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Smart Grid Industry
The growing efforts for curbing carbon emissions and developing renewable and sustainable energy sources are boosting the adoption of smart grid technologies.
PORTLAND , PORTLAND, OR, UNITED STATE, September 18, 2022 /EINPresswire.com / -- The global shift toward secure, sustainable, affordable, and uninterrupted electricity supply is driving changes in the production, transmission, distribution, and consumption of electricity. In addition, the smart grid can support the reliability of the grid and can bring possibilities for management of the real-time electricity production, demand, and storage.
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Moreover, the rise in concerns pertaining to environmental protection and growth in the adoption of smart grid technology to improve efficiency in energy conservation and consumption are the major factors that fuel the smart grid industry trends.
In addition, supportive government policies & regulations to use smart meters and a rise in investments in digital electricity infrastructure are also some of the crucial factors that drive the market growth. However, lack of standardization and a rise in privacy & security concerns are expected to hinder the smart grid market growth.
Furthermore, an increase in the number of electric vehicles on the road and upcoming smart city projects in developing regions are expected to provide major opportunities for market growth during the forecast period. In addition, the full deployment of advanced meters is also expected to provide major energy efficiency potential for the smart grid market.
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Based on components, the solution segment dominated the overall smart grid market size in 2017 and is expected to remain dominant during the forecast period. The growth of this segment is mainly attributed to cost savings on overall electricity bills and an increase in the need to shift from conventional energy sources to sustainable and renewable energy resources. In addition, growing concerns regarding security and data privacy are also the major factor driving this segment's growth.
North America dominated the overall smart grid market in 2017 and is expected to remain dominant during the forecast period due to the emergence of electric vehicles and significant investments done by private and public as well as government entities in this region. Furthermore, Asia-Pacific is expected to exhibit the highest growth rate throughout the forecast period. The growing demand to link up the remote and rural communities to the national grid and the increase in the need to overcome the electricity outage are expected to drive the smart grid market growth in this region.
Some of the key smart grid industry players profiled in the report include Cisco Systems, Inc., General Electric, Honeywell International Inc, International Business Machines Corporation (IBM), Itron Inc., Oracle, Schneider Electric, Siemens, Tech Mahindra Limited, Wipro Limited, and others.
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