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.
Global Smart grid Market is predicted to reach over USD 70 billion by 2024. Favorable government initiatives toward grid advancement will drive the industry growth. The regulatory authorities across the nations have imposed stringent regulations and mandates as part of their initiatives to combine the grid installation and research & development activities.
The global funding for digital electricity infrastructure in 2016, was valued over to USD 45 billion to improve the reliability, security and resiliency of the grid. In addition, the growing government focus toward grid refurbishment to reduce overutilization, load mismatch and integration challenges will further augment the smart grid market.
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The U.S. smart grid market in 2017, was valued over USD 3 billion. Implementation of various grid automation plans to strengthen the distributed intelligence and communication flexibility of national electrical infrastructure will positively impact the industry growth. Growing demand for energy conservation on account of recurring blackouts will stimulate the business outlook. In 2017, The Public Service Electric & Gas Company invested an amount of USD 69 million to enhance the consumer energy efficiency by data analytics and smart thermostat programs.
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. 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.
Growing need to digitalize the power sector driven by ageing electrical grid infrastructure will stimulate the global smart grid market size. The industry is primarily driven by favorable government regulations and mandates along with rising share of renewables in the global energy mix. According to the International Energy Agency (IEA), global investments in digital electricity infrastructure was over USD 50 billion in 2017. Growing energy demand accompanied by rising concerns pertaining to unplanned power outages and environment protection will drive the smart grid market growth. Substantial influx of digital technologies, including the Internet of Things(IoT) will positively impact the business scenario. Extensive and sturdy deployment of smart meters across utilities will further strengthen the need for smart grid.