Energy and Power

Smart Grid Market Size Worth Around USD 175.10 Bn by 2027

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The global Smart Grid market size is expected to be worth around USD 175.10 Billion  by 2027 from USD 70.20 Billion in 2020, growing at a CAGR of 15.9% from 2021 to 2027. Increasing usage of ethyl alcohol as befoul is major factor driving growth of the ethanol market.

Growth Factors:

The global market witnessed by the governments’ regulatory frameworks regarding the adoption of the smart grids for ensuring regular power supply. The rising demand for the reliable and regular power supply owing to the increasing shift towards sustainable energy sources is boosting the growth of the smart grid market. The rising adoption of the electric vehicle across the globe and rising investments in setting up charging stations at various locations is the most significant factor behind the burgeoning demand for the smart grids across the globe.

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Smart Grid Market Dynamics
Driver:
Governments across the world have imposed several supportive policies and mandates, focusing on implementing smart grids and spreading awareness about energy conservation. These regulations drive the adoption of smart grid technology for industrial, commercial, and residential applications.

The Department of Energy (DOE) was allocated USD 4.5 billion through the American Recovery and Reinvestment Act of 2009 (Recovery Act) funds to modernize electric power grids. Under the Smart Grid Investment Grant (SGIG) program, the DOE and the electricity sector have jointly invested USD 8 billion in 99 cost-shared projects, wherein more than 200 electric utilities and other organizations have participated in modernizing the electric grid infrastructure, strengthening cybersecurity, improving interoperability, and collect an unprecedented level of data on smart grid operations and its benefits.

Restraints:
The initial phase of smart grid deployment is capital-intensive. It may restrain the growth of the global smart grid market. The role of the local and national governments is vital in transforming energy infrastructure. Smart grid technology requires huge initial investments to set up the transmission networks that allow two-way communication between the utility and its customers.

Furthermore, effective deployment of a smart grid creates the need for strong coordination across customary organizational boundaries, high flexibility toward significant changes in processes, and rigorous governance. High investments for the successful deployment of smart grids may add an economic burden on the government. Similarly, high operational and maintenance costs after the deployment of smart grid technology is another big concern for utility providers. Developing countries with poor infrastructure, such as China, Brazil, and India, also need huge financial support for building and updating the infrastructure.

Opportunities:
Smart cities are developed urban areas that create sustainable economic growth and high quality of life by excelling in several fields, such as technology, mobility, environment, living standard, and government regulations. More than 100 smart city projects are going on across the world, presenting a huge opportunity for technology companies, utility service providers, and consulting service providers. In smart cities, key services pertaining to utilities, safety, transportation, and healthcare segments are managed more efficiently and intelligently with proper utilization of resources and the adoption of advanced technologies such as IoT and smart energy meters. Traditional power grid models cannot provide the same level of efficiency to citizens and find it difficult to meet the requirements for energy monitoring, real-time data gathering, and smart billing, which are generated due to modernization.

Regional Snapshots

North America dominated the global smart grid market during 2020. This is mainly due to the supportive regulatory frameworks regarding the smart grids in the nations like US and Canada. For instance, Canada launched Renewable and Electrical Pathways Program through its Ministry of Natural Resources, which is a four year scheme that will facilitate the smart grid roll out. This scheme was funded with US4 795 million. It aimed at improving reliability of its smart grids and increasing its capacity. According to the Canada Ministry of Natural Resources, this will help Canada to achieve net-zero emissions by the year 2050. The US is also investing heavily in the deployment of the smart grid infrastructure. In fact, US is the global leader in the smart grid market. North America is among the early adopters of the smart grid technologies and the potential benefits of the smart grids had increased the investments in the deployment of the smart grid infrastructure in the region. Therefore, the huge financial capacity of the North America is expected to sustain its position in the smart grid market during the forecast period.

Asia Pacific is estimated to be the most opportunistic market during the forecast period. The countries like China, Japan, Thailand, South Korea, and India are presenting lucrative growth opportunities to the market players. The formation of various regulatory norms regarding the smart grid infrastructure deployment is the primary growth driver. The nations like China and India are heavily investing in the development of smart cities, which is expected to augment the demand for the smart grid technologies in the forthcoming years. Furthermore, the rapid industrialization in the region has resulted in increased pollution and hence the demand for the clean and green energy is rising at a rapid rate in this region. These factors are expected to drive the growth of the smart grid market in the region during the forecast period.

