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Smart Grid Market to Reach US$ 845.6 Bn by 2031: TMR Study

WILMINGTON, DE / ACCESSWIRE / December 6, 2022 / Transparency Market Research Inc. - According to a market report published by Transparency Market Research, the Global Smart Grid Market is expected to grow at a compound annual growth rate of 17.8% between 2021 and 2031.

Transparency Market Research inc., Tuesday, December 6, 2022, Press release picture

The last few years have witnessed the increased need for a consistent electricity supply for both residential and commercial applications. Consequently, demand for advanced electrical grids, which can meet consumer requirements has risen. This in turn has fueled the demand for smart grids.

Smart grids could emerge as a key component in the digital transformation of the power industry, during the forecast timeline, which could augment market growth.

Leading players in the global Smart Grid Market are adopting strategies such as signing collaborative agreements with smaller players to expand their market presence and increase revenue.

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Key Findings of Smart Grid Market Study

  • Increase in Need to Replace Conventional Electrical Grids Propelling Smart Grid Market: Smart grid technologies such as distribution automation, cyber security, and advanced metering infrastructure have become popular in the past few years. Smart grids provide improved reliability and efficiency; integration of different renewable energy sources in these products helps in optimizing energy consumption and reducing carbon emissions. Additionally, traditional electricity grids are aging and can cause extended hours of blackouts, which increases the need to replace these structures with smart grid technologies that offer protection to distribution networks, decrease costs, and saves energy.
  • Rise in Government Focus on Smart City Development Augmenting Market Growth: The past decade has witnessed increasing focus by governments to build smart cities, especially in developing economies. Smart cities are developed to promote economic growth and improve the quality of living among population sections. This is anticipated to fuel industry growth for smart grids during the forecast period.

Smart Grid Market - Growth Drivers

  • The rise in the adoption of centralized grid distribution control and management is one of the key driving factors of the global Smart Grid Market
  • An increase in demand for transmission upgrades is expected to boost market growth for smart grids during the forecast period

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Smart Grid Market-Regional Market Insights

  • Asia Pacific is witnessing substantial growth and is expected to dominate the global Smart Grid Market during the forecast period between 2021 and 2031. The rising need to decrease transmission and distribution losses and the increasing need to reduce carbon footprints in countries such as China and India are expected to play key roles in market development in the region. Furthermore, leading players could establish smart grid production units and research centers in Asia Pacific countries that offer resources such as land and labor at affordable prices. For example, The National Accreditation Board for Testing and Calibration Laboratories, in October 2021, offered approval for Tata Power's smart meter testing laboratory, which was established with the objective of increasing the development and sales of advanced meters in India

Smart Grid Market-Key Players

The global Smart Grid Market is fragmented with the presence of a large number of players. Entry of new players in the market is likely to intensify competition during the forecast timeline.

Prominent players are making considerable investments in research and development activities to produce improved grids that would serve consumer requirements across different end-use industries.

Key players in the global Smart Grid Market include

  • Schneider Electric,
  • Alstom,
  • ABB Limited,
  • General Electric, and Siemens.

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The global Smart Grid Market is segmented as follows:

Technology

  • Advanced Metering Infrastructure
  • Distribution Automation
  • Software and Hardware
  • Communication Technologies
  • Transmission Upgrades
  • Cyber Security

Regions Covered

  • North America
  • Europe
  • Asia Pacific
  • Middle East & Africa
  • Latin America

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About Transparency Market Research

Transparency Market Research, a global market research company registered in Wilmington, Delaware, United States, provides custom research and consulting services. The firm scrutinizes factors shaping the dynamics of demand in various markets. The insights and perspectives on the markets evaluate opportunities in various segments. The opportunities in the segments based on source, application, demographics, sales channel, and end-use are analyzed, which will determine growth in the markets over the next decade.

Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insights for thousands of decision-makers, made possible by experienced teams of Analysts, Researchers, and Consultants. The proprietary data sources and various tools & techniques we use always reflect the latest trends and information. With a broad research and analysis capability, Transparency Market Research employs rigorous primary and secondary research techniques in all of its business reports.

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