Global smart grid market size is estimated to grow from $20.83 billion in 2017 to $50.65 billion by 2022, at a Compound Annual Growth Rate (CAGR) of 19.4%.
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The market is driven by factors the availability of hardware and connectivity devices at affordable cost, rising need for a real-time information system, government policies and legislative mandates, regional government initiatives for smart meter roll-outs, increasing demand for integration of renewable energy sources, and increasing awareness about carbon footprint management. However, the utility operators face various obstacles while adopting smart grid solutions, such as security concerns, data protection, and lack of a standardized and uniform technology for a smart grid.
Key Target Audience for smart grid market
- Smart grid technology solution providers
- Utility platform and analytics vendors
- System integrators/migration service providers
- Consultants/consultancies/advisory firms
- Training and education service providers
- Support and maintenance service providers
- Network service providers
- Networking and Communication Service Providers (CSPs)
- Governments and urban planning agencies
- Smart cities stakeholders
- Investors and consultants
The smart grid ecosystem comprises service providers, such as
General Electric Company (New York, US), ABB Ltd. (Zurich, Switzerland), Siemens AG (Munich, Germany), Schneider Electric SA (Rueil-Malmaison, France), Itron, Inc.
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(Washington, US), Landis+Gyr (Zug, Switzerland), Aclara Technologies LLC (Missouri, US), Cisco Systems, Inc. (California, US), Open Systems International, Inc.
(Minnesota, US), IBM Corporation (New York, US), Wipro Ltd. (Karnataka, India), Oracle Corporation (California, US), S&C Electric Company (Illinois, US), Eaton Corporation Plc (Dublin, Ireland), Kamstrup A/S (Skanderborg, Denmark), Trilliant Holdings, Inc.
(North Carolina, US), NexGrid, LLC. ). Other stakeholders in the smart grid market include smart grid technology vendors and hardware providers.
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The break-up profiles of primary participants are given below:
- By company: Tier 1:41%, Tier 2:35%, and Tier 3:24%
- By designation: C-level:73%, Director level:19%, and Others:8%
- By region: North America:42%, Europe:21%, APAC:24%, and RoW:13%
North America is expected to hold the largest market share and dominate the smart grid market from 2017 to 2022. The region has been extremely responsive toward adopting the latest technological advancements, such as Advanced Metering Infrastructure (AMI), smart grid distribution management, smart grid communication, and substation automation.
The major growth drivers for this region are the large-scale investments in the smart grid and smart cities projects and the need for better smart grids and control mechanisms.
The Middle East and Africa (MEA) region is in the initial growth phase; however, it is the fastest-growing region in the global smart grid market. The region has huge reservoirs of conventional and renewable energy sources.
High adoption of solutions to minimize outages and revenue losses, along with better smart grid and control, has led to a wider demand of smart grid solutions in the MEA region.
Browse complete report on "Smart Grid Market by Software (AMI, Smart Grid Distribution Management, Smart Grid Communication, Grid Asset Management, Substation Automation, and Billing and Customer Information System), Hardware, Service, and Region - Global Forecast to 2022" with 73 Market Data Tables and 48 Figures spread through 177 Pages and in-depth TOC , Now available at
Research on Smart Grid provides detailed information regarding the major Technology, Applications & factors influencing the growth of the market such as drivers, restraints, opportunities, and challenge forecasted by 2022.
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