Smart Grid Market Overview
The size of the smart grid market was estimated at US$61.13 billion in 2023, and it is anticipated that total revenue will increase at a compound annual growth rate (CAGR) of 19.1% from 2024 to 2030, reaching around US$207.81 billion.
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Smart Grid Market Report Scope and Research Methodology
The portfolio, technology adoption, financial standing, merger and acquisition, joint ventures and strategic alliances are involved in the competitive environment for the Smart Grid market. The report is an in-depth analysis of the Smart Grid market provided with key findings including Pricing, investments, expansion plans, and physical presence in the Smart Grid market. The bottom-up approach was used to understand the Smart Grid market size estimation and growth rates in the report. The report provides information on the drivers, restraints, opportunities and challenges of the Smart Grid market.
The Smart Grid Market report portrays the scope of the industry, including the segmentation by product type and end-use industry, and examines various emerging opportunities while analyzing supply chain dynamics with market size estimates, growth, and competition including soil survey. The research method gathers large amounts of data into a brief survey using primary and secondary data collection, rigorous research methods, quality assurance procedures, and ethical considerations, and provides users gain insights that can be used for informed decisions in the Smart Grid industry.
Smart Grid Market Regional Insights
Regional analysis is conducted to assess the status of the Smart Grid market in countries belonging to North America, Europe, Asia Pacific, Latin America, the Middle East, and Africa. The report provides a comprehensive analysis of several factors such as market size, growth rate, and import-export activities, across different regions. The Smart Grid market is segmented broadly into these regions, allowing for a detailed understanding of the market landscape and dynamics in each geographical area.
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Smart Grid Market Segmentation :
by Component
Software
Hardware
Services
By 2030, the highest market shares are anticipated to be held by the software and services segments. In 2023, the software and services sector held a market share of more than 72.3%. Savings on overall electricity costs and the growing demand to switch from reliable energy sources to sustainable and renewable energy sources are the main drivers of this trend.
by Communication Technology
Wireline
Wireless
by Application
Generation
Transmission
Distribution
Consumption
by End User
Residential
Commercial
Industrial
The market is divided into three segments: commercial, industrial, and residential. Over the course of the 2024–2030 forecast period, the commercial segment is anticipated to rise quickly at a CAGR of. The primary driver of this market segment's expansion in the global market during the 2024–2030 projection period is the growing demand for a consistent, orderly, and dependable electricity source.
Smart Grid Key Players:
1. ABB
2. Siemens
3. GE
4. Schneider Electric
5. Itron
6. Landis+Gyr
7. Aclara
8. Cisco
9. OSI
10. IBM
11. Wipro
12. Oracle
13. Honeywell
14. S&C Electric Company
15. Eaton
16. Kamstrup
17. Trilliant Holdings
18. Globema
19. Tech Mahindra
20. Enel X North America
21. Fujitsu
22. eSmart Systems
23. Tantalus
24. EsyaSoft Technologies
25. Grid4C
26. C3 Energy
27. Others
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Key questions answered in the Smart Grid Market are:
What is Smart Grid ?
What was the Smart Grid market size in 2023?
What is the growth rate of the Smart Grid Market?
Which are the factors expected to drive the Smart Grid market growth?
What are the different segments of the Smart Grid Market?
What growth strategies are the players considering to increase their presence in Smart Grid ?
What are the upcoming industry applications and trends for the Smart Grid Market?
What segments are covered in the Smart Grid Market?
Who are the leading companies and what are their portfolios in Smart Grid Market?
What segments are covered in the Smart Grid Market?
Who are the key players in the Smart Grid market?
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