Global Smart Grid Market Size

1. Global Smart Grid Market Size, Share, Growth Analysis, By Application, By Component, By Solution- Industry Forecast 2023-2030 Global Smart Grid Market size was valued at USD 43.1 billion in 2021 and is poised to grow from USD 51.33 billion in 2022 to USD 207.82 billion by 2030, growing at a CAGR of 19.9% in the forecast period (2023-2030). Global Smart Grid Market size was valued at USD 43.1 billion in 2021 and is poised to grow from USD 51.33 billion in 2022 to USD 207.82 billion by 2030, growing at a CAGR of 19.9% in the forecast period (2023-2030). Smart grid market is becoming popular since they are Capable of providing electrical power from multiple and widely used distributed sources like wind turbines, solar power systems ,perhaps even plug-in hybrid electric vehicles. Intelligent appliances, smart power meters, smart substations, superconducting cables, integrated communications are the major factors and components to create and achieve modernized smart grids.One of the most vital advantages of smart grid is that it enables better energy management by integrating the isolated technologies. Along with it, it creates protective management of the electrical network during emergency situation. It also helps in creating better demand supply response, better power quality, and reduces carbon emissions. With the growing population, there has been an increase in demand for energy, to complete this complex requirement critical solutions are required which is provided by better energy management with the help of smart grid.

2. Analysis by End user By End user, the global market is divided into many segments such as utility, industrial, residential, and commercial. Due to the increase in the deployment of grid technologies across the globe, the utility sector is expected to witness a substantial rise. In recent times, to achieve the carbon zero target, many developing countries recognise this technology as strategic infrastructure investment which will help in reducing the carbon emissions. Governments introducing favorable policies and fiscal incentives for various industrial sector. Help the industrial segment to grow significantly during the forecasted period. Analysis by component By components, the market is classified into software, hardware, and services. Due to the increase in efforts to modernize the electricity grid and reduce the TND cost, the software segment is expected to hold a significant portion of the global smart grid market. Along with this, there are many government initiatives for advanced metering infrastructure which will help to grow the market. Installation of smart meters as well as advanced metering infrastructure will help the market segment to grow in the estimate forecasted period. Not only software and hardware segment provides applications, but service segments to provide several applications that includes installation and integration of various modules of utility smart grid operation. View more info:https://www.skyquestt.com/report/smart-grid-market Top Player’s Company Profiles • Schneider Electric SE Landis+Gyr Group AG • Itron Inc. • Honeywell International Inc. • Cisco Systems Inc. • Oracle Corporation •

3. IBM Corporation • Eaton Corporation • S&C Electric Company • Wipro Limited • About us: SkyQuest Technology is leading growth consulting firm providing market intelligence, commercialization and technology services. It has 450+ happyclients globally. Address: 1 Apache Way, Westford, Massachusetts 01886 Phone: USA (+1) 617-230-0741 Email: sales@skyquestt.com linkedin Twitter Facebook