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Smart Grid Market in communication & wireless infrastructure segment to grow at 20% CAGR from 2018 to 2024

Author : Ronak Bora | Published Date : 2019-04-11 

Global Market Insights, Inc. has announced the launch of smart grid market, a comprehensive study enumerating the latest price trends and pivotal drivers rendering a positive impact on the industry landscape. Further, the report is inclusive of the competitive terrain of this vertical in addition to the market share analysis and the contribution of the prominent contenders toward the overall industry.

Smart Grid Market is projected to showcase significant growth from communication & wireless infrastructure during the forecast period. Growing requirement of IoT intervention for improving demand management, grid efficiency and customer services across power utilities will stimulate the business outlook. Digitalization of grid by using sensors and cloud computing technology provides real time data on electricity usage and helps in consumption pattern monitoring. The wide application of control systems across distribution & substation automation, demand-side management and advanced outage management will enhance the product penetration.

Request for a sample of this research report @ www.gminsights.com/request-sample/detail/1365 

Ongoing investments toward digitalization of grid by implementing advanced communication technology will stimulate the smart grid market. Increasing focus toward the integration of renewable grid along with the necessity for upgrading ageing electrical infrastructure will facilitate the installation of smart grids.

Ambitious government led plans toward grid modernization will drive the smart grid market size. Major countries have enforced regulations and mandates to reinforce smart grid deployments and R&D activities as a part of their energy conservation initiatives. In 2016, global investments in digital electricity infrastructure reached over USD 45 billion to enhance the resiliency, reliability, and security of the grid. Increasing government focus toward grid restructuring to mitigate integration challenges, overutilization, and load mismatch will further boost the industry growth.

In the recent years, smart grid market has earned substantial revenue due to the increasing awareness about the incredible benefits provided by these products. In addition, this vertical has also received quite some impetus on account of the rising requirement of power grids that can accommodate and support increasing numbers of electronic devices in each household. The importance of smart grids has been recently upheld by the city council of Sault Ste. Marie in Canada when a multi-million-dollar implementation of smart grid technology was cleared. Authorities managing the development of the project assured citizens that the upgrading to smart grid will have no financial, reliability or environmental drawbacks. In fact, it would bring about a 11-cent reduction in the monthly energy bills and drastically reduce CO2 emission to 2,804 tons annually within the city.

The smart grid ecosphere has the exact same purpose as any conventional grid system- to supply power when and where required. However, a shifting preference towards the generation and use of sustainable energy resources will gradually render the conventional grids obsolete, adding a renewed dynamism to the smart grid market trends. Solar, wind and hydro power generation have swiftly gained popularity but harnessing energy from these resources has its own challenges. A key obstacle in the supply of sustainable energy is that these sources are not available everywhere and their output is not as reliable as the conventional sources.

Make an inquiry for buying this report @ www.gminsights.com/inquiry-before-buying/1365 

UK smart grid market is set to witness strong growth owing to favorable regulatory norms toward environmental sustainability and energy conservation. The legislative directive and mandate rollout across the nation toward smart meters will augment the business landscape. As part of the smart grid plan, the Energy Networks Association has aimed to execute a local energy market, enabling the households and businesses to trade power thereby contributing to conservation of energy.

China smart grid market is anticipated to grow over 11% by 2024. Regulatory measures toward increasing sustainable energy mix along with the development of green infrastructure will foster the industry growth. For instance, the government of China has planned to increase the share of renewable energy over 20% by 2030 in the existing generation mix.

With the growing necessity for better consumer-power system integration, renewable energy management solutions and a fear of undesirable consequences from blackout, the smart grid industry is expected to attain a CAGR of 11% for the 2018-2024 period. Prominent industry contributors such as Siemens, ABB, Schneider Electric, Honeywell Elster and General Electric are the prominent names shaping the competitive hierarchy of smart grid market.

Browse Full Report: https://www.gminsights.com/industry-analysis/smart-grid-market

About Global Market Insights

Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.

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About Author

Ronak Bora

Ronak Bora

A graduate in Electronics Engineering, Ronak writes for Fractovia.org and carries a rich experience in digital marketing, exploring how the online world works from a technical and marketing perspective. His other areas of interest include reading, music, and sport. He can be contacted at- [email protected] | https://twitter.com/RonakBora26

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