Growth of the smart grid market
Rising reliance on electronic devices and the constant need for electricity in households as well as in the commercial sector is driving the growth of the smart grid market.
PORTLAND, PORTLAND, OR, USA, July 14, 2022 /EINPresswire.com/ — Rising concerns about environmental protection and growth in the adoption of smart grid technology to improve the efficiency of energy conservation and consumption are propelling the growth of the global intelligence network market.
On the other hand, the lack of tuning and adjustment and the rise of privacy and security concerns are holding back the growth to some extent. However, the rise in the number of electric vehicles and upcoming smart city projects in developing regions are expected to pave the way for lucrative opportunities in the industry.
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Based on components, the solutions segment contributed more than three quarters of the total market share in 2017 and is expected to lead the way by the end of 2025. The services segment, on the other hand, would show the CAGR the faster by 13.9% over the estimated period.
Based on the region, North America accounted for almost half of the total market revenue and is expected to retain the lion’s share till 2025. Simultaneously, the Asia-Pacific region would gain the fastest CAGR of 16.1% from 2018 to 2025. The other two provinces analyzed in the report include Europe and LAMEA.
According to the report published by Allied Market Research, the global smart grid market was estimated at $66.96 billion in 2017 and is expected to reach $169.18 billion by 2025, registering a CAGR of 12.4% in 2018 to 2025. Inclusive analysis of major investment pockets, winning strategies, drivers and opportunities, market size and estimates, competitive landscape and changing market trends.
The market report is also segmented by application and end-user. Based on the application, the report is further divided into generation, transmission, distribution and consumption. Based on the end user, the report categorizes the market into residential, commercial, and industrial.
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The major market players analyzed in the global smart grid market report are General Electric, Tech Mahindra Limited, International Business Machines Corporation (IBM), Itron Inc., Oracle, Schneider Electric, Siemens, Cisco Systems, Inc., Honeywell International Inc and Wipro Limited.
These market players have resorted to several strategies including partnership, expansion, collaboration, joint ventures and others to prove their leaning in the industry.
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Finally, this report provides market insights in the most comprehensive way. The structure of the report has been kept to provide maximum business value. It provides essential insights into the market dynamics and will enable strategic decision-making for the existing market players as well as those looking to enter the market.
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