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WILMINGTON, DE / ACCESSWIRE / December 6, 2022 / Transparency Market Research Inc. – According to a market report published by Transparency Market Research, worldwide Smart Grid Market It is expected to grow at a compound growth rate of approximately 17.8% between 2021 and 2031.
The past few years have seen an increasing demand for consistent electricity supply for residential and commercial use. Therefore, the demand for an advanced grid, which can meet the needs of consumers has increased. This has led to the need for a smart grid.
Smart grid can become a key element in the digital transformation of the energy industry, during the forecast period, which can increase the growth of the market.
Leading players in the global Smart Grid market are using strategies such as signing partnerships with smaller players to expand their market and increase revenue.
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Key Findings of the Smart Grid Market Study
- Increase in demand to replace the conventional grid Propelling Smart Grid Market: Smart grid technologies such as distribution automation, cyber security, and advanced metering infrastructure have become popular in the past few years. The smart grid provides improved reliability and efficiency; The combination of different renewable energy sources in these products helps to optimize energy consumption and reduce carbon emissions. In addition, traditional power grids are old and can cause long hours of darkness, which makes it necessary to replace these structures with smart grid technologies that provide protection for the distribution network, reduce costs, and save energy.
- Increase in the government focus on the development of Smart City to strengthen marketing: The past decade has witnessed an increase in the government’s focus on building smart cities, especially in economic development. Smart cities have been developed to promote economic growth and improve quality. The living of the population. This is expected to be the fuel industry growth for the smart grid during the forecast period.
Smart Grid Market – Growth Driver
- The increasing adoption of centralized grid control is one of the The main driving factors of the power grid market around the world.
- Increasing demand for transmission system upgrades is expected to drive the growth of the market for smart grid over the forecast period.
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Smart Grid Market- regional market insights
- Asia Pacific is witnessing significant growth and is expected to dominate the global Smart Grid market during the forecast period between 2021 and 2031. The increasing need to reduce transmission and distribution losses and the increasing need to reduce carbon emissions in countries such as China and India are. It is expected to play an important role in the development of the market in the region. In addition, leading players can establish smart grid production units and research centers in Asia Pacific countries that provide resources such as land and labor at affordable prices. For example, the National Accreditation Board for Testing and Calibration Laboratories, in October 2021, proposed approval for Tata Power’s smart meter laboratory, which was established with the aim of increasing the development and sales of high-end meters in India.
Smart Grid Market – Key Players
The global Smart Grid market is fragmented with a large number of players. Entry of new players in the market is likely to increase competition during the forecast period.
Prominent players are investing heavily in research and development activities to produce improved power grids to serve the needs of consumers across different end-use industries.
Major players in the global Smart Grid market include
- Schneider Electric,
- Alstom,
- ABB Limited,
- General Electric, and Siemens.
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The global grid market is divided as follows:
Technology
- Advanced measurement infrastructure
- Automatic distribution
- Software and hardware
- Communication technology
- Transmission upgrade
- Cyber security
Area covered
- North America
- Europe
- Asia Pacific
- Middle East and Africa
- Latin America
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