Smart Grid: Powering a Sustainable Energy Future
Smart Grid market size is set to grow at a CAGR of 10.2% and to reach $128.16 billion during the period 2024-2030. The growing power demand is the need of the hour. There is an increasing demand for reliable and continuous power supply with the rise of electric and hybrid vehicles, and this is especially an area of concern in developing and emerging economies of the world.
Smart Grid technologies play a major role in helping with greenhouse gas emission control and also increase the strength of critical infrastructure to be able to better withstand the effects of climatic change. Recent technological advancements such as substation automation and network architecture focusing on improved carbon footprint that are fueling the concept of Internet-of-Things and Smart Cities, to name a few, are also impacting the Smart Grid technology market as smart energy is one of the main components of a smart city.
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Smart Grid Market Current and Future Trends:
Modernization Push: Aging grid infrastructure across the globe is undergoing a much-needed upgrade. Smart grid technologies offer a solution for improved efficiency, reliability, and resilience.
Software on the Rise: The software segment within the smart grid market is growing the fastest. Smart grid software helps utilities manage operations effectively, optimize processes, and reduce energy production costs.
Focus on Renewables: Integration of renewable energy sources like solar and wind into the grid is a major priority. Smart grids offer the flexibility and control needed to manage these fluctuating sources effectively.
AI and Big Data Integration: Artificial intelligence (AI) and big data analytics will play a growing role in optimizing grid operations, predicting maintenance needs, and enhancing overall system efficiency.
Decentralization on the Rise: Expect to see a rise in distributed energy resources (DERs) like rooftop solar panels and microgrids. Smart grids will be crucial for managing these decentralized power sources.
Cybersecurity Concerns: As the grid becomes more interconnected, cybersecurity threats will become a bigger concern. The market will see a rise in solutions for protecting smart grid infrastructure from cyberattacks.
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Smart Grid Market Report – Scope:
The smart grid market report offers a roadmap for navigating the transformation of the global power grid. It dives deep into the current trends driving this evolution, highlighting the urgent need for infrastructure modernization to overcome inefficiencies and integrate renewable energy sources effectively. The report analyzes the software segment’s rapid growth, emphasizing its critical role in optimizing grid operations, reducing costs, and enabling real-time data analysis.
Looking ahead, the report explores how the smart grid market will embrace cutting-edge technologies like Artificial Intelligence (AI) and Big Data. These advancements will empower utilities to predict maintenance needs, optimize energy distribution, and enhance overall system efficiency. Furthermore, the report anticipates a rise in decentralized energy resources (DERs) like rooftop solar panels and microgrids. Smart grid technologies will be essential for integrating these diverse power sources seamlessly into the larger grid infrastructure.
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The top 10 players in the Smart Grid industry are:
- ABB Ltd.,
- Eaton Corporation PLC,
- General Electric (GE),
- Itron Inc,
- Schneider Electric Corporation,
- Siemens AG,
- Cisco Systems Inc,
- Osaki Electric Co. Ltd products,
- Honeywell International Inc.,
- Hitachi Ltd
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