Global Smart Grid Market Projected to Reach USD 86.6 Billion by 2024

Posted on 2018-09-28 by Goldstein Research in Energy // 0 Comments

New York, USA, 2018-Sep-28 — /EPR Network/ —

Smart Grid Market

The 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 the 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. 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, It 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.

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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
Cybersecurity Software
Distribution Automation Software

By Services

Consulting Services
Integration and Installation Services
Maintenance Services

By Region

North America
Europe
The Middle East and Africa
Latin America
Asia Pacific

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“Global Smart Grid Market Outlook 2024” contains a 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, 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 analysis 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 a 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.

Key questions answered in this Global Smart Grid Report

What is the Market Size by 2024 & the growth rate of the market?
What is the total revenue per segment and region in 2015-16 and what would be the expected revenue per segment and region over the forecast period?
What are the market trends?
What are the factors which are driving this market?
What are the major barriers to smart grid market growth?
Who are the key vendors in this market space?
What are the market opportunities for the existing and entry-level players?
What are the recent developments and business strategy of the key players?

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Our mission is simple: to develop insightful business solutions, help our clients make powerful future decisions to keep them well ahead of the game which is the market, and leave a mark across businesses and communities through our well-defined ideas and clear-cut forecasts.

Our market research reports provide in-depth analysis of global and regional variations along with competitors’ overview. Our analysts working on energy industry analysis reports helping various tech-giants, tech start-ups and entry players to assess the current and upcoming business scenario. We believe in the rigorous examination of the current market scenario and build around creative ideas and approaches that are most suitable for our clients’ needs and business agenda.

Smart Grid Market

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