technologies are primarily used for electrical transmission, which stabilizes the grid while also providing accurate power control and maximum power.
Supporting this, we advise companies to focus on Innovation which is a critical component that will likely drive the market over the forecast period.
According to our industry analyst, the global market is moderately fragmented, with a large number of international and domestic players present. Key Smart Grid companies are expected to focus on expansion strategies in order to gain regional market share, and technology/product launches, all while expanding their operations and offerings. The market is expected to see more infrastructure upgrades in the coming years.
Top Trends in Global Smart Grid Market
- Plug-in electric vehicles (PEVs) are currently being made available to customers in a variety of countries to aid in the transformation to low-carbon transportation. A smart grid system is intended to provide the facilities required for the efficient use of these PEVs. Increased production of electric vehicles provides a growth opportunity for the market, as several countries, including India, China, Europe, and the United States, among others, are already deploying and encouraging the production of electric vehicles. For example, in July 2021, PSE&G, a U.S. utility, will partner with Landis+Gyr for the installation and supply of advanced meters, as well as currently undergoing technologies, in New Jersey. PSE&G will invest USD 1 billion in energy efficiency initiatives for customers, as well as USD 700 million in smart meters and electric vehicle initiatives.
- The newly announced smart city projects in emerging economies provide opportunities for expansion for these types of grids. For instance, in June 2021, the World Bank’s Board of Executive Directors sanctioned a USD 212 million financing package for a new project in Ukraine, including a USD 177 million International Bank for Reconstruction and Development (IBRD) loan. The project will help to synchronize the Ukrainian power system with the European electricity grid and decarbonize the power sector.
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Excellent inherent operational performance, improved serviceability, and effective outage management will propel market growth
These grids provide technologies that enhance fault detection and allow the network to self-heal automatically. With continuous disturbance detection, the advanced system provides real-time help and support to energy management systems, thereby increasing situational awareness in smart grid distribution centers. For instance, In May 2021 Networked Energy Services Corporation (NES), one of the global smart grid solution providers with the industry’s leading Energy Applications Platform (EAPTM) strengthened its security solutions with threat detection and response, with over 1 million smart meters planned for its new grid watch solution.
Asia Pacific Market Players Have Lucrative Growth Opportunities
During the forecast period, the Asia Pacific market for smart grids is expected to account for a significant market share. In Asia Pacific, China has the largest market share. Other countries that dominate the smart grid industry include Japan and India. The growing need to reduce losses in transmission and distribution in the Asia Pacific developing countries is expected to drive the market. The need for developed nations in the region to reduce carbon emissions, as well as rising electricity consumption in China, South Korea, Australia, New Zealand, India, and Singapore, are likely to drive this market. The market’s prominence in this part of the world is primarily due to initiatives from various universities and governments.
Government Policies and Regulations to Promote Market Expansion
SkyQuest’s analysis of the market reveals that numerous government initiatives and regulations are expected to drive market growth. Different administrations are gradually investing in these innovations in the expectation that they will assist them in meeting their carbon emission reduction goals and enabling long-term economic growth. Furthermore, some nations already have net energy meter reading protocols and equipment, while others are still researching the technology and its mechanism, which is expected to provide lucrative market opportunities. For instance, India’s Finance Minister announced in 2020 that the government intends to replace all conventional electricity meters with smart electricity meters within three years. These government initiatives taken by governments around the world are boosting the market growth.
Even though the market is crowded, there is still room for expansion. The market is expected to grow in popularity, particularly in North America and Asia-Pacific Region. North America is expected to lead the market. According to the analysis, spending on smart grid infrastructure is increasing as a result of constant technological advancements, increased demand for renewable energies in power generation, strict government regulations and legislative mandates for energy conservation, local administration initiatives for smart grid rollouts, and the emergence of the cloud platform. The early adoption of smart grid projects is one of the primary reasons for the large market size. Furthermore, the growing number of projects associated with smart cities, smart communities, and electric vehicles is driving the increased emphasis on smart grid management.
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Major Players in Global Smart Grid Market
- Cisco Systems, Inc.
- General Electric
- Honeywell International Inc
- International Business Machines Corporation (IBM)
- Itron Inc.
- Oracle
- Schneider Electric
- Siemens
- Tech Mahindra Limited
- Wipro Limited
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