The Asia Pacific Smart Grid Market would witness market growth of 18.0% CAGR during the forecast period (2022-2028).
Predictive maintenance is one of the most important Internet of Things (IoT) initiatives based on the grid in power plants, energy distributors, and utilities. The foundation of operations is the use of expensive infrastructure and equipment. With cutting-edge smart grid technology for security and energy grid management, stakeholders may more effectively monitor their assets, anticipate depreciation and failure, and plan repair.
Machine learning applications are already widely used in the IoT sector, and smart energy grid IoT initiatives are no exception. Large data sets are well-known for being an excellent fit for machine learning. It helps with the improved comprehension and use of big data, the discovery of patterns, and forecasting. So, one method to increase efficiency is to analyse IoT data produced in the smart grid supply chain using sophisticated algorithms.
As a result of this AI movement, several startups have joined the market. On the business-to-business side, Fresh Energy, a rated company, links to smart metres and utilises AI to provide users with information and advice about their power usage.
China wants to dominate electrical power equipment by 2025. The Made in China 2025 Technological Roadmap (2017) outlines this national vision. The national initiative emphasises innovation and technology. Development financing is substantial. In 2015, the National Development and Reform Commission and National Energy Administration stressed the importance of smart grid development to improve the grid's ability to allocate energy resources and promote clean energy and distributed energy to create a safe, efficient, clean, and modern energy system.
India is also a significant adopter of smart city projects. To develop a sustainable city, the smart city programme uses digital technology for smart retail, IoT, transportation, grid, and retail. Smart city efforts rely on smart grid technologies to provide power for their many tasks. Smart grid in smart cities integrates renewables and permits sustainable energy generation near demand, providing more opportunities for the smart grid business.
The China market dominated the Asia Pacific Smart Grid Market by Country in 2021, and would continue to be a dominant market till 2028; thereby, achieving a market value of $10,120.6 million by 2028. The Japan market is exhibiting a CAGR of 17.3% during (2022 - 2028). Additionally, The India market would experience a CAGR of 18.8% during (2022 - 2028).
Based on Component, the market is segmented into Solution (Smart Grid Distribution Management, Substation Automation, Smart Grid Network Management, Smart Grid Metering Infrastructure, Smart Grid Security, Smart Grid Communications, and Others) and Services. Based on End User, the market is segmented into Commercial, Industrial, and Residential. Based on Application, the market is segmented into Distribution, Transmission, Consumption, and Generation. Based on countries, the market is segmented into China, Japan, India, South Korea, Singapore, Malaysia, and Rest of Asia Pacific.
Free Valuable Insights: The Worldwide Smart Grid Market is Projected to reach USD 130.2 Billion by 2028, at a CAGR of 17.4%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include General Electric Company (GE Grid Solutions), Schneider Electric SE, Cisco Systems, Inc., IBM Corporation, Siemens AG, Wipro Limited, Honeywell International, Inc., Oracle Corporation, ABB Group, and Itron, Inc.
By Component
By End User
By Application
By Country
Unique Offerings Our team of dedicated experts can provide you with attractive expansion opportunities for your business.
