According to a recent estimate by Emergen Research, the worldwide smart grid market would be worth USD 122.97 billion by 2027. The rising government initiatives to adopt renewable energy sources and lower carbon dioxide emission levels might be blamed for the expansion of this market. Furthermore, throughout the course of the forecast period, the market is anticipated to develop as a result of the government’s increasing supporting policies and regulations governing the implementation of smart grid technology.
Governments all over the world have enacted a number of beneficial laws and regulations, with a focus on putting in place smart grids and raising awareness of energy conservation. The adoption of smart grid technologies for industrial, commercial, and residential applications is influenced by these rules.
Smart appliances, smart power metres, smart substations, super conducting cables, integrated communication systems, and phasor management units are just a few examples of the many different parts that make up smart grid technology.
Further key findings from the report suggest
- In May 2021, the largest privately owned microgrid in the nation will receive an energy storage system thanks to a partnership between Thailand-based Impact Solar and Hitachi ABB Power Grids.
- Schneider Electric bought DC Solutions BV, a significant provider of smart systems, in January 2021. This has aided the business in advancing electrical distribution improvements.
- Due to its ability to maximise renewable energy distribution while lowering consumers’ power bills, the Smart Grid distribution Management category had the greatest market share (41.0%) in 2019.
- Key participants include ABB, General Electric, Siemens, Itron, Aclara, Schneider Electric, Cisco, S & C Electric Company, Oracle, and IBM, among others.
Emergen Research has segmented the global Smart Grid Market on the basis of Technology, Services, End User, and region:
Technology Outlook (Revenue, USD Billion; 2017-2027)
- Smart Grid Distribution Management
- Advanced Metering Infrastructure
- Smart Grid Network Management
- Smart Grid Security
Services Outlook (Revenue, USD Billion; 2017-2027)
- Deployment and Integration
- Support and maintenance
End User Outlook (Revenue, USD Billion; 2017-2027)
Regional Outlook (Revenue, USD Billion; 2017-2027)
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of APAC
- Latin America
- Rest of LATAM
- Saudi Arabia
- Rest of MEA
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