Smart grid market is projected to grow at a CAGR of 23.62% during the forecast period, reaching a total market size of US$73.316 billion in 2024 from US$20.540 billion in 2018. The smart grid is an electricity supply network that uses digital communications technology to detect and react to local changes in usage. The smart grid market is driven by increasing adoption of distributed renewable generation and regulatory pressure for reducing carbon emission. Rapidly increasing population, urbanization, and industrialization are pressurizing governments and international organizations to set up strict regulatory standards regarding carbon emission which is also boosting the growth of the smart grid market. Growing demand for electric cars provides a great opportunity for the expansion of the smart grid market. However, high initial cost, the safety concerns related to smart grid cybersecurity and vulnerabilities in the energy industry may hamper the market growth. Geographically, the North America region is expected to have a significant market share on account of the early adoption of technology.
The “Smart Grid Market– Forecasts from 2019 to 2024” is an exhaustive study that aims to present the key market trends through various chapters focusing on different aspects of the market. The study provides a detailed market overview through the market dynamics sections which detail key market, drivers, restraints, and opportunities in the current market. The report analyzes key opportunity regional markets, and the current technology penetration through lifecycle analysis. The report also analyzes the market through comprehensive market segmentation by component and geography.
The smart grid market has been segmented based on components and geography. By component, the market has been segmented into hardware, software, and services.
Regional analysis has been provided with detailed analysis and forecast for the period 2018 to 2024. The global market has been broken down into North America, South America, Europe, Middle East and Africa, and the Asia Pacific regions. The report also analyzes 15 countries across these regions with thorough analysis and forecast along with prevailing market trends and opportunities which each of these countries present for the manufacturers.
Major players in the smart grid market have been covered along with their relative competitive position and strategies. The report also mentions recent deals and investments of different market players over the last year. The company profiles section details the business overview, financial performance for the past three years, key products and services being offered along with the recent developments of these important players in the smart grid market.