Inkwood Research estimates that the Global Smart Grid Market is evaluated to project a CAGR of 9.83% in terms of revenue during the forecasting years of 2021-2028.
“Browse 41 Market Data Tables and 48 Figures spread over 164
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The majority of the countries, across the globe, focus on minimizing
their carbon emissions in order to reduce environmental degradation. This aspect
leads to the increasing use of renewable energy sources such as, wind, tidal,
and solar. Using a smart grid encourages the smooth integration of traditional
grids and systems, incorporated with renewable energy-based technology.
Surging
Need for Efficient Energy Use Propels Market Growth
The growing reliance on electronic devices, as well as the
constant need for electricity across the commercial sector and households,
drives the need for smart grid technology. Factories, households, factories,
and offices require efficient and reliable power sources, capable of minimizing
the duration and frequency of blackouts, in addition to completely eliminating
power disturbances. Hence, the smart grid offers technologies that enhance and
improve fault detection and enables the network’s automatic self-healing. With
the continual detection of disturbances, the smart grid also delivers real-time
assistance to energy management systems, thereby raising its situational
awareness.
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Distribution
is the Fastest-Growing Application
The increasing importance of system resilience and
reliability changes how distribution systems are operated and planned.
Moreover, developing technologies and devices, including, remote-controlled
switches and smart meters, are being deployed, in order to achieve a
distribution system’s self-healing, against power outages. The adoption of
higher levels of automation, in addition to smart grid solutions, continues to
transform conventional distribution systems into smart distribution systems.
North
America Held the Highest Revenue Share in 2020
The region’s rising interest in smart grid systems among
operators and investors, essentially fuels the market growth in North America.
Moreover, the growing electricity consumption, coupled with the demand for
renewable energy sources across several countries, is also anticipated to
provide the region’s market with lucrative growth opportunities.
The global smart grid market comprises numerous global
players, competing for attention across a relatively contested market space.
The brand identity linked to the companies has a significant influence over the
market, especially considering the security concerns. Hence, in terms of investing
in new technologies and market penetration, the industrial rivalry within the
global market is expected to remain high. Besides, owing to the emergence of
new startups delivering a wide range of innovative solutions, the market
witnesses intensifying competition and is anticipated to increase over the
forecast period.
Some of the leading players operating in the market are, ABB
Ltd, Cisco Systems Inc, Siemens AG, Honeywell International, etc.
About Inkwood Research
Inkwood Research specializes in syndicated & customized
research reports and consulting services. Market intelligence studies with
relevant fact-based research are customized across industry verticals such as
technology, automotive, chemicals, materials, healthcare, and energy, with an
objective comprehension that acknowledges the business environments. Our
geographical analysis comprises North & South America, CEE, CIS, Middle
East, Europe, Asia, and Africa.
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