Press release
Smart Grid Market Reach USD 169.18 Billion by 2025, Key Factors Behind Market's Growth
Increase in concerns regarding environmental protection and growth in adoption of smart grid technology to perk up efficiency in energy conservation & consumption propel the growth of the global smart grid market.
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The smart grid market size was valued at USD 66.96 billion in 2017, and is projected to reach USD 169.18 billion by 2025, growing at a CAGR of 12.4% from 2018 to 2025.
The global smart grid market is segmented on the basis of component, application, solutions, end user, and region. Based on component, the market is categorized into solutions and services. On the basis of application, it is classified into generation, transmission, distribution, and consumption/end use. By solutions, the market is categorized into advanced metering infrastructure (AMI), smart grid distribution management, smart grid communications, smart grid network management, substation automation, smart grid security, and others. On the basis of end user, it is divided into residential, commercial, and industrial. Based on region, the smart grid market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
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Covid-19 Impacts on Smart Grid Market-
● Several smart grid manufacturers across the globe have halted their production activities due to disrupted supply of equipment and components from suppliers located in Southeast Asian countries and China amid lockdown due to Covid-19 pandemic.
● Amid lockdown due to COVID-19 drives the demand for smart systems is expected to surge to manage grid operations in order to reduce the human intervention.
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Based on component, the solution segment contributed to more than three-fourths of the total market share in 2017, and is expected to lead the trail by the end of 2025. The services segment, on the other hand, would manifest the fastest CAGR of 13.9% during the estimated period.
Based on end user, the commercial segment generated the highest revenue for smart grid market share in 2017, the growth in demand for the uninterrupted, efficient, and reliable electricity source is the major factor that drives the market growth in this segment.
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Based on region, North America accounted for nearly half of the total market revenue and is projected to maintain the lion's share till 2025. Simultaneously, the region across Asia Pacific would garner the fastest CAGR of 16.1% from 2018 to 2025. The other two provinces analyzed across the report include Europe and LAMEA.
The key market players analyzed in the global smart grid market report include General Electric, Tech Mahindra Limited, International Business Machines Corporation (IBM), Itron Inc., Oracle, Schneider Electric, Siemens, Cisco Systems, Inc., Honeywell International Inc, and Wipro Limited.
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