The aging power distribution infrastructure and the increasing investments in the technological advancements of the smart grid systems are driving the demand of the market.

Vancouver, BC -- (SBWire) -- 02/03/2021 --Smart Grid Market

The smart grid is an electrical grid that monitors and controls the power flow from the point of generation to consumption. It performs various operations and energy measures like smart meters, renewable energy, and energy-efficient resources. The smart grid systems are set up to reduce energy costs and electricity wastage. The global smart grid market is predicted to grow from USD 29.8 billion in 2019 to USD 122.97 billion by 2027, with a CAGR of 20.5%.

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Leading Players Profiled in the Report Include:

ABB, General Electric, Siemens, Itron, Aclara, Schneider Electric, Cisco, S & C Electric Company, Oracle, and IBM, among others.

Market Drivers:

The increasing concerns regarding environmental changes and initiatives offered by the government to reduce CO2 emission levels in the atmosphere and reduce the fossil-fuel power dependency are the significant factors fueling the smart grid industry's growth. The low operating costs of the products and the need for smart grids in the emerging smart cities are predicted to expand the smart grid market. Moreover, the high investments by the key players for R&D for building advanced smart grid systems are expected to boost the market during the projection period.

Technology Outlook (Revenue, USD Billion; 2017-2027)
Smart Grid Distribution Management
Advanced Metering Infrastructure
Smart Grid Network Management
Smart Grid Security
Others

Services Outlook (Revenue, USD Billion; 2017-2027)
Deployment and Integration
Consulting
Support and maintenance

End User Outlook (Revenue, USD Billion; 2017-2027)
Commercial
Industrial
Residential

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The following are the main reasons to buy the Global Smart Grid Market report:

The latest report closely evaluates the overall market size and infers on various aspects, such as the current business trends, market share, product offerings, and product share.
It offers a detailed account of the end-use applications of the products & services offered by this industry.
It offers an insightful analysis of the various regional segments of the market that are projected to witness enormous growth over the forecast period.
Furthermore, the report covers the latest developments taking place in the market and effective business strategies implemented by the leading market rivals.

The report considers the following market growth estimation timeline:

Historical Years: 2017-2018
Base Year: 2019
Estimated Year: 2027
Forecast Years: 2020-2027

Regional Analysis:

North America led the global smart grid market in 2019 due to the advanced technologies used for smart grid systems and the quick acceptance of metering infrastructure. The Asia Pacific region is expected to observe the fastest growth during the forecast period owing to improvements in traditional power systems to attain efficient electric supply. Moreover, the rising awareness for clean energy sources has led to rapid demand for smart grid technology in the APAC region.

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