Smart Grid Market Trend 2020 | Communication & wireless infrastructure segment to grow at 20% CAGR by 2024
Category: #technology  By Ronak Bora  Date: 2020-01-15
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Smart Grid Market Trend 2020 | Communication & wireless infrastructure segment to grow at 20% CAGR by 2024

Communication & wireless infrastructure-based smart grid market is anticipated to grow at a CAGR of more than 20% over 2018-2024. Increasing requirement of Internet of Things (IoT) intervention for enhancing grid efficiency, demand management customer service across electrical utilities would be stimulating industry outlook further.

The global smart grid market in the forthcoming years is expected to be positively impacted by rising demand for electricity in the face of mounting environmental concerns. The smart grid technology is uniquely equipped to address the situation of combating escalating power requirement without harming the environment.

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Smart grids incorporate technologies that enable two-way communication between the customers and the utility service provider. Moreover, these grids also incorporate sensing capabilities along the power transmission lines.

According to the International Energy Agency (IEA), while smart grid investments grew by 10% in 2018, the technology still represents a relatively small share of the overall network infrastructure investment.

Going forward, increasing investment in smart grid projects as well as related research and development would be promoting further growth of the service segment of deployment & integration. In fact, the deployment & integration service segment is expected to fuel remunerative growth of the global smart grid industry over the forthcoming years.

Asia Pacific smart grid market is set to grow over 12 % by 2024. High T&D losses, rising electricity thefts, ageing grid infrastructure will entail significant deployment of smart grid across diverse utilities. Stringent regulatory requirements aimed at reducing carbon emissions and energy consumption will further boost the product demand.

Europe smart grid market growth is projected to stand out prominently from a regional frame of reference over the forecast timeframe. The region’s prominence is being attributed to a substantial growth in investment towards the rollout of smart meters.

Across Europe, the UK smart grid market is slated to witness robust growth on the back of favorable government-sponsored regulatory norms that focus on energy conservation and environmental sustainability. Upcoming legislations and mandates across the country that promote adoption of smart meters would be further augmenting the industry landscape in coming years.

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Apart from Europe, the market is projected to see sizable growth coming from Latin America, especially Brazil during the forecast time period. The Brazil smart grid market would be recording growth on account of growing energy demand and high-level non-technical and technical losses across its grid infrastructure.

Furthermore, the country’s low grid reliability along with its immense renewable energy potential is presenting significant expansion opportunities to regional industry players, boosting the market revenues further.

Some Points From Table Of Content: -

Chapter 5.    Smart Grid Industry, By Service

5.1. Smart grid industry share by service, 2017 & 2024

5.2. Consulting

5.2.1.   Global market from consulting 2013 – 2024

5.2.2.   Global market from consulting, by region 2013-2024

5.3. Deployment & Integration

5.3.1.   Global market from deployment & integration, 2013 – 2024

5.3.2.   Global market from deployment & integration, by region 2013-2024

5.4. Support & Maintenance

5.4.1.   Global market from support & maintenance, 2013 – 2024

5.4.2.   Global market from support & maintenance, by region 2013-2024

Chapter 6.    Smart Grid Market, By Deployment

6.1. Smart grid industry share by deployment, 2017 & 2024

6.2. Generation

6.2.1.   Global market from generation, 2013 – 2024

6.2.2.   Global market from generation , by region 2013-2024

6.3. Transmission

6.3.1.   Global market from transmission,  2013 – 2024

6.3.2.   Global market from transmission , by region 2013-2024

6.4. Distribution

6.4.1.   Global market from distribution, 2013 – 2024

6.4.2.   Global market from distribution, by region 2013-2024

6.5. End Use

6.5.1.   Global market from end use, 2013 – 2024

6.5.2.   Global market from end use, by region 2013-2024

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About Author

Ronak Bora

Ronak Bora    

A graduate in Electronics Engineering, Ronak writes for Technology Magazine and carries a rich experience in digital marketing, exploring how the online world works from a technical and marketing perspective. His other areas of interest include reading, music, and spo...

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