Dublin, Nov. 04, 2021 (GLOBE NEWSWIRE) -- The "Smart Grid: Global Markets to 2026" report has been added to ResearchAndMarkets.com's offering.
The global market for smart grid technology is estimated to grow from $36.9 billion in 2021 to $55.9 billion by 2026, at a compound annual growth rate (CAGR) of 8.7% during the forecast period of 2021-2026.
The smart grid, regarded as the next-generation power grid, uses two-way flows of electricity and information to create a widely distributed automated energy delivery network.
Most countries around the globe face the predominant issues of power losses and concerns of resilience from the traditional electric transmission and distribution infrastructure. Hence, many countries have been making significant investments in research while collaborating with key players and deploying smart grid infrastructure in an effort to modernize the current grid. The smart grid market is likely to be boosted during the forecast period of this report due to the smart grid's energy efficiency benefits and the move towards grid digitalization.
A smart grid infrastructure offers a key advantage of incorporating renewable energy sources in the current electricity grid. Therefore, it enables the creation of a hybrid grid while supporting the rising requirement for energy protection. Promising government initiatives aimed at sustainable energy production that require dependable power infrastructure are projected to accelerate the smart grid market through 2025.
Leading players in the smart grid market include ABB, Aclara, C3 Energy, Cisco, Eaton, Enel X North America, eSmart Systems, EsyaSoft, Fujitsu, General Electric, Globema, Grid4C, Honeywell, IBM, Itron, Kamstrup, Landis+Gyr, Oracle, and OSI. All these companies are investing in smart grid technology as a response to the increasing demand for energy management and automation. Increasing collaborations and mergers and acquisitions, along with product development and launches, are expected to optimize the environmental and economic advantages by enhancing and utilizing new and innovative ideas and technologies.
There continues to be rapid growth in urbanization and industrialization due to the development of emerging economies and because of this growth, there is expected to be increased investments in smart grids across the globe.
Smart grid technology is enabled by advanced sensors called as Phasor Measurement Units (PMUs), which allow operators to measure grid stability; advanced digital meters that provide consumers with information and report outages automatically; relays for sensing and automatically recovering from errors in the substation; automated feeder switches for re-routing power; and batteries for storing surplus energy and making it available in the future to the grid to meet demand.
Smart grid technology is increasingly viewed as a strategic infrastructural investment that will facilitate long-term economic prosperity and maximize profits while conserving power.
The Report Includes:
An updated overview of the global market for smart grid technologies
Analyses of the global market trends, with data from 2020, estimates for 2021, 2022 and 2024, and projections of compound annual growth rates (CAGRs) through 2026
Highlights of emerging technology trends, opportunities and gaps estimating current and future demand for smart grid network, and impact of COVID-19 on the progress of this market
Evaluation and forecast the smart grid market size (by number of units installation and product sales in dollar value terms), and corresponding market share analysis by component, grid type, end-user vertical, and geography
Identification of the companies best positioned to meet the demand owing to their proprietary technologies, new industry-specific developments, and other growth strategies
Assessment of the smart grid market dynamics (DROs), technology advancements, power industry structure, government regulations, and other macroeconomic factors affecting the marketplace
Advanced Micro Devices Inc.
C3 Ai Inc.
Cisco Systems Inc.
Cyanconnode Holdings Plc
Enel X North America
Esyasoft Technologies Pvt., Ltd.
Open Systems International Inc. (Osi)
Power Plus Communications (Ppc)
S&C Electric Co.
For more information about this report visit https://www.researchandmarkets.com/r/weovp4
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