Smart Grid Market Overview, market size, share, statistics, industry outlook, and forecast through 2029
The Smart Grid market research investigation provides the industry with all of the information it requires. It provides market perspective by providing accurate data to its clients, which aids in making critical decisions. It provides a synopsis of the market, describing its definition, applications, developments, and manufacturing methods. This market research report on Smart Grid keeps track of any new developments or enhancements. It describes the challenges that entrepreneurs face when starting a business and offers solutions to these challenges.
Urbanization, along with an increase in investments in digital electricity organisation, is one of the main factors driving the growth of the smart grid market. Additionally, as “smart everything” has become more popular, the idea of smart cities has also gained popularity, particularly in developing nations like China and India. This is because of all the intermediary technologies. The 10,000-acre AURIC (Aurangabad Industrial City) in Aurangabad, Maharashtra, for instance, was established as India’s primary Greenfield industrial smart city in September 2019.
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Smart Grid Market Dynamic:
Globally, the development of the smart grid is anticipated to be fueled by the growing need to combat climate change. Additionally, governments from different economies are investing more and more in smart grid technology because it is anticipated to aid in the achievement of their CO2 reduction goals and foster long-term economic success. Many economies already have net energy metering hardware and protocols in place, while others are still investigating the technology’s workings. Both of these developments are predicted to present sizable opportunities for the global smart grid market. For instance, the United States installed nearly 76 smart metres under Advanced Metering Infrastructure (AMI) in 2017 and is projected to install roughly 95 million metres by the year 2021.
Smart Grid Market Report Insights:
This MMR company offers market share, pricing, and product production. In order to compile the most recent government regulations, industry knowledge, and data, primary and secondary research with qualitative and quantitative components was conducted. Details on significant trends, regional dynamics, and market forces are provided in the research report.
Smart Grid Market Segmentation:
Smart metres, sensors, programmable logic controllers (PLC), and others make up the hardware segment’s further sub-segments (Networking Hardware and Energy Storage). Consulting, Deployment and Integration, and Support and Maintenance are additional sub-segments of the services segment.
By 2029, it is anticipated that the Software and Services segments will command the largest market shares. Over 72.3% of the market share was held by the software and services segment in 2021. The reduction of overall electricity costs and the growing demand for renewable and sustainable energy sources are the main drivers of this growth.
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Smart Grid Market Key players:
- IBM
- Wipro
- Oracle
- Honeywell
- S&C Electric Company
- Eaton
- Kamstrup
- Trilliant Holdings
- Globema
- Tech Mahindra
- Enel X North America
- Fujitsu
The article discusses the various business-related research initiatives and cutting-edge technologies that the major market players support. This research assists in identifying significant and dominant competitors in the market, as well as their portfolios, in order to improve decision-making and create effective strategies to outperform the competition.
Key points:
- Analysis of Regional Gaps You can find emerging trends and business prospects in your area of interest by breaking things down by country.
- Smart Grid Market Share and Sales Revenue by Local and Regional Players for Key Players.
- Recent Funding & Investment, Key Developments, and Merger & Acquisition Section Devoted to Market Entropy to Gain Insights on Player’s Aggressive Market Building Strategies]
- Examining recent trademark approvals and patent applications.
- Competitive Environment: Listed companies provide a SWOT analysis, comprehensive overview, product or service specifications, headquarters, subsidiaries, downstream clients, and upstream suppliers. They also have headquarters information.
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