According to the latest report by IMARC Group, titled “Smart Grid Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024”, the global smart grid market size reached US$ 23.7 Billion in 2018. Smart grids are electricity networks, based on digital technology, that are utilized for supplying electricity to consumers through two-way digital communication. They assist in overcoming the flaws of the traditional electrical grids by using smart net meters. They also aid in monitoring, analyzing, controlling and communicating within the supply chain to enhance efficiency, minimize energy consumption and cost, and maximize the transparency and reliability of the energy supply chain. Smart grids can repair themselves, ensuring consistent power supply and promoting consumer engagement in grid operations.
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Global Smart Grid Market Trends:
Owing to rapid urbanization, increasing demand for energy, aging electric grid infrastructure and the growing requirement for digitalization of the power sector, there is a rise in the need for smart grids around the world. They are widely being used for introducing the software-based architecture, especially in emerging economies. Apart from this, the proliferation of distributed energy sources, such as geothermal, photovoltaic (PV) and hydroelectric power, is also strengthening the market growth. These energy sources enable on-site generation and storage of electricity via microgrids and several connected devices. Additionally, owing to increasing concerns about environmental protection, there is a rise in the adoption of smart grid technology for improving energy conservation. Furthermore, governments in numerous countries are focusing on the development of smart cities. As smart grids represent an integral component of their infrastructure, these projects are expected to significantly boost their demand in the upcoming years. Looking forward, the market value is projected to reach US$ 58.6 Billion by 2024, expanding at a CAGR of 16.0% during 2019-2024.
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Market Breakup by Component
Market Breakup by End-User
Market Breakup by Region
1. Asia Pacific
3. North America
4. Middle East and Africa
5. Latin America
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