According to a new report, published by KBV research, The Global Smart Grid Market size is expected to reach $130.2 billion by 2028, rising at a market growth of 17.4% CAGR during the forecast period.
The Services market has shown the high growth rate of 20% during (2022 - 2028). Unplanned power outages, environmental protection, and energy system reorganisation to reduce inaccuracy and load mismatch will boost consultancy product usage. Grid complexity and the necessity to modernise electrical infrastructure will boost industrial prospects. In-house product development and EPC contractor partnerships to improve aftermarket services should boost company.
The Industrial market is showcasing a CAGR of 17.6% during (2022 - 2028). Smart Grid development might begin with an industrial power distribution network. Industrial power distribution networks are smart and functioning nowadays. The equipment and procedure often generate local data and measurements. Multi-vendor systems use mill-wide communication. An industrial power supply network may be part of a Smart Grid and have most of its capabilities.
The Transmission market is anticipated to grow at a CAGR of 17.7% during (2022 - 2028). Due to global need for safe, quality, and dependable transmission. Transmission and distribution losses also drive global transmission expansion.
The North America market dominated the Global Smart Grid Market by Region in 2021, and would continue to be a dominant market till 2028; thereby, achieving a market value of $44.1 billion by 2028,. The Europe market is poised to grow at a CAGR of 17.2% during (2022 - 2028). Additionally, The Asia Pacific market would witness a CAGR of 18% during (2022 - 2028).
Full Report: https://www.kbvresearch.com/smart-grid-market/
The market research report has exhaustive quantitative insights providing a clear picture of the market potential in various segments across the globe with country wise analysis in each discussed region. The key impacting factors of the market have been discussed in the report with the elaborated company profiles of 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.
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Companies Profiled
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