(MENAFN- America News Hour) The global smart grid network market is anticipated to attain a CAGR of ~10% over the forecast period, i.e., 2022 – 2030. The market is segmented by application into transmission, smart distribution board, advanced metering infrastructure, and others, out of which, the advanced metering infrastructure segment is foreseen to hold a notable share over the forecast period, owing to its rising application in smart grid infrastructure to evaluate accumulate, and analyze energy usage in digital grids.
Research Nester published a report titled
“smart grid network market : Global Demand Analysis & Opportunity Outlook 2030′′
which delivers detailed overview of the global smart grid network market in terms of market segmentation by application, service, end-user, and by region.
Further, for the in-depth analysis, the report encompasses the industry growth indicators, restraints, supply and demand risk, along with detailed discussion on current and future market trends that are associated with the growth of the market.
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The global smart grid network market is estimated to grow on the back of growing demand for optimizing energy utilization globally, backed by rising energy conservation initiatives. Moreover, increasing adoption of smart grids and meters, combined with rising investment in smart grid infrastructure across the world are estimated to boost market growth. Rising penetration of internet and cloud-computing also play crucial role in the growth of the market.
On the basis of geographical analysis, the global smart grid network market region is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. The market in the Asia Pacific region is estimated to gain significant growth over the forecast period, owing to the increasing demand for energy in developing countries, such as, China and India, backed by infrastructural growth in the region. Moreover, increasing expenditure on promoting smart grid network in the APAC region is expected to contribute to the market growth.
The research was global in nature and conducted in North America (U.S., Canada), Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC (Finland, Sweden, Norway, Denmark), Poland, Turkey, Russia, Rest of Europe), Latin America (Brazil, Mexico, Argentina, Rest of Latin America), Asia-Pacific (China, India, Japan, South Korea, Indonesia, Singapore, Malaysia, Australia, New Zealand, Rest of Asia-Pacific), Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa). In addition, areas like Market size, Y-O-Y growth & Opportunity Analysis, market players competitive study, investment opportunities, demand for future outlook etc. have been covered and displayed in the research report to ensure it dives deep to achieve strategic competitive intelligence in the segment.
Increasing Investment in Smart Grid Infrastructure to Boost the Market Growth
According to the data by the International Energy Agency (IEA), in 2019 USD 18 billion were invested in the smart grid infrastructure globally. The total investment in smart grids crossed USD 250 billion in 2019.
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Increasing investment by government and private companies for the digitalization of power grids, supported by the various advantages of smart grids, is estimated to boost the market growth. smart grid network provides transparency in usage, production and distribution of energy, and can be controlled through smart phones and computers. This is estimated to further boost the market growth.
However, slow adoption process of smart grids is expected to operate as key restraint to the growth of the global smart grid network market over the forecast period.
This report also provides the existing competitive scenario of some of the key players of the global smart grid network market which includes company profiling of Schneider Electric, Siemens AG, Johnson Controls International plc, Honeywell International Inc., Energate, Inc. (Tantalus Systems Corp.), ABB Ltd., Grid Point, Inc., The General Electric Company, Yokogawa Electric Corporation, and DEXMA Sensors, SL.
The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the global smart grid network market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
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