The market for Smart Grid Market is expected to reach USD$ XX in 2023.
Smart Grid refers to an electrical grid that uses digital information received from various equipment such as smart meters and appliances, renewable energy resources, and communication technology. Smart grids use digital information and control various equipment to improve the efficiency, reliability, and security of the grid.
The global smart grid market is expected to gain robust growth owing to increasing demand for power and government regulatory policies for the transmission and distribution of power, which are expected to augment the growth of the smart grid over the forecast period.
Moreover, growing environmental concerns over carbon footprints and the need for the replacement of antiquated infrastructure are also projected to fuel demand for the smart grid during the forecast period. However, a lack of awareness and high implementation costs for the modification of existing infrastructure are expected to restrain the demand for smart grids in the near future.
Asia Pacific is expected to be the most promising market over the forecast period due to increasing power demand in emerging economies such as India and China as a result of rapid urbanization in the region. Following 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 are expected to drive the demand for smart grids in the region.
Leading players identified across the value chain of the smart grid market are focusing on mergers and acquisitions.
By Product Type
By Geography
Cisco, IBM, Itron Inc., Siemens, Schneider Electric, ABB, and others
The market for Smart Grid Market is expected to reach USD$ XX in 2023.
The Smart Grid Market is expected to see significant CAGR growth over the coming years, at XX%
The report is forecasted from 2016 -2023.
The base year of this report is 2015.
Cisco, IBM, Itron Inc., Siemens, Schneider Electric, ABB,. are some of the major players in the global market.