The favorable government policies along with fiscal incentives drive the market of global smart grid market. Furthermore, large scale deployment of smart grid and the utility companies focusing on enhancing distribution efficiency are other factors that supplement the growth of this market. The solution segment accounted for more than three-fourths of the total revenue in 2017 and will maintain its dominance by 2025.
The global smart grid market generated $66.96 billion in 2017, and is expected to reach $169.18 billion by 2025, growing at a CAGR of 12.4% from 2018 to 2025.
Among components, the solution segment was the largest in 2017, capturing more than three-fourths of the market share and would maintain its dominance through 2025. This is because of the growing demand for solutions such as smart energy grid solutions for meter programming and substation automations solutions which provide user-friendly operator interfaces and enables the remote management of two-way communication between consumer and provider. However, the services segment would grow at the fastest CAGR of 13.9% through 2025. This is due to increased adoption of services among end users, as they ensure effective functioning of solutions and platforms throughout the process.
North America region accounted for more than two-fifths of the market in terms of revenue in 2017. However, the Asia-Pacific region is expected to grow at the highest CAGR of 16.1% during the forecast period. The research also analyzes regions including Europe and LAMEA.
Get Sample Report for More
Details @
The residential segment is expected to register the highest CAGR of 14.7% from 2017 to 2025. However, the commercial segment accounted for nearly half of the total revenue in 2017 and will maintain its dominance by 2025.
The key market players explored in the research include Wipro Limited, Cisco Systems, Inc., Tech Mahindra Limited, General Electric, Siemens, Honeywell International Inc, Schneider Electric, International Business Machines Corporation (IBM), and Itron Inc., Oracle, They have adopted different strategies such as mergers & acquisitions, partnerships, collaborations, new product launches, and others to gain a strong position in the global industry.
