The global smart grid market size was worth $67.23 billion in 2018, and is expected to reach $170.23 billion by 2026, growing at a CAGR of 12.6% from 2019 to 2026. The research offers a detailed analysis on changing market dynamics, key investment pockets, major segments, and market competition.
Factors such as rise in concerns regarding environmental protection and growth in adoption of smart grid technology to improve efficiency in energy conservation and consumption drive the market growth. Moreover, supportive government policies & regulations to use smart meters and rise in investments in digital electricity infrastructure supplement the market growth. However, lack of standardization and rise in privacy & security concerns are a few challenges faced by the industry. Conversely, growing number of electric vehicles on the road and upcoming smart cities projects in developing regions create new opportunities for the market growth.
The report analyzes and forecasts the smart grid market at global and regional levels. The market has been forecast based on volume (Tons) and value (US$ Mn) from 2019 to 2026. The study includes drivers and restraints of the global market. It covers the impact of these drivers and restraints on the demand during the forecast period. The report also highlights opportunities in the market at the global level.
The report comprises a detailed value chain analysis, which provides a comprehensive view of the global smart grid market. The Porter’s Five Forces model has also been included to help understand the competitive landscape of the market. The study encompasses market attractiveness analysis, wherein various applications have been benchmarked based on their market size, growth rate, and general attractiveness.
The study provides a decisive view of the smart grid market by segmenting it in terms of form and application. The segment has been analyzed based on the present and future trends. Regional segmentation includes the current and projected demand in North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
The report provides size (in terms of volume and value) of smart grid market for the base year 2018 and the forecast between 2019 and 2026. Market numbers have been estimated based on form and application. Market size and forecast for each application segment have been provided for the global and regional market.
Key Players Insights:
The smart grid market is dominated by the players such as Cisco Systems, Inc., General Electric, Honeywell International Inc, International Business Machines Corporation (IBM), Itron Inc., Oracle, Schneider Electric, Siemens, Tech Mahindra Limited, Wipro Limited, and others.
In-depth interviews and discussions were conducted with several key market participants and opinion leaders to compile the research report.
Primary research represents a bulk of research efforts, supplemented by extensive secondary research. Annual reports, press releases, and relevant documents of key players operating in various application areas have been reviewed for competition analysis and market understanding.
Secondary research also includes recent trends, technical writing, Internet sources, and statistical data from government websites, trade associations, and agencies. These have proved to be reliable, effective, and successful approaches for obtaining precise market data, capturing market participants’ insights, and recognizing business opportunities.
The study objectives of this report are:
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