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
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Growing need to digitalize the power sector driven by ageing electrical grid infrastructure will stimulate the global smart grid market. 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.
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.
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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.
Smart grids add monitoring, control, analysis and communication capabilities to electrical delivery system while reducing energy consumption. Utilities also benefit from smart grids as it allows them to move electricity around the system more economically and efficiently. Smart grids are also positioned to take advantage of new technologies such as hybrid electric vehicles, smart metering, distribution automation and solar energy. As governments look to optimize the operation of the entire electrical grid, increased smart grid deployment will be witnessed across the globe. As per reliable estimates, smart grid market is anticipated to surpass $70 billion by 2024.
Major Key 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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