COVID-19 Impact on Smart Grid Sales

  • Businesses today are operating in a dynamic environment. Earlier focus primarily concentrated on keeping pace with changing consumer preferences. COVID-19 outbreak was unprecedented and exposed vulnerabilities of various industries. Pandemic-induces obstacles also were registered in the Smart Grid market.
  • Sales plummeted as COVID-19 gradually tightened its noose worldwide. Supply-chain disruptions caused massive losses, while demand took nose-dive as consumers remained indoors with affected countries implementing either partial or complete lockdown.
  • Gradual recovery however is on the cards with the roll out of vaccinations. Nonetheless, consecutive waves of the virus compelled businesses to stay prepared for the worst. As government and healthcare organizations successfully implement steps to contain the spread of COVID-19, industries have begun operations, albeit at a slow and more cautious pace.
  • Against this backdrop, Nova one advisor’s study predicts gradual recovery for the Smart Grid market 2021 onwards. This trend will however continue through the course of the report’s assessment period

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Recent report on the Smart Grid market, with the help of a comprehensive outlook, provides readers with an assessment of the global market landscape. This study on the Smart Grid market analyzes the scenario for the period of 2017 to 2027, wherein, 2021 is the base year and 2020 is historical data. This report enables readers to make important decisions with regard to their business, with the help of a wealth of Information enclosed in the study. The report also provides the compound annual growth rate (CAGR) of the global Smart Grid market for the forecast period of 2021–2027. This data can help readers interpret quantitative growth aspects of the global market during the forecast period. It presents a wealth of information on key market dynamics, including drivers, market trends, and challenges, as well as the structure of the global market across the globe.

The report analyzes the historical and present-day scenario of the global Smart Grid market to accurately gauge its growth potential. The study presents detailed information about important growth factors, restraints, and key trends that are creating the landscape for growth of the global market in order to identify opportunities for stakeholders.

The report includes an elaborate executive summary, along with a snapshot of the growth behavior of various segments in the scope of the study. Moreover, the report sheds light on the changing competitive dynamics in the Smart Grid market. These indices serve as valuable tools for existing market players as well as for entities interested in participating in the market.

The report delves into the competition landscape of the global Smart Grid market. Key players operating in the market have been identified and each one of these has been profiled for distinguishing business attributes. Company overview, financial standings, recent developments, and SWOT are some of the attributes of players in the Smart Grid market that are profiled in this report.

Y-o-Y growth comparison, volume and revenue comparison, and market share comparison of various market segments are provided in the report. The Smart Grid market is analyzed at both regional and country levels.

Major Players Covered in this Report

The updated market research report on Smart Grid market allows the buyers and manufacturers to stay updated with the current market trends, ongoing happenings, and a clear picture on the market scenario. List of key players included in the research report will help the market vendors to know their market position and plan more operational strategies to gain topmost position among other players. The report offers crucial company information on each market player, such as company profile, financial information, and recently adopted growth strategies. This will help other existing players and the new entrants to plan strategies and establish their presence in the market.

Significant Market Participants Operational in the Smart Grid Market are:

  • Cisco Systems, Inc.
  • General Electric
  • Honeywell International Inc
  • International Business Machines Corporation (IBM)
  • Itron Inc.
  • Oracle
  • Schneider Electric
  • Siemens
  • Tech Mahindra Limited
  • Wipro Limited

 Research Methodology

A unique research methodology has been utilized to conduct a comprehensive research on the growth of the global Smart Grid market and arrive at conclusions on the future growth prospects of the market. This research methodology is a combination of primary and secondary research, which helps analysts warrant the accuracy and reliability of the drawn conclusions. Secondary sources referred to by analysts during the production of the global market report include statistics from company annual reports, SEC filings, company websites, World Bank database, investor presentations, regulatory databases, government publications, and industry white papers. Analysts have also interviewed senior managers, product portfolio managers, CEOs, VPs, and market intelligence managers, who contributed to the production of our study on the market as a primary source.

These primary and secondary sources provided exclusive information during interviews, which serves as a validation from mattress topper industry leaders. Access to an extensive internal repository and external proprietary databases allows this report to address specific details and questions about the global Smart Grid market with accuracy. The study also uses the top-down approach to assess the numbers for each segment and the bottom-up approach to counter-validate them. This has helped to estimates the future prospects of the global market more reliable and accurate.

Key Questions are

  • What are the key factors influencing the Smart Grid market in each region?
  • How much value will the global market generate by the end of the forecast period?
  • What will be the CAGR of the global market between 2021 and 2027?
  • What would be the Y-o-Y growth trend of the global market between 2021 and 2027?
  • What is the future scope and current trends in technologies of the global market?
  • What is the revenue of the global market based on segments?
  • Which key strategies are used by top players of the global market?
  • Which are the leading companies in the global market?
  • What are the essential strategies by key stakeholders in the market to expand their geographic presence?
  • What are the major advancements witnessed in the global market?

Why should you invest in this report?

If you are aiming to enter the global Smart Grid market, this report is a comprehensive guide that provides crystal clear insights into this niche market. All the major application areas for Smart Grid are covered in this report and information is given on the important regions of the world where this market is likely to boom during the forecast period of 2021-2027 so that you can plan your strategies to enter this market accordingly.

Besides, through this report, you can have a complete grasp of the level of competition you will be facing in this hugely competitive market and if you are an established player in this market already, this report will help you gauge the strategies that your competitors have adopted to stay as market leaders in this market. For new entrants to this market, the voluminous data provided in this report is invaluable.

Thanks for reading you can also get individual chapter-wise sections or region-wise report versions such as North America, Europe, or the Asia Pacific.

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