The global Smart Grid Market size is expected to grow from USD 23.8 billion in 2018 to USD 61.3 billion by 2023, at CAGR of +20%, according to a new report by Report Consultant.
A smart grid is a smart electrical network which comprises a smart digital communication technology and electrical network. A smart grid enables the delivery of energy to the user from multiple and widely distributed sources such as wind turbines, plug-in hybrid electric vehicles, and solar power systems.
The new and innovative report of the Smart Grid Market research has been published by Report Consultant to give desired insights to drive the growth of businesses. The report comprises the summarized data of the current scenario as well as predictions about the upcoming trends.
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Top Key Players:
Itron, Cisco, Silver Spring, ELO, Alstom, S&T AG, ABB, Schneider Electric, Chinawallink, Huawei, Wasion, CHINA XD GROUP, Industrial System, Nuri, SK telecom, Iljin, Toshiba, Fujitsu, Infosys, Wipro, Ericsson
Geographically, this report is segmented into several key Regions, with production, consumption, revenue (million USD), market share and growth rate of Smart Grid in these regions, from 2012 to 2022 (forecast), covering North America, Europe, China, Japan, Southeast Asia, India
The rising need for energy consumption is the primary factor fuelling the Smart Grid Market. The increasing investments made for grid digitalization with the help of smart and advanced technologies by business organizations are likely to boost the Smart Grid Market growth in the upcoming years.
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Market segment by Type, Smart Grid Market can be split into
- Field Area Network
- Grid Operations
- Grid Security
- GridBlocks Architecture
- Transmission and Substation
- IoT Services for Utility Networks
Market segment by Application, Smart Grid Market can be split into
- Commercial use
- Industrial use
- Public utilities
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The most basic step undertaken by the experts is the SWOT analysis depicting the multidimensional prospects, which ultimately gives a clear picture of the market’s future growth. It also aids the reader in understanding the business feasibility by giving valuable insight into the impact of recent developments on the commercial aspect.