Smart Grid Market 2020: Size, Industry Trends, Growth and Outlook till 2025 - IMARC Group

The global smart grid market to exhibit strong growth in the next five years. A smart grid is an electronic network that uses a two-way digital communication system to supply electricity. It allows real-time collection of data regarding the electricity demand and supply during transmission and distribution processes. Smart grid primarily includes smart sensors and power meters to automate billing data collection and detect system failures. The grid also integrates advanced superconducting cables to provide long-distance power transmission through wireless communication instruments. Furthermore, smart grid can automatically repair its components along with ensuring consistent power supply and promoting consumer engagement in grid operations. These properties of smart grid aid in improving the overall performance and reducing electricity generation costs.

Smart Grid Market Trends:

The emerging trend of digitalization in the energy sector, along with the growing number of high-end infrastructures across the globe, is primarily augmenting the market growth. Furthermore, the rising upgradation of existing power infrastructures with software-based, smart solutions is also propelling the demand for smart grid. Additionally, the increasing penetration of numerous renewable energy sources, such as geothermal, photovoltaic (PV), hydroelectric power, etc., is further augmenting the demand for advanced grid infrastructures.

Moreover, the rising environmental concerns towards increasing levels of carbon emissions from conventional power grids, are also catalyzing the need for sustainable alternatives. In the coming years, the emergence of smart grid infrastructures integrated with cloud-based, AI, and sensor technologies, will continue to bolster the market growth.

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Note: As the novel coronavirus (COVID-19) crisis takes over the world, we are continuously tracking the changes in the markets, as well as the purchase behaviours of the consumers globally and our estimates about the latest market trends and forecasts are being done after considering the impact of this pandemic.

Smart Grid Market Segmentation:

Market Breakup by Component

Software

Advanced Metering Infrastructure
Smart Grid Distribution Management
Smart Grid Network Management
Substation Automation
Others

Hardware

Sensor
Programmable Logic Controller
AMI Metre
Networking Hardware
Others
Services

Market Breakup by End-User

Residential
Commercial
Industrial

Market Breakup by Region

Asia Pacific
Europe
North America
Middle East and Africa
Latin America

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Some of the major players operating in the industry include Cisco Systems, Inc. (NASDAQ: CSCO), IBM Common Stock (NYSE: IBM), Siemens AG (OTCMKTS: SIEGY), SCHNEIDER ELEC /ADR (OTCMKTS: SBGSY), Wipro Limited (NYSE: WIT), General Electric Company (NYSE: GE), Honeywell, Oracle Corporation, ABB, Itron, Fujitsu, Eaton, Tantalus, eSmart Systems, etc.

Browse related reports:

Global Smart Cities Market Report: http://digitaljournal.com/pr/4709991

Global Smart Water Meter Market Report: https://www.marketwatch.com/press-release/smart-water-meter-market-2020-industry-trends-growth-share-size-covid-19-impact-analysis-and-forecast-till-2025-imarc-group-2020-08-22

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