+1-888-308-5802     
News Contact Us

Smart Grid Market: Emerging Trends, Industry Demand and Forecasts to 2024

Author : Ronak Bora | Published Date : 2020-08-25 

Smart grid market by communication & wireless infrastructure is predicted to grow over 20% by 2024. 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.

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.

Get sample copy of this research report @ https://www.decresearch.com/request-sample/detail/1365

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.

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.

As the disasters caused by rapidly incremental climate change have plagued the news headlines of late, investment in the smart grid industry in the United States has also registered a cumulative upsurge. In 2017, U.S. smart grid market was valued at $3 billion. Recently the Massachusetts Department of Public Utilities issued an approval for significant upgrade in the state’s electric grid. The order authorized utility companies of the state to invest $220 million in the modernization of the existent grid. The improvement project, which is expected to improve reliability and efficiency, will require 3 years for the upgrade. Agencies with environmental interest such as Energy and Environmental Affairs of U.S. have acclaimed the order to be a recognition to the role advanced meters and smart grids play to reduce costs, increase energy efficiency and maximize clean energy generation.

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.

Request for customization @ https://www.decresearch.com/roc/1365

Eminent players in smart grid market include ABB, Hubbell, Schneider Electric, Fujitsu General, Belden, General Electric, Honeywell Elster, Landis+Gyr, Oracle Itron, Siemens, Cisco, Wipro and IBM.

Table of Contents (ToC) of the report:

Chapter 4.   Smart Grid Market, By Technology

4.1. Smart grid market share by technology, 2017 & 2024

4.2. Smart T&D equipment

4.2.1.   Global market from technology, 2013 – 2024

4.2.2.   Global market from technology, by region, 2013 – 2024

4.3. Distribution & network automation

4.3.1.   Global market from distribution & network automation, 2013 – 2024

4.3.2.   Global market from distribution & network automation, by region,2013 – 2024

4.4. Advanced Metering Infrastructure

4.4.1.   Global market from advanced metering infrastructure, 2013 – 2024

4.4.2.   Global market from advanced metering infrastructure, by region,2013 – 2024

4.5. Consumer Interface

4.5.1.   Global market from consumer interface, 2013 – 2024

4.5.2.   Global market from consumer interface, by region 2013 – 2024

4.6. Communication & Wireless Infrastructure

4.6.1.   Global market from communication& wireless infrastructure, 2013 – 2024

4.6.2.   Global market from communication& wireless infrastructure, by region, 2013 – 2024

Chapter 5.    Smart Grid Market, By Service

5.1. Smart grid market share by service, 2017 & 2024

5.2. Consulting

5.2.1.   Global market from consulting 2013 – 2024

5.2.2.   Global market from consulting, by region 2013-2024

5.3. Deployment & Integration

5.3.1.   Global market from deployment & integration, 2013 – 2024

5.3.2.   Global market from deployment & integration, by region 2013-2024

5.4. Support & Maintenance

5.4.1.   Global market from support & maintenance, 2013 – 2024

5.4.2.   Global market from support & maintenance, by region 2013-2024

Browse complete Table of Contents (ToC) of this research report @ https://www.decresearch.com/toc/detail/smart-grid-market

About Author

Ronak Bora

Ronak Bora

A graduate in Electronics Engineering, Ronak writes for fractovia 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. [email protected] | https://twitter.com/RonakBora26

Related News

Healthcare Gamification Market 2020 By Revenue, Top Trend & Regional Growth Forecast

Published Date: 2020-09-22         Author: Ronak Bora

Healthcare Gamification Market report offers in-depth analysis of the industry size, share, major segments, and different geographic regions, forecast for the next five years, key market players, and premium industry trends. It also focuses on the key drivers, restraints, opportunities and industry ... Read More

Steam Autoclaves Market 2020 By Regional Trend & Growth Forecast To 2024

Published Date: 2020-09-22         Author: Ronak Bora

Steam Autoclaves Market report offers in-depth analysis of the industry size, share, major segments, and different geographic regions, forecast for the next five years, key market players, and premium industry trends. It also focuses on the key drivers, restraints, opportunities and industry challen... Read More

Vaccines Market Future Challenges and Industry Growth Outlook by 2020-2025

Published Date: 2020-09-22         Author: Ronak Bora

Vaccines Market report offers in-depth analysis of the industry size, share, major segments, and different geographic regions, forecast for the next five years, key market players, and premium industry trends. It also focuses on the key drivers, restraints, opportunities and industry challenges. ... Read More

© 2020 Fractovia. All Rights Reserved