Smart Grid refers to an electrical grid that uses digital information received from various equipments such as smart meters and appliances, renewable energy resource and communication technology. Smart grids use digital information and control various equipments to improve efficiency, reliability and security of the grid.
Global smart grid market is expected to gain robust growth owing to increasing demand for power along with government regulatory policies for transmission and distribution of power is expected to augment the growth of smart grid over the forecast period. Moreover, growing environmental concerns over carbon footprints and need for the replacement antiquated infrastructure is also projected to fuel the demand for smart grid during the forecast period. However, lack of awareness and high implementation cost for modification of existing infrastructure expected to restrain the demand for smart grids in near future.
Asia pacific is expected to be the most promising market over the forecast period due to increasing power demand in the emerging economies such as India and China as result of rapid urbanization the region. Followed by it, North America is anticipated to be the second largest region in the global smart grid market. The growth in the region is augmented by various government regulations and increasing government initiatives to reduce carbon footprints is expected to drive the demand of smart grid in the region.
Leading players identified across the value chain of smart grid market are focusing on merger and acquisitions.
Global Smart Grid Market is segmented on the following bases:
Key players identified across the value chain in the smart grid market include but are not limited to:
Cisco, IBM, Itron Inc., Siemens, Schneider Electric, ABB and others.
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