Smart grid market trends will be augmented by ongoing grid modernization activities to revamp national electrical infrastructure. 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.
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.
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UK smart grid market will witness growth on account of supportive regulatory frameworks pertaining to energy conservation and environmental sustainability. The mandated nationwide rollouts and legislative directives toward smart meters will further fuel the industry growth. The Energy Networks Association (ENA) plans to implement a local energy market as part of their smart grid plan that would allow business and households to trade electricity, thereby supporting energy conservation
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 industry size will surpass USD 70 billion by 2024.
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.
Communication & wireless infrastructure smart grid market is predicted to expand over 20% by 2024. The ability of wireless based IoT equipped sensors to enhance grid monitoring capabilities will significantly encourage their adoption across power utilities. Growing implementation of advanced communication technologies to provide real time monitoring with customer load control will positively influence the industry scenario.
Eminent industry players operating across the global smart grid industry include ABB, General Electric, Siemens, Schneider Electric, Honeywell Elster, Hubbell, Belden, Fujitsu General, Itron, Landis+Gyr, Cisco, Oracle, IBM, Wipro amongst others.
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Some Points From Table Of Content: –
Chapter 4. Smart Grid Market, By Technology
4.1. Smart grid industry 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
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