Smart Grid Market Estimation, Global Share, Industry Outlook, Price Trend, Growth Opportunity and Top Regional Forecast 2024
Category: #business  By Rahul Varpe  Date: 2021-08-09
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Smart Grid Market Estimation, Global Share, Industry Outlook, Price Trend, Growth Opportunity and Top Regional Forecast 2024

Smart grid Market is predicted to reach over USD 70 billion by 2024. Favorable government initiatives toward grid advancement will drive the industry growth. The regulatory authorities across the nations have imposed stringent regulations and mandates as part of their initiatives to combine the grid installation and research & development activities. The global funding for digital electricity infrastructure in 2016, was valued over to USD 45 billion to improve the reliability, security and resiliency of the grid. In addition, the growing government focus toward grid refurbishment to reduce overutilization, load mismatch and integration challenges will further augment the smart grid market.

The U.S. smart grid market in 2017, was valued over USD 3 billion. Implementation of various grid automation plans to strengthen the distributed intelligence and communication flexibility of national electrical infrastructure will positively impact the industry growth. Growing demand for energy conservation on account of recurring blackouts will stimulate the business outlook. In 2017, The Public Service Electric & Gas Company invested an amount of USD 69 million to enhance the consumer energy efficiency by data analytics and smart thermostat programs.

Smart grid market by communication & wireless infrastructure is predicted to grow over 20% by 2024. Growing requirement of IoT intervention for improving demand management, grid efficiency and customer services across power utilities will stimulate the business outlook. Digitalization of grid by using sensors and cloud computing technology provides real time data on electricity usage and helps in consumption pattern monitoring. The wide application of control systems across distribution & substation automation, demand-side management and advanced outage management will enhance the product penetration.

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UK smart grid market is set to witness strong growth owing to favorable regulatory norms toward environmental sustainability and energy conservation. The legislative directive and mandate rollout across the nation toward smart meters will augment the business landscape. As part of the smart grid plan, the Energy Networks Association has aimed to execute a local energy market, enabling the households and businesses to trade power thereby contributing to conservation of energy.

China smart grid market is anticipated to grow over 11% by 2024. Regulatory measures toward increasing sustainable energy mix along with the development of green infrastructure will foster the industry growth. For instance, the government of China has planned to increase the share of renewable energy over 20% by 2030 in the existing generation mix.

Ongoing investments toward digitalization of grid by implementing advanced communication technology will stimulate the smart grid market. Increasing focus toward the integration of renewable grid along with the necessity for upgrading ageing electrical infrastructure will facilitate the installation of smart grids.

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Eminent players in smart grid market include ABB, Hubbell, Schneider Electric, Fujitsu General, Belden, General Electric, Honeywell Elster, Landis+Gyr, Oracle Itron, Siemens, Cisco, Wipro and IBM.

Table of Contents

Chapter 1. Methodology and Scope

  • 1.1. Methodology
  • 1.2. Market definitions
  • 1.3. Market estimation and forecast parameters
  • 1.4. Data sources
    • 1.4.1. Primary
    • 1.4.2. Secondary
    • 1.4.2.1. Paid Sources
    • 1.4.2.2. Public Sources

Chapter 2. Executive Summary

  • 2.1. Smart grid industry 360 degree synopsis, 2013 - 2024
  • 2.2. Business trends
  • 2.3. Technology trends
  • 2.4. Service trends
  • 2.5. Deployment trends
  • 2.6. Regional trends

Chapter 3. Smart Grid Industry Insights

  • 3.1. Industry segmentation
  • 3.2. Industry landscape, 2013 - 2024 (USD Million)
  • 3.3. Industry ecosystem analysis
    • 3.3.1. Vendor matrix
  • 3.4. Regulatory landscape
    • 3.4.1. U.S.
    • 3.4.2. Europe
    • 3.4.3. China
    • 3.4.4. India
    • 3.4.5. Australia
    • 3.4.6. Brazil
  • 3.5. Innovation and sustainability
    • 3.5.1. ABB
    • 3.5.2. Schneider Electric SE
    • 3.5.3. Fujitsu General
  • 3.6. Global investment trend analysis
  • 3.7. Key existing and upcoming projects
  • 3.8. Smart Grid Developed Vs Upcoming Markets
  • 3.9. Transmission and distribution loss trends
  • 3.10. Customer requirements
  • 3.11. Customer group requirements
    • 3.11.1. Utility
    • 3.11.2. Government institutions
    • 3.11.3. Industrial
  • 3.12. Entry barrier
  • 3.13. Industry impact forces
    • 3.13.1. Growth drivers
    • 3.13.1.1. .Increasing need to digitalize the power sector
    • 3.13.1.2. Favorable government regulations and mandates
    • 3.13.1.3. Growing share of renewable energy in the energy mix
    • 3.13.1.4. Reliable and efficient energy consumption
    • 3.13.2. Industry pitfalls & challenges
    • 3.13.2.1. Rising cyber attacks
  • 3.14. Growth potential analysis
  • 3.15. Porter's analysis
  • 3.16. Competitive landscape, 2017
    • 3.16.1. Strategy dashboard
    • 3.16.1.1. Itron
        • 3.16.1.1.1. Product Development
        • 3.16.1.1.2. Acquisitions
        • 3.16.1.1.3. Long Term Contract
        • 3.16.1.1.4. Restructuring
    • 3.16.1.2. Honeywell
        • 3.16.1.2.1. Acquisition
        • 3.16.1.2.2. Long-term contracts
        • 3.16.1.2.3. New Product Launch
    • 3.16.1.3. ABB
        • 3.16.1.3.1. Acquisition
        • 3.16.1.3.2. New Product Launch
    • 3.16.1.4. Siemens AG
        • 3.16.1.4.1. Acquisition
        • 3.16.1.4.2. Long-term contracts
  • 3.17. Company market share,2017
  • 3.18. PESTEL analysis
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About Author

Rahul Varpe

Rahul Varpe    

Rahul Varpe currently writes for Technology Magazine. A communication Engineering graduate by education, Rahul started his journey in as a freelancer writer along with regular jobs. Rahul has a prior experience in writing as well as marketing of services and products ...

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