Ocean View, DE -- (SBWIRE) -- 05/14/2020 -- Growing inclinations toward grid digitalization owing to energy efficiency benefits will drive smart grid market growth. Most of the economies have been experiencing the prevalent issues of power losses and deteriorating resilience from the older transmission and distribution infrastructure. So, these countries have been planning to deploy smart grid infrastructure as a part of the ongoing grid modernization activities. As reported in the latest study by Global Market Insights, Inc., smart grid market will surpass USD 70 billion by 2024.

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Deployment of smart grid infrastructure offers key benefits of integrating the renewable energy grid in the existing power grid. Thus, it facilitates the formation of hybrid grid further supporting the rising demand for energy security. Favorable government initiatives toward sustainable energy generation which necessitate reliable power infrastructure will stimulate smart grid market trends throughout the forecast timeframe.

Growing penetration of intelligent communication technologies such as IoT and cloud computing for improving grid efficiency, demand management, and customer services across power utilities will propel growth the communication & wireless infrastructure segment.

Digitalization of grid incorporates several sensors and smart technologies which constantly monitor the energy consumption patterns. The implementation of wireless communication infrastructure allows these sensors to provide real time data on electricity usage which promotes on time resolution of the arising power distribution issues.

Increasing shift toward substation automation to manage variations in energy demand will enhance the product penetration, hence propelling the segmental growth. Smart grid market from communication & wireless infrastructure is anticipated to surpass a CAGR of over 20% through 2024.

U.S has been witnessing recurring blackouts because of the aged-out grid infrastructure, which has been testing the resilience of domestic and industrial consumers over many years. Ongoing grid modernization activities to revamp national electrical infrastructure will augment the smart grid market trends.

The country has been investing in various grid automation plans to reinforce the electricity infrastructure by implementing distributed intelligence and communication flexibility, which should fuel the industry outlook. In 2017, the U.S smart grid market accrued substantial gains by surpassing over USD 3 billion.

China is one of the fastest growing economies worldwide, on account of robust industrialization and rapid urbanization trends. In consequence, the country has been experiencing escalating demand for electricity. This has resulted in extensive adoption of sustainable energy mix to allow coping up with the intense energy requirements in the region. For instance, the Chinese government has proposed obtain over 20% of energy from renewable energy sources by 2030, fostering the sustainable energy mix initiative.

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Furthermore, the favoring regulatory framework toward energy sustainability and smart distribution network has been fostering the industry growth. Rising abundance of electric vehicles in the region is anticipated to complement the expansion of smart grid industry landscape. China smart grid market is pegged to be over USD 40 billion by 2024.

Key Companies in Smart Grid Market: - ABB, General Electric, Siemens AG, Schneider Electric SE, Hubbell Incorporated, Fujitsu General, Honeywell Elster, Itron, Landis+Gyr, Belden, Cisco, IBM, Oracle, Wipro Limited

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