The North America Smart Grid Market would witness market growth of 16.8% CAGR during the forecast period (2022-2028).
Grid managers used to keep things in balance by controlling supply to match demand. Demand, however, is not merely something to meet in smart grids. It may also be a management issue. Demand Response is a technique that modifies customer energy use to assist in balancing grid frequency. It is a decentralised network of energy assets that acts as energy sources for smart grids to tap into, similar to a virtual power plant (VPP). Yet, it functions on the demand side as opposed to the supply side. Only the technology offered by smart grids makes it feasible for these cutting-edge kinds of energy delivery. Without them, there wouldn't have the modern, dependable, and adaptable energy networks. They enable customers to make better informed decisions about how they use electricity.
The relationship between consumer demand and the supply of renewable energy may be optimised via smart grids. Companies may also take use of energy storage's potential by ensuring that electricity is stored while it is accessible and reasonably priced, then released when demand increases. Even though this power system is still far off, smart grid technology will aid in its development by giving important information into the energy markets. It will take time for existing electrical systems to give way to smart grids.
With almost 9,200 electric producing units and 600,000 miles of transmission lines, the U.S. electric grid is an engineering wonder. To provide dependable, secure, and clean energy, the Office of Electricity (OE) is strengthening, transforming, and improving energy infrastructure with public and commercial partners.
Modernizing the grid to make it "smarter" and more robust by using cutting-edge technology, equipment, and controls that communicate and work together to supply energy more reliably and effectively will dramatically minimise power outages, storm effects, and restoration time. Data access helps consumers control energy use and expenses. Modern grids enhance security, peak loads, renewable integration, and operating costs for utilities. Hence, government modernizations drive North America Smart Grid Sensors market growth.
The US market dominated the North America Smart Grid Market by Country in 2021, and would continue to be a dominant market till 2028; thereby, achieving a market value of $31,846.7 million by 2028. The Canada market is showcasing a CAGR of 19.5% during (2022 - 2028). Additionally, The Mexico market would register a CAGR of 18.4% 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 U.S., Mexico, Canada, and Rest of North America.
Free Valuable Insights: The Global Smart Grid Market is Estimated to reach $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
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