Smart Grid Technology Global Market Is Expected To Grow At A Rate Of More Than 18% Through 2023 – 2027
30 Jun, 2023
The global smart grid technology market size is expected to grow from $39.38 billion in 2022 to $46.65 billion in 2023 at a compound annual growth rate (CAGR) of 18.46%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The global smart grid technology market size is expected to reach $91.96 billion in 2027 at a CAGR of 18.49%.
Global Smart Grid Technology Market Key Driver
The rising demand for power generation is likely to drive the smart grid technology market forward. Electricity is a sort of energy that can be produced in a variety of ways and powers machinery that generates heat, light, and other effects. The smart grid delivers electricity from power plants to homes and businesses across the country. It can function in the modern world because of its huge network of electrical generation, transmission, and distribution.
Get a sample of the global smart grid technology market reportGlobal Smart Grid Technology Market Segments
The global smart grid technology market is segmented:
1) By Component: Hardware, Software, Services
2) By Network Operation: Outage Management Systems, Demand Management Systems, Geographical Management Systems
3) By Technology: Wired, Wired-Less
4) By Application: Generation, Transmission, Distribution, Consumption
5) By End User: Residential, Commercial And Industrial, Government
6) By Geography: The regions covered in the smart grid technology market report are Asia-Pacific, Western Europe, Eastern Europe,North America, South America, Middle East, and Africa. Among these regions, North America accounts for the largest share in the global smart grid technology market.
Major Smart Grid Technology Industry Players
ABB Limited, Siemens AG, Schneider Electric SE, Itron Inc., Cisco Systems Inc., International Business Machines Corporation, Oracle Corporation, Honeywell International Inc., Eaton Corporation plc, Tech Mahindra Limited, Wipro Limited, Trilliant Holdings Inc., Globema, Kamstrup, Enel X S.r.l., C3.Ai Inc., General Electric Company, Tantalus Systems Holding Inc., Mitsubishi Electric Corporation, SAP SE, Xylem Inc., e-Smart Systems Ltd., Esyasoft Technologies Pvt. Ltd., Grid4C Ltd., Networked Energy Services (NES) Corporation, Landis+Gyr, Aclara Power-Line Systems Inc., OSI Systems Inc., Intuitive Surgical Inc.
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Smart Grid Technology Market Overview
Smart grid technology refers to an electrical network that manages and monitors the conveyance of power from all generation sources to satisfy the various electricity needs of end customers. This network uses digital and other sophisticated technology.
Smart Grid Technology Global Market Report 2023 provides data on the global smart grid technology market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The smart grid technology market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.