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.
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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.
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.
Speaking about China’s investment in the smart grid market it will be prudent to mention that other Asian countries are also recognizing the potential of a smart grids. Indeed, APAC smart grid industry is estimated to grow over 12% over 2018-2024. Citing an instance, the Indian government recently announced that it would develop a smart grid project in the financial and technological hub near New Delhi, Gurugram.
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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 Point From Table Of Content:
Chapter 5. Smart Grid Market, By Service
5.1. Smart grid market share by service, 2017 & 2024
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
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Chapter 6. Smart Grid Market, By Deployment
6.1. Smart grid market share by deployment, 2017 & 2024
6.2.1. Global market from generation, 2013 – 2024
6.2.2. Global market from generation , by region 2013-2024
6.3.1. Global market from transmission, 2013 – 2024
6.3.2. Global market from transmission , by region 2013-2024
6.4.1. Global market from distribution, 2013 – 2024
6.4.2. Global market from distribution, by region 2013-2024
6.5. End Use
6.5.1. Global market from enduse, 2013 – 2024
6.5.2. Global market from enduse, by region 2013-2024
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