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The deployment of smart grid on a large scale and favorable government policies along with fiscal incentives drive the market of global smart grid market. Furthermore, the utility companies focusing on enhancing distribution efficiency boost the market growth. However, high installation cost of smart meters borne by end-users hampers the growth of this market. On the contrary, various grid operators trying to effectively manage the demand for power offer lucrative opportunities for the growth of the smart grid market.The favorable government policies along with fiscal incentives drive the market of global smart grid market.
The global smart grid market contributed $66.96 billion in 2017 and is estimated to garner $169.19 billion by 2025, growing at a CAGR of 12.4% from 2017 to 2025.
The smart grid communications segment is expected to register the highest CAGR of 16.8% from 2017 to 2025. However, the substation automation segment accounted for more than one-fourth of the total revenue in 2017 and will maintain its dominance by 2025.
The solution segment accounted for more than three-fourths of the total revenue in 2017 and will maintain its dominance by 2025. However, the services segment is expected to register the highest CAGR of 13.9% from 2017 to 2025.
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The transmission segment accounted for more than one-third of the total revenue in 2017 and will maintain its dominance by 2025. However, the distribution segment is expected to register the highest CAGR of 15.7% from 2017 to 2025.
The residential segment is expected to register the highest CAGR of 14.7% from 2017 to 2025. However, the commercial segment accounted for nearly half of the total revenue in 2017 and will maintain its dominance by 2025.
North America region accounted for more than two-fifths of the market in terms of revenue in 2017. However, the Asia-Pacific region is expected to grow at the highest CAGR of 16.1% during the forecast period. The research also analyzes regions including Europe and LAMEA.
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Profiling Key Players: Cisco Systems, Inc., General Electric, Honeywell International Inc, International Business Machines Corporation (IBM), Itron Inc., Oracle, Schneider Electric, Siemens, Tech Mahindra Limited, Wipro Limited, and others.
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