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Building-To-Grid TechnologyGlobal market Report 2024 : Market Size, Trends, And Global Forecast 2024-2033
The Business Research Company's Building-To-Grid technology Global Market Report 2024 – Market Size, Trends, And Global Forecast 2024-2033
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The building-to-grid technology market is set for rapid expansion, increasing from $51.85 billion in 2023 to $57.34 billion in 2024, at a CAGR of 10.6%. Rising energy demand, the global shift to renewable energy, urbanization trends, and the need for grid reliability are key drivers. Growing aspirations for energy independence also support the development of this market.
How Big Is the Global Building-To-Grid Technology Market Expected to Grow, and What Is Its Annual Growth Rate?
The market is expected to experience robust growth, reaching $86.16 billion by 2028 at a CAGR of 10.7%. The market expansion is driven by advancements in energy storage, the development of smart grids, increased climate change initiatives, improved building energy efficiency, and the adoption of electric vehicles. Key trends include the growth of building-integrated photovoltaics, renewable energy integration in buildings, smart building technology evolution, and increasing vehicle-to-grid (V2G) applications.
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What Is Driving the Growth of the Building-To-Grid Technology Market?
The demand for electricity is steadily increasing due to factors such as urbanization, technological advancements, and a surge in electric device use. As more buildings adopt building-to-grid (B2G) technology, which allows them to supply excess energy back to the grid and respond to power fluctuations, the B2G technology market is set to grow. In 2024, the UK's Department for Energy Security and Net Zero reported a 1.2% increase in electricity demand, reaching 86 terawatt-hours (TWh) in the first quarter of the year, highlighting the growing need for efficient energy solutions like B2G systems.
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Which Leading Companies Are Driving The Growth Of The Building-To-Grid Technology Market Share?
Major companies operating in the market are Hitachi Ltd., Siemens AG, General Electric Company, International Business Machines Corporation (IBM), Cisco Systems Inc., EnBW Energie Baden-Württemberg AG, RWE AG, Schneider Electric SE, Honeywell International Inc., ABB Ltd., Eaton Corporation plc, Parker Hannifin Corp, Emerson Electric Co., Sunrun Inc., WAGO Kontakttechnik GmbH & Co. KG, Schweitzer Engineering Laboratories Inc., Itron Inc., Landis+Gyr AG, Bloom Energy, Ingeteam S.A., S&C Electric Company, Sunnova Energy International Inc., Stem Inc., Doosan GridTech Inc., Smarter Grid Solutions Inc., AlphaStruxure, Sunverge Energy Inc.
What Are The Key Trends Driving The Growth Of The Building-To-Grid Technology Market Size ?
In the market, companies are turning to advanced analytics solutions to optimize energy management and enhance interactions between buildings and the grid. For instance, CPower's Building Management System as a Service (BMS-aaS), launched in New York City in April 2022, allows commercial property owners to implement intelligent energy management systems with no upfront cost, enabling better grid responsiveness and energy efficiency.
How Is the Global Building-To-Grid Technology Market Segmented?
The building-to-grid technology market covered in this report is segmented –
1) By Technology: Smart Sensing, Smart Metering, Control Technology, Energy Storage, Other Technologies
2) By Component: Hardware, Software
3) By End-Use: Commercial, Residential, Industrial
Europe: The Leading Region in the Building-To-Grid Technology Market
Europe was the largest region in the market in 2023. Asia-Pacific is expected to be the fastest growing region in the forecast period. The regions covered in the market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
What Is the Building-To-Grid Technology Market?
Building-to-grid (B2G) technology refers to the integration of buildings with the electrical power grid, enabling the exchange of both energy and information. This system facilitates energy management, where buildings with renewable energy sources, such as solar panels, can feed excess power back to the grid when demand is high, thereby balancing energy consumption and supply.
The Building-To-Grid Technology Global Market Report 2024 from The Business Research Company includes the following key information:
.Market size data for both historical and future periods
.Analysis of both macro and microeconomic factors that have impacted the market over the past five years
.Regional market analysis covering Asia-Pacific, China, Western Europe, Eastern Europe, North America, the USA, South America, and the Middle East and Africa
.Country-specific market analysis for Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, the UK, and the USA.
Overview of the Global Building-To-Grid Technology Market Report: Trends, Opportunities, Strategies, and More
The Building-To-Grid Technology Global Market Report 2024 from The Business Research Company is an extensive resource that delivers insights into building-to-grid technology market size, building-to-grid technology market drivers and trends, building-to-grid technology market major players, building-to-grid technology competitors' revenues, building-to-grid technology market positioning, and building-to-grid technology market growth across geographies. This report provides valuable in-depth insights into potential opportunities and strategies. Companies can utilize the information presented to target segments with the greatest growth potential.
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The Business Research Company
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