Global Smart Grid Market Projected to Reach USD 86.6 Billion by 2024The emerging technologies in the telecommunication and energy sector coupled with high investments from the government and market players in the development of smart grid across the globe are together driving the growth of global smart grid market. According to Goldstein Research, global smart grid market size is expected to reach USD 86.6 billion by 2024 from an estimated USD 32.4 billion in 2015, growing at a robust CAGR of 13.15% during the forecast period 2016-2024.
As per the smart grid market, in 2015, total investments for smart grid was approx. USD 400 million, whereas for energy efficiency USD 800 million funding was raised. Further, the market is largely influenced by the global smart electric meters market, which is growing at a CAGR of 9.7% over the forecast period. Higher the number of smart meter installations, higher will be the efficiency of the smart grid.
Global smart grid market segmentation has been carried out on the basis of hardware, software, services, and geography. Based on geography, global smart grid industry is estimated to be dominated by North America with an expected market share of 35.0% by 2024. Whereas, Asia Pacific region is witnessing high investments for development and R&D in the energy sector. China smart grid market accounts for highest revenue share in APAC region, with nearly double smart meters installed in China as compared to the U.S. Further, Global smart grid transmission equipment market is another wing of smart grid industry playing an important role in energy distribution to residential, commercial and industrial energy demands.
Market Segmentation
On the basis of our in-depth analysis, Global smart grid market can be segmented as follows:
By Hardware
- Sensors
- PLC (Programmable Logic Controller)
- Smart Meter
- Networking Hardware
By Software
- Advanced Metering Infrastructure Software
- Grid IT and Asset Management System Software
- Smart Grid Communication Software
- Cyber-security Software
- Distribution Automation Software
By Services
- Consulting Services
- Integration and Installation Services
- Maintenance Services
By Region
- North America (US, Canada) {Market Share (%), Market Size (USD Billion, Adoption Rate (%)}
- Europe (UK, France, Italy, Germany, Spain, Hungary, Sweden, Russia, Poland and Rest of Europe) {Market Share (%), Market Size (USD Billion), Adoption Rate (%)}
- The Middle East and Africa (GCC Countries, North Africa, South Africa and Rest of the Middle East & Africa) {Market Share (%), Market Size (USD Billion), Adoption Rate (%)}
- Latin America (Brazil, Mexico and Rest of Latin America) {Market Share (%), Market Size (USD Billion), Adoption Rate (%)}
- Asia Pacific (China, Japan, India, Singapore, South Korea, Australia, New Zealand and Rest of Asia-Pacific) {Market Share (%), Market Size (USD Billion), Adoption Rate (%)}
- Rest of the World {Market Share (%), Market Size (USD Billion), Adoption Rate (%)}
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“Global Smart Grid Market Outlook 2024” contains the detailed overview of the global smart grid market. On the basis of our in-depth analysis, the market can be segmented in terms of market segmentation by hardware, software & services.
Further, for the in-depth analysis, Global Smart Grid Market Report encompasses the market growth drivers, market challenges, risk analysis, market attractiveness, BPS (Base Point Scale) analysis, Porter’s five force model and SWOT analysis. This market report also includes competitive outlook of some of the major players profiling of companies such as General Electric Company, Siemens AG, Itron, Inc., ABB Ltd, Eaton Corporation Plc, IBM Corp, Cisco Systems, etc.
The company profiles include business strategy, geographical revenue distribution, major information of the companies which encompasses business outlook, products, services, and industries catered, financial analysis of the company and recent developments.
Overall, the report represents the global smart grid market trends along with the market forecast that will help market consultants, technology providers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market-centric strategies according to the ongoing and expected trends in the future.
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